Massachusetts has put a cap that is strict APR, and that means you wonвЂ™t have the ability to look for a payday lender when you look at the state. But for you to consider if youвЂ™re facing a tough financial situation, there are other short- and long-term options.
Are pay day loans appropriate in Massachusetts?
No. While payday lending itself is not unlawful, the APR that is high charge is вЂ” this means payday loan providers donвЂ™t run in their state. It 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 aswell, so online loans are effortlessly prohibited.
Compare installment loan choices in Massachusetts
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