Payday Loans in Green Harbor, Massachusetts

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

Company nameAddressZip codePhone number
Osborne Associates 16 Foster St A, Peabody, MA 01960 +1 (978) 531 - 0039
Wachusett Mortgage Corporation 94 Central St, Leominster, MA 01453 +1 (978) 840 - 3200
Raymond James Financial Services 400 Mayflower Cir, Hanover, MA 02339 +1 (508) 521 - 5243
Commercial Loan Solutions 2 Prospect St, Millbury, MA 01527
Western Union Big Y, 425 Center St, Ludlow, MA 01056 +1 (413) 589 - 0161
Greater Salem Employees Federal Credit Union 10 Colonial Rd 1a, Salem, MA 01970 +1 (978) 745 - 9803
Webster Five - Branch & ATM 208 W Main St, Dudley, MA 01571 +1 (508) 943 - 9091
UniBank 113 Main St, Upton, MA 01568 +1 (508) 529 - 3297
Bank of America with Drive-thru ATM 638 Memorial Dr, Chicopee, MA 01020 +1 (413) 378 - 5980
Members Plus Credit Union 650 Broadway, Everett, MA 02149 +1 (617) 389 - 9000

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Green Harbor, MA, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Andover, MA, Payday Loan Companies in Arlington, MA, Payday Loan for Attleboro, MA, Short-term Loans in Beverly, MA, No Credit Check Loans in Billerica, MA, Quick Loan in Boston, MA, Guaranteed Loans in Brockton, MA and Short-term Loans in Brookline, 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 Green Harbor, MA.

Beautiful sights of Green Harbor, MA

Are Payday Loans Legal In Green Harbor, 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

Green Harbor, MA payday loan calculator

Understanding Payday Loans in Green Harbor, Massachusetts

For anyone who’s in need of quick cash, payday loans could seem like a lifesaver. Payday loans are short-term loans that provide borrowers with cash advances that are usually intended to be repaid with their next paycheck. However, in Massachusetts, payday loans are illegal.

In Massachusetts, payday loans are prohibited under Small Loan Statute 209 CMR 26.01 et. Seq. Under this statute, small loans in Massachusetts are defined as loans that have an APR or annual percentage rate of 23%. However, since payday loans typically have interest rates that are much higher than the legal limit in Massachusetts, they are considered illegal.

Why are Payday Loans Illegal in Massachusetts?

Payday loans are banned in Massachusetts to protect consumers from predatory and exploitative lending practices. Payday lenders often target vulnerable individuals who are desperate for money and impose very high fees and interest rates that can lead to a cycle of debt.

The high-interest rates and fees associated with payday loans could trap these individuals in a cycle of debt, leading to increasingly high debt payments and further financial instability. States regulate payday lending practices and enforce laws to protect consumers from these high-risk loan options.

Online Lending and Payday Loans in Green Harbor

While payday loans are illegal in Massachusetts, that doesn’t mean that residents of Green Harbor can’t get access to fast cash. Online lenders that offer installment loans, which are legal in Massachusetts, are one option for people who require cash fast.

Online lenders offering installment loans often transfer the funds into a borrower’s bank account within 24 hours. Furthermore, installment loans are repaid over time in installments, which is a more manageable payment structure for many borrowers. With installment loans, borrowers don’t need to worry about repaying the entire loan amount on their next paycheck, as is often the case with payday loans.

Interesting Facts and Statistics

  • In 2016, more than 12 million Americans used payday loans, according to the Pew Research Center.
  • In 2018, the Consumer Financial Protection Bureau (CFPB) proposed changes to the payday lending rules, including restrictions on loan rollovers. Less than a year later, the CFPB reversed course on these regulations.
  • Payday loans trap borrowers in a cycle of debt, with the average borrower taking out eight loans per year, according to the Center for Responsible Lending.

Apply Now on TheGuaranteedLoans Website

If you live in Green Harbor and need quick cash, TheGuaranteedLoans can help you connect with online lenders that offer installment loans. To get started, fill out a simple loan application form on our website and submit your application. We’ll match you with lenders who fit your needs, and you could receive cash within 24 hours of approval. However, please note that TheGuaranteedLoans is not a direct lender and is not involved in the decision-making process regarding loan approvals, denials, or terms and conditions.

In conclusion, while payday loans are not legal in Green Harbor, residents still have access to other loan options. Always ensure that you fully understand the terms and conditions of any loan before submitting a loan application, and always work with reputable lenders like those you’ll find on our website.

F.A.Q.

Can I get a payday loan with bad credit in Green Harbor, Massachusetts?

No, payday loans are not available in Green Harbor, Massachusetts regardless of credit history.

Can I get a payday loan without a checking account in Green Harbor, Massachusetts?

No, payday loans are not available in Green Harbor, Massachusetts regardless of banking status.