Massachusetts Payday Loans

In regards to Massachusetts payday loans, they’re prohibited. The state law does not provide for anything that could be considered Massachusetts payday loans. There is no provision for anything that is known as maximum or minimum limit of the amount that can be loaned. No interest rate is mentioned. There is no provision for a time duration. Also payday loan companies are not legally allowed to carry on cash advance business. In this situation the Internet is the best source to get the payday loans.

You can get loans just by applying online and meet your cash emergency. However, in Massachusetts there have a Small Loan’s Act. This Massachusetts payday loans law requires the cash advance companies to be licensed. They should abide by the Massachusetts criminal usury or small loan laws. Under this law a payday loan lender can charge 15% as interest rate on the face amount of a check, it will charge 23% APR on it.

Massachusetts Payday Loans: Laws & Regulations

In addition to this, the lender can charge $20 as an administrative fee upon the issue of the loan. The fees for non payment of the Massachusetts payday loans amount on the due date is $25, this should not be exceeded in any case. The duration for which you can take this loan is maximum of 14 days.

massachusetts payday loans

This law is also silent on the point of rollovers. Rollover is the loan renewal process. It means paying the fees again without paying the principal amount. The loan amount stands unpaid and you opt to pay the fees again, in case at the time of payment you lack sufficient amount to satisfy your loan. The provisions of Small Loans Act do not apply for companies operating online. This is a feature unique to Massachusetts payday loans. As a matter of observation the position is quite confusing then. Despite the fact that the state law is absolutely silent on payday loans. It does not, however, keep a complete check on the Massachusetts payday loans lending and other laws that allow payday loans. It leaves a lot of room for shysters so be sure to do your research.

Boston Check Cashers

This Massachusetts payday loans company offers a wide arrangement of services like check cashing services; travelers express money order sales, western union services, and authorized utility payments. They claim to be the largest in-person utility payment service. You can make use of their services by visiting or by filling an online application form and furnishing them with a little information about yourself. Give them a call at 781-284-0370 or visit their website at www.checkcasher.com.

Faxless Cash

This Massachusetts payday loans lender provides payday loans in your financial emergency. They claim to provide 100% secure check cashing, instant approval and no credit payday loans. They claim to provide their customers with a pleasant, positive experience to do transactions with them. All you are required to do is to be a citizen of the United States, with 18 years of age and have a checking account. Their application process is simple. You get cash credited to your account directly on approval just by filling an online application form. Give them an opportunity to help you, visit their website at www.faxlesscash.com.

PaydayMax.com

This Massachusetts payday loans provider offers a wide variety of services from payday loans to amax card. They claim themselves to be securing confidential information and safe. They claim to provide loans overnight after the instant approval of the loan. They claim that they do not charge hidden fees. The loan application process is simple. You just have to fill an online application form and provide minimal information about yourself. Give them a call at 877-937-3792 or visit their website at www.paydaymax.com.

If you’ve had a good or a bad experience with a specific Massachusetts payday loans company, please share it with the rest of us so we can all benefit from the information. Also, if you have any questions about Massachusetts payday loans, you can ask them here, and either one of our staff or another visitor will answer it the same day. You can also feel free to sound off on the cash advance industry itself, and say whether you feel payday loans are inherently good or evil. This will help provide a well-balanced discussion on Massachusetts payday loans.

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