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Massachusetts Payday Loans

Payday lending is not prohibited in Massachusetts, however due to onerous business requirements, there are currently no payday loan lenders licensed or located in Massachusetts. Tthe state’s poorly legistlated small loan law caps annual interest rates on these loans at 23% and limits fees to $20. Consumers in Boston, Worcester, Cambridge, Quincy, South Boston, Peabody, Brookline, Brockton, Chicopee, Fall River, Lowell, Lawrence, New Bedford, Newton, and Springfield are unable to access the easy funding source of payday advances. If you live in the state of Massachusetts, you need to speak with your state legislator about changing these laws. Access to credit should be a right for all Massachusetts citizens yet political pressures have been applied to stop payday loan financing in Massachusetts.

Currently, the Federal Government is looking to pass a bill that may give control of payday lending to itself and apply interest and fee limits.

35 states do permit payday lending so there seems to be a large split of opinion about the legality and value of payday lending to the masses. If big Massachusetts banks are not meeting your financial services needs, its time to speak out about the need for Massachusetts payday loans. If interest rates are limited and the loan amounts are small, it is perfectly acceptable for Massachusetts workers such as yourself to have access to no credit check type loans. So you're not rich. Not many of are big city bankers yet we certainly have our financial needs. It's not about high interest rates, it's about freedom for the average worker. Contact your Massachusetts state political representative about getting these archaic laws changed so Massachusetts workers can enjoy access to payday loan funds.

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