Find Payday Loans in Massachusetts
Massachusetts prohibits cash advance loans. Only payday loan companies licensed under the state's small loan act can issue loans. Check cash advance lenders are required to comply with Massachusetts' criminal usury or small loan laws. The fees and interest rates permitted under the small loan law are significantly lower than what the cash advance industry typically charges. In Massachusetts, the annual small loan rate is capped at 23%, and administrative fees are limited to a $20 upon issuance of a loan. Since check cash advance lenders who provide online services are generally not licensed by the Division of Banks, they are usually exempt from regulation.
There are no fixed loan amounts in Massachusetts; rather the amount borrowed depends on the consumer's monthly income.
Under Massachusetts law, a cash advance creditor is only permitted to fix payment terms at 14 days.
Payday loan extensions or rollovers are not specified under Massachusetts law.
A payday advance business cannot charge more than 15% of the check's value. Fees for defaulted checks cannot exceed $25.
This is not specified by Massachusetts law.