All regarding how Compare your loan options in Massachusetts

All regarding how Compare your loan options in Massachusetts

Massachusetts has placed a strict limit on APR, and that means you won’t have the ability to find a payday lender into the state. But for you to consider if you’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 — which means that payday loan providers don’t run in their state. This is because of Massachusetts’ 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