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Payday loans have gained notoriety in recent years as a way for those in financial difficulty to access quick cash. Despite being prohibited in Massachusetts, many borrowers in Leverett and other cities in the state may be tempted to seek out these loans as a way to make ends meet. In this article, we’ll explore payday loans in Leverett, Massachusetts, highlighting why they’re illegal in the state, alternative financial solutions, and how to apply for loans on our website.
The downside of payday loans in Massachusetts
While payday loans are tempting for those in need of quick cash, they are illegal in Massachusetts. The state’s lawmakers made the decision to ban them in 2008. The rationale behind this decision was the extraordinarily high-interest rates that lenders were charging; some had rates as high as 400%! The predatory nature of these loans put many borrowers at astronomical risk.
While bans like this don’t necessarily stop people from seeking out these loans, it makes it challenging for lenders to operate and provide these types of loans with such high interest rates. Payday lenders have tried to work around the ban in different ways, including partnering with out-of-state lenders to provide cash to borrowers.
Alternative financial solutions
If you’re in need of cash, and payday loans are not a viable option, other financial solutions may be better suited to your needs. Some alternatives to payday loans include:
- Small Personal Loans: These loans are different from payday loans, as they’re usually offered by credit unions, banks, and online lenders. They have more stability and remain within the law.
- Credit Cards: Credit cards are an excellent option for those who need to borrow money quickly. While they do come with interest that needs to be paid back, their rates are considerably lower than other types of loans. Using a credit card to pay for what you need can help you avoid the risk of defaulting on loan payments and harming your credit score.
- Family or friends: Borrowing from someone you know may be a viable option, as they are unlikely to charge the high-interest rates associated with payday loans. However, it’s essential to repay them as soon as possible to avoid financial and relationship challenges.
Facts about payday loans in Leverett, Massachusetts
Here are some notable facts and statistics about payday loans in Leverett, Massachusetts:
- Payday loans are illegal in Massachusetts.
- In 2016, the average rate of interest for payday loans in Massachusetts was 230%.
- The average payday loan borrower in Massachusetts takes out eight loans per year, with an average cost of $428 per loan.
- Despite being banned, payday loans can still be found in Massachusetts due to partnerships with out-of-state lenders.
- The average debt-to-income ratio for those who take out payday loans is 3.5 times their monthly income.
Applying for a loan with TheGuaranteedLoans
If you cannot obtain a payday loan in Massachusetts, consider applying for a loan on our website. TheGuaranteedLoans is a connector service that can link you to a lender who may work for you. Note that we’re not lenders, and we will not make any lending decisions. We only facilitate the connection between you and lenders. If approved, you’ll receive your cash through the lender, not TheGuaranteedLoans.
To apply for a loan with TheGuaranteedLoans, follow these steps:
- Visit our website and fill out our online application form.
- Provide us with the necessary information required for the application.
- Once the application is complete, click ‘Submit.’
Conclusion
Payday loans may seem like a quick way to get cash, but the high-interest rates associated with them can put borrowers in financial distress. Fortunately, alternatives such as small personal loans, credit cards, and borrowing from family and friends can be much more stable and affordable. Remember that payday loans are illegal in Massachusetts, and that’s for good reason. You can still access loans through TheGuaranteedLoans, but always remember that it’s important to borrow money responsibly.
Apply Now: Are you in need of quick cash and considering applying for loans on our website? Head over to our website and apply now for the loans and cash advance option which can be best for you.