Massachusetts has placed a strict limit on APR, and that means you wonвЂ™t have the ability to find a payday lender into the state. But for you to consider if youвЂ™re facing a tough financial situation, there are other short- and long-term options.
Are payday advances appropriate in Massachusetts?
No. While payday lending itself is not unlawful, the high APR loan providers charge is вЂ” which means that payday loan providers donвЂ™t run in their state. This is because of MassachusettsвЂ™ Small Loan Act, 209 Mass. Code Regs. 45:14(8). It caps interest at 23% and administrative charges at $20 for loans under $6,000. This pertains to out-of-state lenders too, so online loans are efficiently prohibited. More