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What Are Payday Loans in Beverly, Massachusetts?
Payday loans are a type of loan in which borrowers usually borrow small amounts of money for a short period of time, usually until their next paycheck arrives. Payday loans typically require borrowers to provide proof of income or employment, a government-issued ID, and access to an active bank account. They are often advertised as a way to help people manage their finances by reducing the need to borrow from other sources such as friends or family.
Unfortunately, payday loans in Beverly, Massachusetts, are prohibited by law. State legislation was passed in 2008 to prevent payday loans from being issued in Massachusetts. The law specifically prohibits any lender from “engaging in the business of making short-term consumer loans with a finance charge in excess of 12 percent”.
Alternatives to Payday Loans in Beverly, Massachusetts
If you need a short-term loan in Beverly, Massachusetts, you may have to look for other options. There are several alternatives that you could consider, including:
- Borrow from Friends or Family – You could ask your close friends or family members if they are willing to lend you money. Make sure to create a written agreement that outlines the terms and conditions of the loan.
- Apply for a Credit Card – If you have bad credit, you could consider applying for a secured credit card. A secured credit card is a good option because it allows you to use your deposit as collateral for a loan.
- Apply for an Installment Loan – Installment loans are similar to payday loans but they are usually offered by banks or credit unions. The amount you borrow is divided into several payments, which are typically made over a period of months.
It’s important to note that these alternatives are not without their own risks and should be carefully considered before pursuing.
Frequently Asked Questions About Payday Loans in Beverly, Massachusetts
- Are payday loans legal in Beverly, Massachusetts?
No, payday loans are not legal in Beverly, Massachusetts. The state passed legislation in 2008 to prohibit payday loans. - What are some alternatives to payday loans in Beverly, Massachusetts?
Some alternatives to payday loans in Beverly, Massachusetts include borrowing from friends or family, applying for a credit card, or applying for an installment loan from a bank or credit union.
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If you need to borrow money in Beverly, Massachusetts, TheGuaranteedLoans may be able to help. We are not a lender, but we can connect you with lenders who may be able to offer you a loan. All you need to do is fill out the online application form and we will do the rest. Get started now and see how much money you could be approved for!