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Interested in a payday loan? In Massachusetts, you’ll have to consider alternative short-term loans.

If you’re in need of quick cash in Massachusetts, you may be considering a payday loan. But there are other, more affordable, options available.

Our top pick: CashUSA Installment Loans

  • Min. Credit Score Required: 300
  • Min. Loan Amount: $500
  • Max. Loan Amount: $10,000
  • 5.99% to 35.99%
  • Requirements: Must have a monthly income of $1,000+ after taxes and valid checking account.
  • Bad credit is OK
  • No application fee
  • Debt education resources

Our top pick: CashUSA Installment Loans

An online connection service for quick cash loans.

  • Min. Credit Score Required: 300
  • Min. Loan Amount: $500
  • Max. Loan Amount: $10,000
  • APR: 5.99% to 35.99%
  • Requirements: Must have a monthly income of $1,000+ after taxes and valid checking account.
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Are payday loans legal in Massachusetts?

No. Payday loans are illegal in Massachusetts under the Small Loan Act, 209 Mass. Code Regs. 45:14(8). They are not officially banned, but the Small Loan Act caps interest at 23% and administrative fees at $20. This applies to out-of-state lenders as well, meaning online loans are also banned.

Installment loans you can apply for today

Although payday loans are prohibited in Massachusetts, you may find an installment loan lender that operates in your state.

Updated April 22nd, 2019
Name Product Filter Values Max. Loan Amount Turnaround Time Requirements
$5,000
1 business day
Must have direct deposit and meet minimum income requirements
Installment loans with competitive rates from a top-rated direct lender.
$2,600
1 to 2 business days
Must have an active checking account, regular source of income and email address.
Installment loans with repayment terms up to 30 months, depending on your state.
$2,500
1 business day
Must be employed and receive regular income, earn at least $800 a month, have a checking account and be an 18+ years old legal US citizen.
Get a flexible installment loan with fast funding through one easy online application form.
$2,500
As soon as next business day
Must be at least 18 years old and have a verifiable source of income with direct deposit into your checking account.
Get an installment loan from an online tribal lender. Perks for returning borrowers.
$15,000
1 business day
You must be a US citizen or permanent resident, age 18+ and have a regular income.
Apply online with this loan-connection service offering unrestricted short-term loans with fast turnaround.
$10,000
As early as 1 business day
Must have a monthly income of $1,000+ after taxes and valid checking account.
An online connection service for quick cash loans.
Varies by state
1 business day
You must be a US citizen or permanent resident, be at least 18 years old and have regular income and a bank account.
Apply for a short-term loan with an easy online application and dedicated customer service.

Compare up to 4 providers

How an installment loan might benefit you

  • Longer repayment period. Installment loans are typically paid back over a period of months as opposed to payday loans which are typically paid back on your next payday or within a few days to weeks from the time you borrow.
  • Larger loan amounts. Although it’s not a good idea to borrow more than you need, you’ll find that installment loans come in larger amounts — typically up to $5,000. This could help you cover more expenses and tie you over for a longer period of time. Be sure you can afford the monthly repayments before you apply for a large amount.
  • Lower interest rates. Installment loans typically come with lower interest rates since you’re borrowing over a longer period of time. You’ll want to consider the total amount you’ll be charged on top of principal to be sure you’re getting a better deal with an installment loan versus a payday loan.

What are some other alternatives to payday loans in Massachusetts?

While getting a payday loan in Massachusetts isn’t possible, you may be able to get access to credit or cash in other ways. Some options include:

  • Negotiate with you creditors. If you’re struggling to meet a due date or can’t make a full payment, consider negotiating with your creditor for better terms. This is one of the best ways to pay down your debt.
  • Take out a credit card cash advance. If you already have a credit card that hasn’t been maxed, you can borrow an advance on the remaining line of credit. This comes with a high APR, but it’s a longer term than payday loans and can be a quick way to make it through a rough patch.
  • Ask for help from friends or family. A friend or family member may be willing to help you pay for an unexpected bill or car repair, usually without charging interest Just be sure to pay back what you owe when you can, or it could strain your relationship.
  • Look into government resources. Massachusetts also has a few programs to help families in need. The Supplemental Nutrition Assistance Program (SNAP) and Transitional Aid to Families with Dependent Children (TAFDC) are two programs you might want to consider when making ends meet is tough.

Even more alternatives to payday loans

Bottom line

Even though you can’t get a payday loan in Massachusetts, there are other options available when you’re in a bind. You could consider an installment loan that comes with a longer repayment period or look into local government resources.

Have any more questions about Massachusetts payday loans?

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