Payday Loans in Chestnut Hill, Massachusetts

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

Company nameAddressZip codePhone number
People's United Bank 400 W Cummings Park, Woburn, MA 01801 +1 (781) 938 - 5567
North Easton Savings Bank 25 Roche Brothers Way, Easton, MA 02334 +1 (508) 238 - 2007
BankFive 54 County St, Somerset, MA 02726 +1 (774) 888 - 6450
Align Credit Union 19 Haverhill Rd, Amesbury, MA 01913 +1 (800) 942 - 9575
Smith Financial Services Inc 507 County St, Taunton, MA 02780 +1 (508) 823 - 9222
Greenfield Savings Bank 181 W Parsons Rd Dr, Conway, MA 01341 +1 (413) 369 - 4333
Country Bank 1084 Main St, Leicester, MA 01524 +1 (800) 322 - 8233
Rockland Trust 1400 Fall River Ave, Seekonk, MA 02771 +1 (508) 336 - 5991
AFC Automotive Finance Corp. 63 Western Ave, Framingham, MA 01702 +1 (508) 270 - 5960
Bank of America with Drive-thru ATM 1093 Broadway, Saugus, MA 01906 +1 (781) 233 - 1318

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Chestnut Hill, MA, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Cambridge, MA, Bad Credit Loans in Chelmsford, MA, Payday Loan Without a Credit Check in Chelsea, MA, Payday Loans in Chicopee, MA, Payday Loan for Dartmouth, MA, Guaranteed Loans in Dracut, MA, Payday Loan for Everett, MA and Payday Loans in Fall River, 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 Chestnut Hill, MA.

Beautiful sights of Chestnut Hill, MA

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

02459, 02467

Are Payday Loans Legal In Chestnut Hill, 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

Chestnut Hill, MA payday loan calculator

Understanding Payday Loans in Chestnut Hill, Massachusetts

When you’re in a financial bind, it can be tempting to turn to payday loans for quick cash. However, in Chestnut Hill, Massachusetts, payday loans are prohibited due to state regulations. While it’s important to explore alternative options for financial assistance, it’s also crucial to understand the risks and costs associated with payday loans. In this article, we’ll explore the world of payday loans and why they’re not a viable option for residents of Chestnut Hill.

What are Payday Loans?

Payday loans are short-term loans that typically range from $100 to $1,000 and are due on the borrower’s next payday. The loans are marketed as a quick fix for unexpected expenses or emergencies, such as car repairs or medical bills. In exchange for the loan, the borrower must write a post-dated check or authorize an electronic debit for the loan amount plus fees and interest, which can be as high as 400% APR.

Why are Payday Loans Prohibited in Massachusetts?

Massachusetts is one of the 15 states that have banned payday lending. The state’s regulations prohibit small loan lenders from charging more than 23% APR, making it impossible for payday lenders to operate in the state.

The reasons for the ban on payday lending are clear. The high cost of payday loans traps borrowers in a cycle of debt, with many borrowers taking out multiple loans to cover the costs of previous loans. This can lead to a debt spiral of high fees and interest rates that can be difficult to escape from.

Alternative Options for Financial Assistance

While payday loans may seem like the only option for quick cash, there are alternative options available. Local credit unions and community banks may offer small, short-term loans with lower interest rates and fees than payday loans. Additionally, many nonprofit organizations offer financial counseling and emergency financial assistance grants.

It’s important to remember that taking out a loan should always be a last resort, and that borrowing money comes with risks and responsibilities. Before taking out any loan, it’s important to read the terms and conditions carefully, understand the costs and fees associated with the loan, and have a plan in place for repayment.

Interesting Facts and Statistics

  • Payday lending is a $9 billion industry in the US.
  • The average payday loan borrower takes out eight loans per year.
  • The average payday loan in Massachusetts has a 230% APR.
  • In 2016, over 26,000 Massachusetts residents attended financial counseling due to debt from payday loans.

Apply Now

While payday loans are not an option for residents of Chestnut Hill, Massachusetts, TheGuaranteedLoans offers a variety of loan options, including personal loans and bad credit loans. Our online application process is quick and easy, and can connect you with potential lenders who may be able to offer you assistance. Remember, TheGuaranteedLoans is a connector service, not a direct lender. We do not make credit decisions, and we do not charge any fees for our services. Fill out our online application today and take the first step toward financial stability.

At TheGuaranteedLoans, we believe in providing our readers with accurate and helpful information, without sacrificing tone or style. We hope that this article has helped shed some light on the world of payday loans and the importance of avoiding them in Chestnut Hill, Massachusetts. Remember to always research your options and make informed decisions when it comes to borrowing money.

F.A.Q.

What are the alternatives to payday loans in Chestnut Hill, Massachusetts?

Consumers in Chestnut Hill, Massachusetts can seek out small, short-term loans from credit unions or banks, or can consider using a credit card or personal loan for financial emergencies.

Why are payday loans prohibited in Chestnut Hill, Massachusetts?

Payday loans are prohibited in Chestnut Hill, Massachusetts due to their high interest rates and fees, which can trap consumers in a cycle of debt.