Payday loans in Massachusetts | finder.com
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Compare your loan options in Massachusetts

The law prohibits payday lending, but you may still be able to borrow a small loan.

Editor's choice: OppLoans Installment Loans

OppLoans Installment Loans logo
  • APR starting at 4.66%
  • Funding as soon as the next business day
  • Accepts fair credit
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Elizabeth Barry
Updated
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Massachusetts has placed a strict cap on APR, which means you won’t be able to find a payday lender in the state. But if you’re facing a tough financial situation, there are other short- and long-term options for you to consider.

Are payday loans legal in Massachusetts?

No. While payday lending itself isn’t illegal, the high APR lenders charge is — which means payday lenders don’t operate in the state. This is because of Massachusetts’ Small Loan Act, 209 Mass. Code Regs. 45:14(8). It caps interest at 23% and administrative fees at $20 for loans under $6,000. This applies to out-of-state lenders as well, so online loans are also effectively banned.

Compare installment loan options in Massachusetts

Data updated regularly
Name Product Filter Values Loan amount Turnaround time Requirements
OppLoans Installment Loans
OppLoans Installment Loans
$500 - $5,000
1 business day
Direct deposit, meet minimum income requirements, live in eligible state
Comes with the option to change your due date so you won’t fall behind on repayments.
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Stilt
Stilt
$1,000 - $25,000
2 to 3 business days
Be employed, have a US bank account, live in a state where Stilt operates, hold one of the following visas: F-1 and OPT, H-1B, H4, O-1, L-1, TN, J-1, DACA or be a US citizen.
No green card? You could still qualify for a personal loan.
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More Info
Fast5kLoans Short-term Loans Connection Service
Fast5kLoans Short-term Loans Connection Service
$100 - $35,000
As soon as the next business day
Regular source of income, verifiable bank account, US citizen, ages 18+
Get connected with multiple lenders you might qualify with — even if you have bad credit.
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More Info
LendYou Short-term Loans
LendYou Short-term Loans
$100 - $15,000
Same business day to 1 business day
$1,000+ monthly income, direct deposit, US citizen or permanent resident, ages 18+
Get offers from potential lenders in minutes by filling out just one online form.
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Monevo Installment Loans
Monevo Installment Loans
$500 - $100,000
Varies by lender
Credit score of 500+, legal US resident, ages 18+
Quickly compare multiple online lenders with competitive rates depending on your credit.
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What other options do I have if I need extra money in Massachusetts

If you’re facing long-term financial issues, these public assistance programs may help you while you work to tackle your debt:

  • MassHealth
  • Prescription Drug Assistance
  • Supplemental Nutrition Assistance Program (SNAP)
  • Women, Infants, & Children (WIC)
  • Economic Assistance
  • Employment Services Program (ESP)
  • Rental assistance programs
  • Fuel Assistance
  • Transitional Aid to Families with Dependent Children (TAFDC)
  • Emergency Housing Assistance Program

Are there any other short-term options in Massachusetts?

While getting a payday loan in Massachusetts isn’t possible, there are other short-term loan options, including these payday loan alternatives:

  • 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.

Bottom line

Payday loans aren’t available in Massachusetts, but there are other short-term options like installment loans that could help when you’re facing a crisis. Just be sure to consider your alternative options and confirm the lender is licensed before you agree to a loan.

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