Editor's choice: CashUSA Installment Loans
- Loans up to $10,000
- No application fee
- Debt education resources
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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.
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.
If you’re facing long-term financial issues, these public assistance programs may help you while you work to tackle your debt:
While getting a payday loan in Massachusetts isn’t possible, there are other short-term loan options, including these payday loan alternatives:
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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