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Payday Loan Laws in Massachusetts
Payday loans are small, short-term cash loans. Generally, consumers write a post-dated check for
the desired amount, in addition to an interest fee. The lender will hold onto the check until the
next payday (usually 14 days) and then deposits it. Consumers also have the option to return with
cash to reclaim the check. Or, in some cases, consumers can repay the loan with a signed agreement
which allows the lender to electronically withdraw the funds from their bank account on a pre-determined
date. Be aware that each state regulates its own payday loan laws. The maximum amount of money you're
allowed to borrow, interest rate, administration fees, and loan terms vary greatly.
Payday loan laws in Massachusetts prohibit them all together. Small loans cannot exceed $6,000 with interest rates of greater than 12% unless they are licensed by the Division of Banks. The maximum annual interest rate is currently capped at 23% with an administrative fee of $20.
As a result of the usury cap on small loans, payday lenders do not physically exist in Massachusetts. A substantially growing number of companies, however, offer payday loans over the internet. These companies are not licensed by the Division of Banks and, therefore, are subject to less regulation.
MoneyNowUSA works with over 150 different lenders that offer loan products comparable to a payday advance or personal loan.
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To contact Massachusetts Consumer Affairs and Business Regulation, call 617-956-1500 or visit online.
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