Payday Loans in Windsor, Massachusetts

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

Company nameAddressZip codePhone number
Citizens Bank 159 Great Rd, Stow, MA 01775 +1 (978) 461 - 1600
Santander Bank ATM 1238 Kempton St, New Bedford, MA 02740 +1 (508) 992 - 9040
Citizens Bank 415 Boston Post Rd, Weston, MA 02493 +1 (781) 891 - 1500
SRP Cash for Gold 19 Vinal Square, North Chelmsford, MA 01863 +1 (978) 251 - 9994
MassDevelopment 89 Shrewsbury St 300, Worcester, MA 01604 +1 (508) 363 - 2799
Cash4U Car Title Loans 11 Kearney Square, Lowell, MA 01852 +1 (351) 207 - 3181
GFA Federal Credit Union 67 Pearson Blvd, Gardner, MA 01440 +1 (978) 630 - 5616
Leominster Employees Federal Credit Union 24 Church St, Leominster, MA 01453 +1 (978) 534 - 0240
Empire Loan of Worcester 700 Southbridge Street, College Sq. Plaza, Worcester, MA 01610 +1 (508) 757 - 1150
Somerville Municipal Federal Credit Union 236 Holland St, Somerville, MA 02144 +1 (617) 625 - 0898

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Windsor, MA, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Waltham, MA, Bad Credit Loans in Westfield, MA, Same Day Loans in Woburn, MA, Payday Loans in Worcester, MA, Payday Loans in Andover, MA, Payday Loans in Arlington, MA, Payday Loan Companies in Attleboro, MA and Payday Loan Without a Credit Check 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 Windsor, MA.

Beautiful sights of Windsor, MA

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

01270

Are Payday Loans Legal In Windsor, 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

Windsor, MA payday loan calculator

Payday Loans in Windsor, Massachusetts: What You Need to Know

If you live in Windsor, Massachusetts and are in need of quick cash, you may have considered a payday loan. However, it is important to note that payday loans are illegal in Massachusetts. In this article, we’ll explore what exactly payday loans are, why they are prohibited in Massachusetts, and alternative options you can consider.

What Are Payday Loans?

Payday loans are short-term loans designed for individuals who need quick cash. Typically, borrowers take out payday loans to cover unexpected expenses or to make ends meet until their next paycheck. These loans often have high interest rates, with APRs ranging from 300% to 500%.

Borrowers are required to repay the loan on their next payday. If they are unable to do so, they are often faced with additional fees and charges which can quickly add up and make the loan even more difficult to pay off.

Why Are Payday Loans Prohibited in Massachusetts?

Payday loans are prohibited in Massachusetts due to the high interest rates and fees associated with these loans. In 2010, the Massachusetts legislature passed a law capping the interest rate on payday loans at 23%. This effectively made payday loans illegal in the state, as lenders were unable to make a profit with the interest rate that low.

Despite this law, some lenders still attempt to offer payday loans to Massachusetts residents through online or out-of-state lenders. However, it is important to note that these loans are still illegal and borrowers should avoid them at all costs.

Alternative Options to Consider

While payday loans are not available in Massachusetts, there are alternative options you can consider if you need quick cash:

  • Personal Loans: Personal loans are an option for individuals who need to borrow a larger amount of money. These loans usually have lower interest rates than payday loans and a longer repayment period.
  • Credit Cards: If you have a credit card, you may be able to use it to cover unexpected expenses. While credit cards often have high interest rates, they can still be a better option than payday loans.
  • Borrow from Family or Friends: While it may not be the most comfortable option, borrowing from family or friends can be a good alternative to payday loans. Just be sure to agree on repayment terms and stick to them.

Facts and Statistics About Payday Loans in Windsor, Massachusetts

While payday loans are illegal in Massachusetts, it is still important to be aware of the impact they can have on individuals and communities:

  • Between 2011 and 2019, payday lenders in Massachusetts made over 150,000 loans, with an average APR of 382%. (Source: MassPIRG Education Fund)
  • Payday lending costs Massachusetts families over $226 million each year. (Source: MassPIRG Education Fund)

Apply Now

If you find yourself in need of quick cash in Windsor, Massachusetts, TheGuaranteedLoans can help connect you with potential lenders. We are a connector service, not a direct lender, and we prioritize transparency and responsible lending practices. Fill out our online application today to get started.

While payday loans may seem like a quick fix, they can quickly turn into a cycle of debt with high interest rates and hidden fees. By exploring alternative options and working with responsible lenders, you can secure the financial support you need without putting yourself in a vulnerable position. Remember, knowledge is power – stay informed and empowered in your financial decisions.

F.A.Q.

Can a payday loan company garnish my wages in Windsor, Massachusetts?

No, a payday loan company cannot garnish your wages in Windsor, Massachusetts because these loans are illegal in the state.

Can a payday loan company repossess my property in Windsor, Massachusetts?

No, a payday loan company cannot repossess your property in Windsor, Massachusetts because these loans are illegal in the state.