Payday Loans in Drury, Massachusetts

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No payday loan companies in Drury, MA. Consider companies in other cities:

Company nameAddressZip codePhone number
Eastern Bank 1 Church St, Watertown, MA 02472 +1 (617) 926 - 7588
BCP Bank 215 Pleasant St 1, Fall River, MA 02721 +1 (508) 673 - 0301
Harbor Finance Co 256 Brockton Ave, Abington, MA 02351 +1 (781) 878 - 6400
Clinton Savings Bank 562 Main St, Bolton, MA 01740 +1 (978) 779 - 2857
Santander Bank 148 Everett Ave, Chelsea, MA 02150 +1 (617) 884 - 1769
People's United Bank 827 Highland Ave, Needham, MA 02494 +1 (781) 444 - 0069
Rockland Trust Branch & Commercial Lending Center 58 Main St, Franklin, MA 02038 +1 (508) 520 - 3958
Hanscom Federal Credit Union 24 Andrews Pkwy, Devens, MA 01434 +1 (978) 772 - 5451
Southern Mass Credit Union - Fairhaven 123 Alden Rd, Fairhaven, MA 02719 +1 (508) 994 - 9971
Rockland Trust 20 Davis Straits, Falmouth, MA 02540 +1 (508) 548 - 3507

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Drury, MA, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loan Without a Credit Check in Medford, MA, Payday Loans in Natick, MA, Payday Loan Without a Credit Check in Needham, MA, Emergency Loan in New Bedford, MA, Payday Loans in Newton, MA, Payday Loans in North Andover, MA, Payday Loans in Peabody, MA and Payday Loans in Pittsfield, MA. But also, you can apply for a loan online, not coming out of your home. Just fill out a simple application on our website and we will connect you with trusted direct lenders in Drury, MA.

Are Payday Loans Legal In Drury, Massachusetts?

Payday Lending is Prohibited in Massachusetts

Massachusetts Loan Regulations

Legal StatusProhibited
Interest Rate (APR, %)Prohibited
Maximum Loan AmountProhibited
Minimum Loan TermProhibited
Maximum Loan TermProhibited
Number of Rollovers AllowedProhibited
Finance ChargesProhibited

Drury, MA payday loan calculator

Payday loans can be tempting for individuals who need quick cash, but in Drury, Massachusetts, this is not a viable option. In fact, according to Massachusetts state law, payday loans are not legal.

What Are Payday Loans?

Payday loans are typically small-dollar loans that must be repaid on the borrower’s next payday, often with a high interest rate and fees. They are marketed towards individuals who may not qualify for traditional loans due to poor credit or a lack of collateral. While payday loans are illegal in Massachusetts, the popularity of these types of loans has grown in other parts of the country.

The Dangers of Payday Loans

While payday loans may seem like an easy solution to a financial problem, they can quickly become a cycle of debt. Due to the high fees and interest rates associated with these loans, borrowers often struggle to repay them on time. This can lead to additional fees and interest charges, causing the borrower to take out additional loans to cover the previous one. This cycle can be difficult to break, leaving the borrower with a large debt to repay.

Furthermore, payday lenders often target vulnerable communities, including low-income individuals and those with poor credit. These individuals may not have access to traditional loan options and may turn to payday loans out of desperation. The high interest rates and fees associated with payday loans can further exacerbate financial struggles, leaving borrowers in a worse financial position than before.

The Benefits of Alternative Loans

While payday loans are not an option in Drury, Massachusetts, there are alternative loan options available. Credit unions and community banks may offer small-dollar loans with more reasonable interest rates and fees. The credit union may also be more willing to work with borrowers to find a repayment plan that works for their financial situation.

Interesting Facts and Statistics

  • As of 2021, Payday Loans are not legal in Massachusetts, along with 12 other states in the USA.
  • The average payday loan borrower takes out 8 loans per year with an average loan size of $375, resulting in $520 in interest and fees per loan.
  • 495,000 Massachusetts residents were in debt to payday lenders in 2015, before the state banned payday lending.
    • Apply Now

      If you are in need of quick cash in Drury, Massachusetts, remember that payday loans are not an option. However, TheGuaranteedLoans can connect you with potential lenders that offer alternative loan options. We are not a direct lender, but a connector service that can aid you in finding a lender who can meet your needs. Fill out an application on our website today to explore your options for alternative loans.

      At TheGuaranteedLoans, we strive to provide our readers with valuable, accurate information while maintaining a professional and authoritative tone. Remember, while payday loans may seem like a quick fix to a financial problem, they can quickly spiral into a cycle of debt. Always explore alternative loan options and work with reputable lenders to avoid financial struggles in the future.

F.A.Q.

Are there any alternatives to payday loans in Drury, Massachusetts?

Yes, there are several alternatives to payday loans in Drury, Massachusetts, including credit unions, community development financial institutions, and small-dollar loan programs offered by banks and credit unions.

Can I still take out a payday loan if I live in Drury, Massachusetts but the lender is based in another state?

No, it is illegal for payday lenders to offer loans to residents of Massachusetts, regardless of where the lender is located.