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Massachusetts Payday Loans

In Massachusetts, any lender providing a payday loan is in violation of the law which prohibits payday lending of any type from occurring within the state limits. While this limits the ability for traditional payday lenders to set up shop in the state, some lenders such as are taking advantage of the loopholes in the law to provide those in need of fast cash with an alternative. These short term loans can be used to help you pay your bills on time or pay for a repair on your vehicle. There are no limits on what the money can be used for, which is another reason payday loans are popular throughout the United States. Even if you just need money to fill up your gas tank for the next week, we can help you.

Payday Loan Laws for Massachusetts

There are several states that have outlawed payday lending though lenders in these states can skirt the law by partnering with a bank that has headquarters out of state. In the states of Massachusetts, Maryland, and Georgia even this practice has been outlawed, making it nearly impossible for payday lenders to have any success in the state. Companies such as are able to circumvent the law by providing services via the Internet. Since they do not have physical branch locations within the state they can avoid being prosecuted for offering Massachusetts payday loans. Due to this loophole in the system the Massachusetts is currently investigating these companies with the hope of someday prohibiting their services from being offered in the state. However, for the time being companies offering Massachusetts payday loans via the Internet are not against the law in the state. This means that Massachusetts residents can take advantages of the services provided by

Due to the fact that traditional brick and mortar payday lending institutions have been outlawed in Massachusetts, there are no such businesses operating within the state limits.

Whether you live in Massachusetts or one of the other states, at some point in your life you will more than likely find that you need cash fast to cover last minute expenses. Unexpected events usually occur days before your next paycheck is due and most of the time you can't avoid being late or not making the purchase at all. Unless, of course, you get a Massachusetts payday loan to help you through the rough patch. At we are dedicated to providing you with the quickest Massachusetts payday loan available. In just a few minutes you can complete our online application and have the money deposited to your account within the hour. works to provide payday loans to residents of Massachusetts without ever having to leave the privacy of their home. With the help of your personal computer you can complete our secure online application in as little as two minutes. You don't have to worry about waiting in line at the bank or waiting at the local branch office. You never have to worry about your information falling into the wrong hands and causing you long term financial hardship.

While traditional payday loans are not available for the residents of Massachusetts those who provide Massachusetts payday loans from out of state and over the Internet must adhere to guidelines. These guidelines state that no maximum dollar amount will be set for Massachusetts payday loans; however, the loan amount cannot be more than 1/3 of the applicant's net monthly income. In addition to the 1/3 income rule, the amount of interest charged on a Massachusetts payday loan is capped at 15%. This means that for every $100 loaned the lender can charge a maximum of $15 in interest.

Anytime a Massachusetts resident is approved for a payday loan they must be given a contract that states the terms of the agreement. This agreement must include the following items:

  • Information regarding the term of the loan and repayment obligations including any fees and interest rates associated with the loan.
  • Notice that payday loans are only meant to be used as short term fixes rather than long term financial products.
  • Notice that the payday loan interest rates are regulated by the state's Division of Financial Regulation, which sets the maximum interest rate at 15%
  • Information stating that state law prohibits Massachusetts payday loan lenders from allowing loan terms longer than two weeks
  • Notice that the borrower has the right to pay off the payday loan at any time during the term without being subject to additional fees.
  • Statement declaring that in the event that a check written to a payday loan establishment is returned, the borrower will be subjected to a $25 returned check fee.
  • Lender/Borrower agreement must also include the full name of the lender, the total amount being borrowed, and the date the loan will be due in full.
  • All information regarding the payday loan should be written in a way that can be easily understood and provide examples when appropriate.

When times get hard and you need additional cash don't assume that you have no options because of the regulations regarding Massachusetts payday loans. Let work with you to provide you an Internet based Massachusetts payday loan that falls within the regulations of the state law. When you are able to pay your bills on time and avoid interest rate increases or late penalties you can rest easier at night. A payday loan from can help alleviate your short term financial hardship and get you back on the right track today.

Massachusetts Unemployment Rates

Massachusetts unemployment rates are in continuous fluctuation and in the last ten years have ranged between 2.2% and 6.3%. This statistic is further illustrated by the unemployment rates from January of 2005 and 2006. In January 2005 2.2% of those living in the state were without a job. Just one year later the unemployment rate has risen to 176,908 or 5.3% of the population.