Payday Loans in Rockport, Massachusetts

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

Company nameAddressZip codePhone number
Peabody Check Cashing 15 Main St, Peabody, MA 01960 +1 (978) 531 - 7770
BayCoast Bank 110 Taunton Ave, Seekonk, MA 02771 +1 (508) 678 - 7641
Rockland Trust 70 Main St, Orleans, MA 02653 +1 (508) 240 - 5637
Merrimack Valley Credit Union, formerly known as Ocean Spray Employee Federal Credit Union 75 Main St, Bridgewater, MA 02324 +1 (888) 894 - 9144
Loan Processing Services 221 Main St 2000, Falmouth, MA 02540 +1 (917) 681 - 8741
TD Bank 449 Boston Rd, Billerica, MA 01821 +1 (978) 667 - 4106
Salem Five Bank 303 Haverhill St, Rowley, MA 01969 +1 (978) 948 - 8602
Rockland Trust 381 Centre Ave, Abington, MA 02351 +1 (781) 982 - 6881
Liberty Bay Credit Union 300 Tradecenter Dr suite 1740, Woburn, MA 01801 +1 (617) 439 - 6500
Webster First Federal Credit Union 15 Woodside Ave, Winthrop, MA 02152 +1 (508) 671 - 5117

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Rockport, MA, you can try to find different companies in big cities near by. Check out the following pages here: Guaranteed Loans in Waltham, MA, Payday Loans in Westfield, MA, Payday Loans in Woburn, MA, Guaranteed Loans in Worcester, MA, Payday Loans in Andover, MA, Guaranteed Loans in Arlington, MA, Same Day Loans in Attleboro, MA and Payday Loan Companies in Beverly, 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 Rockport, MA.

Beautiful sights of Rockport, MA

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

01966

Are Payday Loans Legal In Rockport, 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

Rockport, MA payday loan calculator

Breaking Down Payday Loans in Rockport, Massachusetts

When life gets tough, it’s not uncommon that we might need a little help. From unexpected medical bills to home repairs, sometimes we find ourselves in a tight spot financially. And while payday loans can seem like a quick fix, they are actually illegal in the state of Massachusetts, including in Rockport.

What Are Payday Loans?

Payday loans are short-term loans with high-interest rates. These loans are designed to bridge the gap between paychecks but often end up trapping borrowers in a cycle of debt. The borrower will typically write a post-dated check to the lender, which includes the full loan amount plus interest and fees. On the due date, the lender cashes the borrower’s check and collects repayment.

Payday Loans Are Prohibited in Massachusetts

Payday loans, along with other similar types of loans such as car title loans, are illegal in Massachusetts under small loan laws, which cap the interest rate at 23% or lower. The reason behind this is to protect borrowers from the unscrupulous practices of lenders, who often prey on those who are already in dire financial straits. This makes it impossible to find payday loans in Rockport.

Alternative Options for Borrowers in Rockport

While payday loans are not an option in Rockport, there are still alternative options that can help in times of financial need. These include:

  • A personal loan from a bank or credit union
  • A credit card cash advance
  • A loan from a family member or friend
  • Seeking assistance from state and local resources, such as rental assistance, food assistance, and energy assistance programs

It’s important to note that while these options may be helpful in the short-term, they should be used with caution. Borrowers should ensure they are aware of all terms and conditions, including interest rates and fees, before agreeing to any type of loan.

Facts and Statistics

  • There are no payday loan companies in Rockport, Massachusetts due to state law prohibiting these types of loans.
  • In 2019, the average interest rate for a payday loan in the United States ranged from 300% to 500% APR.
  • Between 2006 and 2012, payday loan businesses increased from 10,000 to 22,000 in the United States.
  • According to studies, the majority of payday loan borrowers are low-income workers who are unable to meet their living expenses until their next paycheck.

Apply Now

While payday loans are not available in Rockport, TheGuaranteedLoans can help connect borrowers with potential lenders. As a connector service, not a direct lender, we facilitate the connection between borrowers and lenders who may be able to provide personal loans to help in times of financial need. To apply, simply visit our website and fill out our online application form. We are committed to helping you find a solution that works for you.

In Conclusion

While payday loans may seem like a quick and easy solution to financial troubles, they often end up trapping borrowers in a cycle of debt with astronomical interest rates. It’s important to understand that payday loans are illegal in Massachusetts, including in Rockport. Instead, borrowers should explore alternative options and seek assistance from state and local resources when facing financial hardship.

F.A.Q.

Can I take out a payday loan online in Rockport, Massachusetts?

No, even if the lender is located outside of Massachusetts, it is illegal to take out a payday loan online in this state.

Can I take out a payday loan from a lender in another state and use it in Rockport, Massachusetts?

No, it is illegal to use a payday loan from another state in Rockport, Massachusetts.