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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.

Elizabeth Barry
Elizabeth Barry

Updated

Fact checked

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
Check my rate

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 indicated here is updated regularly
Name Product Filter Values Max. Loan Amount Turnaround time Requirements
OppLoans Installment Loans
OppLoans Installment Loans
$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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More Info
Check Into Cash Installment Loans
Check Into Cash Installment Loans
$3,000
1 to 2 business days
Bank account, email address, phone number, US citizen or permanent resident, ages 21+, $3,500 minimum income in California
Borrow money with lower payments and more time to pay than a traditional payday loan.
Go to site
More Info
Fast5kLoans Short-term Loans Connection Service
Fast5kLoans Short-term Loans Connection Service
$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
$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.
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More Info
Possible Finance Mobile Installment Loans
Possible Finance Mobile Installment Loans
$500
As fast as 1 business day
Checking account with 3+ months of banking history, $750+ monthly income, live in eligible state, ages 18+
Borrow up to $500 with just a few swipes — but only for residents of 5 states.
Go to site
More Info
BadCreditLoans.com
BadCreditLoans.com
$5,000
Varies
Depending on lender requirements, people from all 50 states may not be eligible for a personal loan.
With straightforward, simple qualifications, these loans offer easy approval for people with poor credit.
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More Info
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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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