Payday Loans in Rehoboth, Massachusetts

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

Company nameAddressZip codePhone number
All Checks Cashed 9 Broadway, Lawrence, MA 01840 +1 (978) 688 - 0003
Millbrook Auto Sales 1474 Tremont St 3710, Duxbury, MA 02332 +1 (781) 934 - 6551
The Money Stop 1098 Chicopee St, Chicopee, MA 01013 +1 (413) 534 - 3280
In-Vision Financial Holdings 1 Wayne Rd, Milford, MA 01757 +1 (866) 926 - 0576
Rockland Trust 14 Hastings St, MA-16, Mendon, MA 01756 +1 (508) 634 - 4114
Workers Credit Union 66 Drum Hill Rd, Chelmsford, MA 01824 +1 (978) 345 - 1021
Hanscom Federal Credit Union 15 General Greene Ave, Natick, MA 01760 +1 (781) 698 - 2130
Shrewsbury Credit Union 489 Boston Turnpike, Shrewsbury, MA 01545 +1 (508) 841 - 8550
Jackson Hewitt Tax Service 152 South St, Pittsfield, MA 01201 +1 (413) 499 - 5244
Santander Bank 7 Church St, Winchester, MA 01890 +1 (781) 729 - 1185

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Rehoboth, MA, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loan Companies in Brockton, MA, Payday Loan Without a Credit Check in Brookline, MA, Payday Loans in Cambridge, MA, Payday Loans in Chelmsford, MA, Payday Loans in Chelsea, MA, Payday Loan Companies in Chicopee, MA, Payday Loans in Dartmouth, MA and 24-Hour Loan in Dracut, 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 Rehoboth, MA.

Beautiful sights of Rehoboth, MA

Payday Loans Available in Rehoboth, MA By The Following ZIP Codes:

02769

Are Payday Loans Legal In Rehoboth, 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

Rehoboth, MA payday loan calculator

Payday Loans in Rehoboth, Massachusetts: Everything You Need to Know

Payday loans are short-term loans offered to borrowers to help them cover unexpected expenses that cannot wait until their next paycheck. They are typically small-dollar loans with high interest rates and fees. While payday loans are legal in many states, they are prohibited in Massachusetts, including in the town of Rehoboth.

What are payday loans, and how do they work?

A payday loan is a type of short-term loan where the lender provides cash advance to the borrower based on their paycheck. The borrower typically writes a post-dated check or provides access to their bank account for the loan amount and fees. The lender then holds the check or gets access to the borrower’s bank account until the borrower’s next payday. The amount borrowed plus the fees are automatically deducted from the borrower’s bank account on the next payday.

The fees charged by payday lenders can be high, and the APR can reach up to 400 percent in some cases. Borrowers who cannot repay the loan on their next payday may roll over their loan, which adds more fees and interest charges. This cycle of rolling over the loan can lead to a debt trap that is difficult to escape from.

Why are payday loans in Rehoboth, Massachusetts, prohibited?

In 2008, Massachusetts passed a law that prohibits payday loans. The law caps the interest rate of small-dollar loans at 23 percent and prohibits lenders from charging fees for check cashing, loan processing, or any other service related to the loan. This law was passed to protect consumers from predatory lending practices that were prevalent in the payday lending industry.

In Rehoboth, Massachusetts, payday lenders are not allowed to operate. Residents of the town cannot apply for payday loans online or in-person, and lenders cannot set up storefronts or operate from any physical location within the town. Those who seek payday loans can explore alternative options that are legal and safe.

What are the alternatives to payday loans in Rehoboth, Massachusetts?

Rehoboth residents who need cash quickly can explore alternative options that are legal and safe. Here are some alternatives to payday loans:

  • Credit union loans: Credit unions offer small-dollar loans with lower interest rates and fees than payday lenders. They also work with borrowers to set up repayment plans that fit their budget.
  • Credit counseling: Rehoboth residents can seek credit counseling services from non-profit organizations. Credit counselors help borrowers to come up with a budget and negotiate with creditors to lower interest rates and fees.
  • Budgeting: Borrowers can create a budget that includes their income and expenses. They can then find ways to reduce expenses, such as cutting back on non-essential purchases, to free up money for emergencies.

Interesting Facts and Statistics About Payday Loans in Rehoboth, Massachusetts

  • There are no payday loan stores in Rehoboth, Massachusetts, due to the state law prohibiting payday lending.
  • In 2016, Massachusetts Attorney General Maura Healey reached a $2.2 million settlement with a payday lender who had been operating illegally in the state.
  • The average payday loan borrower in Massachusetts takes out nine loans per year and pays over $500 in interest and fees.

Apply Now

If you need a personal loan, TheGuaranteedLoans can help connect you with potential lenders. We are not a direct lender, but we work with a network of reputable lenders who can offer personal loans to borrowers. To apply, simply fill out our online application form, and we will match your application with potential lenders who can provide the financial assistance that you need.

Our application process is fast, secure, and confidential. You can get approved for a personal loan in as little as one business day, even if you have bad credit. We offer flexible repayment terms to fit your budget, and our customer support team is available 24/7 to answer any questions that you may have.

Conclusion

Payday loans are illegal in Rehoboth, Massachusetts, due to state laws that protect consumers from predatory lending practices. Borrowers who need cash quickly can explore alternative options that are legal and safe, such as credit union loans, credit counseling, and budgeting. If you need a personal loan, TheGuaranteedLoans can help connect you with potential lenders who can offer you the financial assistance that you need, without the high interest rates and fees associated with payday loans.

F.A.Q.

Can I be charged with a crime for taking out an illegal payday loan in Rehoboth, Massachusetts?

No, taking out an illegal payday loan in Rehoboth, Massachusetts is not a crime. However, the lender may face legal consequences for offering illegal loans.

Can I be sued for not paying back an illegal payday loan in Rehoboth, Massachusetts?

No, you cannot be sued for not paying back an illegal payday loan in Rehoboth, Massachusetts.