Compare your loan options in Massachusetts

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

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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.

Our top pick: CashUSA Installment Loans

  • Min. Credit Score Required: Bad credit OK
  • Min. Loan Amount: $500
  • Max. Loan Amount: $10,000
  • APR: 5.99% to 35.99%
  • Requirements: Regular source of income, bank account, US citizen or permanent resident, age of majority in your state
  • Bad credit is OK
  • No application fee
  • Debt education resources

Our top pick: CashUSA Installment Loans

Explore its online education center to get tips on budgeting, how to prioritize your bills and more.

  • Min. Credit Score Required: Bad credit OK
  • Min. Loan Amount: $500
  • Max. Loan Amount: $10,000
  • APR: 5.99% to 35.99%
  • Requirements: Regular source of income, bank account, US citizen or permanent resident, age of majority in your state
Promoted

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

Updated November 15th, 2019
Name Product Filter Values Max. Loan Amount Turnaround time Requirements
$1,200
As soon as the next business day
Regular source of income received biweekly or semi-monthly, Missouri or Utah resident, checking account with automatic deposits, not a military service member
Borrow up to $1,200 — but only if you live in Missouri or Utah.
$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.
$5,000
1 business day
Direct deposit, meet minimum income requirements
Comes with the option to change your due date so you won’t fall behind on repayments.
$2,600
1 to 2 business days
Active checking account, regular source of income, email address
Get access to tools to help you plan a career move, make some extra cash or search for a better-paying job.
$50,000
Same business day to 1 business days
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.
$15,000
Same business day to 1 business days
$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.
$10,000
As fast as same business day
Regular source of income, bank account, US citizen or permanent resident, age of majority in your state
Explore its online education center to get tips on budgeting, how to prioritize your bills and more.
Varies by state
As fast as same business day
Regular source of income, bank account, US citizen or permanent resident, age of majority in your state
Sign up for its discount program to get access to coupons and deals on everything from dining out to tax services.

Compare up to 4 providers

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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