Apply For Same Day Payday Loans Online in Massachusetts (MA) with AdvanceSOS
A payday loan is a type of small-dollar, unsecured loan usually repaid when you receive your next paycheck (typically between 14 to 30 days). These types of loans are easy to get but are characterized by high-interest rates.
Different states have varying laws guiding access to this type of loan. While it is still allowed in Michigan, it is prohibited in Maryland. In the state of Massachusetts, payday lending is not exactly banned; however, it is highly restricted.
Can I Get a Payday Loan in Massachusetts on the Same Day?
Yes, you can apply for a payday loan online and get it on the same day in Massachusetts. Most payday loan lenders offer same-day payday loans that are processed within a few minutes. You will be notified of the loan status within hours of sending in your loan application.
In many cases the same day deposit loan is often sent to your account within one business day. Once you agree with the loan agreement, the loan amount you apply for will be sent to your bank account before the next business day.
How Many Payday Loans Can You Have in Massachusetts?
Payday lending is highly restricted in Massachusetts, meaning it will be difficult to get more than one payday loan in Massachusetts. Nonetheless, there are other small loan alternatives you can consider to get money before your next paycheck instead of online payday loans. These include installment loans, title loans, and personal loans.
Does Massachusetts Allow Payday Loans?
Although it is not illegal, payday lending is restricted in Massachusetts. According to the Division of Banks in Massachusetts, payday lenders must not offer loans that exceed an annual percentage rate (APR) of 23%, making any payday loan that exceeds this interest rate is considered illegal. Also, any payday lender offering small-dollar loans must be properly licensed by the Division of Banks before they’re allowed to operate in the state.
How to Apply for Payday Loans in Massachusetts?
You can apply for Massachusetts payday loans online through loan brokers like AdvanceSOS. In addition to payday loans, brokers allow you to apply for other forms of small money loans like installment loans, title loans, and personal loans. Since payday loans are unsecured, you do not need to provide any collateral to get a loan.
You simply fill out an online form with your contact details, proof of income, bank account information, and identification documents. This information will be used to match you with a lender that will send you a loan agreement containing the terms of your loan. The loan amount will be sent as a direct deposit to your bank account once you consent to the loan agreement.
Can I Get a Payday Loan in Massachusetts With Bad Credit?
Yes, personal loan lenders in Massachusetts give loans to borrowers with bad credit. Unlike banks and other financial institutions, you can still get the money you need from an online loan provider regardless of your credit score.
Can I Get a Payday Loan in Massachusetts With No Credit Check?
Yes, payday lenders don’t need to do a hard credit check on your account before approving your loan. This means they do not send borrower information to credit bureaus to verify their credit history. Online lenders access your creditworthiness through other methods, such as checking your income.
Why Is AdvanceSOS the Best Solution for Alternatives to Payday Loans?
Apply Online – You can apply online from any device with internet access. Quick Approval – Get fast cash to settle emergency financial needs within 24 hours. Trusted Lenders – AdvanceSOS links borrowers with trusted and fully licensed lenders. Flexible Rates – Get the most flexible rates you can get on payday loans in Massachusetts Updated: Jun 1, 2023
What Are The Current Regulations for Payday Loans in Massachusetts ?
Law status
available
MIN Loan Amount
$100
MAX Loan Amount
$1,000
MIN. Loan Term
14 days
MAX. Loan Term
31 days
MAX APR
23%
Additional fees
$20 administrative fee
NSF fee
None
Collateral or guarantor
None, unsecured
Number of simultaneous loans
Not stated
Cooling off period
None
Rollover
Not allowed
Extension, repayment plan
Not allowed
Default penalties
Criminal actions are prohibited
Credit score requirements
Available for Bad Credit
Where Can We Help You Apply for Loans in Massachusetts?
AdvanceSOS offers quickly help you find the top loan offers in cities like Boston, Bridgewater, Falmouth, Newton, Springfield and Waltham.
Amanda is a senior financial copywriter at AdvanceSOS. Amanda has been writing about finance since 2015. She graduated with a Master’s in finance from the University of Oklahoma. As a result, she has a wealth of experience and knowledge to share with her readers.
