Payday Loans in Newton Lower Falls, Massachusetts

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No payday loan companies in Newton Lower Falls, MA. Consider companies in other cities:

Company nameAddressZip codePhone number
State Cap Auto Finance 725 State Rd, Westport, MA 02790 +1 (508) 676 - 1500
South Shore Bank 75 Washington St, Pembroke, MA 02359 +1 (781) 682 - 3715
Santander Bank 379 Main St, Sturbridge, MA 01566 +1 (508) 347 - 2243
Citizens Bank 40 Highland Common E, Hudson, MA 01749 +1 (978) 568 - 2461
Merrimack Valley Credit Union 2 Water St, Haverhill, MA 01830 +1 (800) 356 - 0067
Citizens Bank Supermarket Branch 126 Medway Rd Suite 2, Milford, MA 01757 +1 (508) 482 - 0822
Rockland Trust 2420 Cranberry Hwy, Wareham, MA 02571 +1 (508) 295 - 5271
Country Bank 352 Palmer Rd, Ware, MA 01082 +1 (800) 322 - 8233
Fall River Pawn Brokers 1475 S Main St, Fall River, MA 02724 +1 (508) 672 - 8808
Daniel DeMelin Fairway Independent Mortgage Corporation Senior Loan Officer 1060 Falmouth Road Route 28, Hyannis, MA 02601 +1 (508) 273 - 8858

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Newton Lower Falls, MA, you can try to find different companies in big cities near by. Check out the following pages here: Quick Loan in Everett, MA, Payday Loans in Fall River, MA, Payday Loan for Falmouth, MA, Payday Loans in Fitchburg, MA, Payday Loan for Framingham, MA, Payday Loans in Haverhill, MA, Guaranteed Loans in Holyoke, MA and Payday Loans in Lawrence, 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 Newton Lower Falls, MA.

Beautiful sights of Newton Lower Falls, MA

Are Payday Loans Legal In Newton Lower Falls, 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

Newton Lower Falls, MA payday loan calculator

Payday Loans in Newton Lower Falls, Massachusetts: What You Need to Know

Payday loans, also known as cash advances or paycheck advances, are short-term loans designed to help borrowers cover unexpected expenses or bridge the gap between paychecks. Unfortunately, these types of loans are not legal in Massachusetts, including the town of Newton Lower Falls. In this article, we’ll explore payday loan laws in Massachusetts and provide alternative options for those in need of financial assistance.

Payday Loan Laws in Massachusetts

As mentioned, payday loans are illegal in Massachusetts. The state’s usury law, known as the Small Loan Rate Cap, prohibits lenders from charging more than 23% interest per year on loans under $6,000. Payday lenders typically charge much higher interest rates and fees, making them in violation of this law.

In addition, the Consumer Financial Protection Bureau (CFPB) has implemented federal regulations in recent years to protect consumers from the risks associated with payday loans. These regulations include:

  • Maximum loan amount of $500
  • Full repayment required within 45 days
  • Interest rates cannot exceed 36% per year
  • No more than one loan allowed per borrower at a time
  • Lenders must verify a borrower’s income and expenses to determine if they are able to repay the loan

Massachusetts follows these regulations, but has taken it one step further by outlawing payday loans altogether.

Alternative Options for Borrowers in Newton Lower Falls

For those in need of financial assistance in Newton Lower Falls, there are a few alternative options to consider:

  • Personal loans: Banks and credit unions may offer personal loans with lower interest rates than payday loans. Be sure to research your options and compare rates before applying.
  • Government assistance: Massachusetts offers various programs for individuals and families in need of financial assistance, including the Emergency Assistance (EA) Program and the HomeBASE Program.
  • Credit counseling: Seeking guidance from a credit counseling agency can help you create a budget and develop a plan to pay off debt.

Interesting Facts about Payday Loans

Despite their illegality in Massachusetts, payday loans are still a popular form of lending in other states. Here are some interesting statistics:

  • The average payday loan issued in the United States is $375.
  • The average repayment period for a payday loan is two weeks.
  • Payday loan borrowers are primarily low-income individuals with limited access to traditional credit.
  • The annual percentage rate (APR) for payday loans can reach well over 400%, making them extremely expensive for borrowers.

Apply Now

While payday loans are illegal in Newton Lower Falls and throughout Massachusetts, TheGuaranteedLoans offers a variety of loan options for those in need of financial assistance. Our service connects borrowers with potential lenders and provides a secure, easy-to-use platform to apply for loans. Remember, we are not a direct lender and do not provide payday loans. We encourage borrowers to carefully consider their options and only borrow what they can afford to repay.

Don’t let unexpected expenses derail your financial stability. Apply for a loan with TheGuaranteedLoans today and take control of your finances.

F.A.Q.

Can I be arrested for taking out a payday loan in Newton Lower Falls, Massachusetts?

It is unlikely that a borrower would be arrested for taking out a payday loan in Newton Lower Falls, Massachusetts, as the focus of enforcement efforts is typically on the lenders, rather than the borrowers. However, borrowers who knowingly engage in illegal activities, such as providing false information to a lender or participating in a loan scheme, may face criminal charges.

Are there any other resources available to help me avoid predatory lending in Newton Lower Falls, Massachusetts?

Yes, there are several resources available to help consumers avoid predatory lending in Newton Lower Falls, Massachusetts, including the state's Consumer Financial Protection Bureau, the Massachusetts State Banking Department, and the Massachusetts City Department of Consumer Affairs.