Massachusetts Payday Loan
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Short-term loans are meant to be repaid quickly, usually within two weeks. Always borrow responsibly. Never take out a loan you don’t intend to or cannot pay back.
Payday Loan Laws in Massachusetts
Massachusetts, is one of several states with a firm stance against payday lending. Under Massachusetts General Laws, Ch. 140, section 96, and 209 Mass Code Regulations, 26.01, the laws indicate a complete ban. Lenders are prohibited from issuing any and all types of payday loans. Small loans are permitted but must not carry an interest rate higher than 23% APR, nor can administrative fee be higher than $20.
Because the payday loan industry is not welcomed in Massachusetts, you would think that it would be hard to find a service provider who would offer payday loans. Surprisingly- that is not the case. In an internet search early 2017, “payday loans Massachusetts” turned up 569,000 hits!
Lending institutions are regulated primarily by individual states. The lending industry sits atop an active and shifting legal landscape. Lenders are lobbying fervently to enable cash advance lending practices, while their equally zealous opponents lobby to stop the short-term loans in the name of consumer protection.
The state motto of Massachusetts is: “By the sword we seek peace, but peace only under liberty.” What Massachusetts really needs to liberate are their laws against cash advance loans.
Massachusetts Payday Loan - Cities