Payday Loans in Linwood, Massachusetts

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

Company nameAddressZip codePhone number
Family Financial Centers 328 Main St, Everett, MA 02149 +1 (617) 294 - 2203
Gaudette Insurance Agency Inc. 1 Plummers Corner, Whitinsville, MA 01588 +1 (508) 234 - 6333
John Lucien Ohara Fairway Independent Mortgage Corporation Loan Officer 180 Wells Ave Suite 300, Newton, MA 02459 +1 (781) 719 - 4679
Charles Schwab 161 Worcester Rd 605, Framingham, MA 01701 +1 (800) 646 - 4710
Randell Check Cashing 100 Canterbury St, Worcester, MA 01603 +1 (508) 373 - 2141
Middlesex Savings Bank 31 N Main St, Sherborn, MA 01770 +1 (508) 655 - 5415
TD Bank 660 Merrill Rd, Pittsfield, MA 01201 +1 (413) 499 - 7687
Grahams Check Cashing 1000 Main St, Agawam, MA 01001 +1 (413) 789 - 2065
Santander Bank One Park St, Ayer, MA 01432 +1 (978) 772 - 4828
Leo L. Proulx, CPA 160 Turnpike Rd, Chelmsford, MA 01824 +1 (978) 256 - 7910

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Linwood, MA, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Dartmouth, MA, Payday Loan Without a Credit Check in Dracut, MA, Payday Loans in Everett, MA, Payday Loans in Fall River, MA, Payday Loans in Falmouth, MA, Payday Loan for Fitchburg, MA, Guaranteed Loans in Framingham, MA and Payday Loans in Haverhill, 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 Linwood, MA.

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Are Payday Loans Legal In Linwood, 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

Linwood, MA payday loan calculator

Advise to read before applying

Payday Loans in Linwood, Massachusetts: Understanding the Prohibitions

Payday loans are short-term loans given to help borrowers cover their expenses until their next paycheck arrives. In the state of Massachusetts, payday loans are prohibited by law. In this article, we will discuss the reasons behind the prohibition, alternative options for those in need of quick cash, and important details that borrowers should know when considering taking out a payday loan.

The Prohibitions and their Rationale

In Massachusetts, payday loans are not allowed under the Small Loan Act, which sets a maximum annual percentage rate (APR) of 23% on all loans under $6,000. Payday lenders usually charge much higher rates, ranging from 300% to 500%, making it impossible to comply with the legal restrictions in this state.

The intent of the Small Loan Act is to provide borrowers with affordable credit options while limiting the potential for predatory lending. The interest caps, coupled with strict limitations on the duration of loans and fees that can be charged, protect consumers from unmanageable debt and ensure that lenders operate fairly.

Alternative Options for Quick Cash

For those who live in Linwood, Massachusetts, payday loans are not a legal option. However, several alternatives exist to provide short-term financial assistance. Here are a few to consider:

  • Credit unions: Many credit unions offer cash loans with lower interest rates than traditional banks. These loans may have more flexible terms and fewer fees that can help borrowers avoid expensive surprises.
  • Credit counseling: Not-for-profit credit counseling agencies offer free advice and solutions to those who need financial guidance. They may be able to help borrowers consolidate their debts or develop a budget to manage their expenses.
  • Government programs: Massachusetts offers several assistance programs to people in need, including heating assistance, food stamps, and emergency rental and mortgage assistance.

Important Details to Know

If you’re considering taking out a payday loan, there are a few key details you should understand:

  • Payday loans are not legal in Massachusetts and taking out such a loan from an out-of-state lender via the internet is also illegal.
  • Even if payday loans were legal in Linwood, Massachusetts, they are not a good long-term financial solution and come with incredibly high interest rates and fees that can trap borrowers in a cycle of debt.
  • In Massachusetts, lenders must be licensed by the state, and all payday lenders are required by law to limit the number of consecutive loans to the same borrower.
  • The Consumer Financial Protection Bureau recommends that borrowers exhaust all other options before taking out a payday loan, and that they carefully read and consider all the terms and fees associated with such loans.

Interesting Facts and Statistics about Payday Loans in Linwood, Massachusetts

  • As of 2021, the average interest rate on payday loans in the United States is 391%, with some lenders charging as much as 600% interest or more.
  • According to research by the Pew Charitable Trusts, the average payday borrower in the United States spends $520 in fees to borrow $375.
  • A study by the Massachusetts Office of Consumer Affairs and Business Regulation found that over 600,000 payday loans were taken out by Massachusetts residents in 2015, resulting in over $186 million in fees and interest.
  • The average payday loan in Massachusetts is $388, and borrowers typically take out eight loans per year, averaging a total of $3,382 in loans per year.

Apply Now

If you’re looking for financial assistance in Massachusetts, TheGuaranteedLoans can help connect you with trusted lenders who can provide installment loans or lines of credit. Fill out our online application today and get started!

Please note that TheGuaranteedLoans is not a direct lender, but a connector service between borrowers and potential lenders. We do not make credit decisions and do not endorse any particular lender. We are committed to connecting borrowers with lenders who can meet their financial needs.

F.A.Q.

How do I know if a lender is offering illegal payday loans in Linwood, Massachusetts?

Lenders offering illegal payday loans in Linwood, Massachusetts may not be licensed by the state and may have high interest rates and fees that are not allowed under state law.

What can I do if I have taken out an illegal payday loan in Linwood, Massachusetts?

If you have taken out an illegal payday loan in Linwood, Massachusetts, you can contact the Massachusetts State Department of Financial Services to report the lender and seek assistance in resolving the issue.

Look for Short-Term Loans in Other Cities:

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Customer Notice: Cash advance loans should be used for short-term personal requirements primarily, not as long-term budgetary remedies. Clients together with credit score issues ought to look for credit advice. Subject to state regulations, qualification, credit check, underwriting and approval. Rates, terms and conditions apply

Client Guidance: Payday loans are generally designed as a temporary financial bridge that allows individuals to borrow a modest amount of money until their next paycheck arrives. This type of loan is often used as an immediate financial remedy for unforeseen expenses, especially for those lacking a financial cushion or significant savings. If you find yourself struggling to manage your finances and considering a payday loan, it's crucial to consult with a qualified financial advisor. It's also important to familiarize yourself with the specific payday loan laws in your jurisdiction.

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