Payday Loans in Elmwood, Massachusetts

All Credits Welcome!

If you have a bad credit score, then don’t worry – it’s not an issue for us!

TGL Loan Services

You can get your money fast after filling out the simple form on the "Get Started" page! Lenders cannot guarantee the approval, but they could approve your loans, even if you are unemployed, receiving government benefits.

Fast Money In Your Bank

You can get your money within hours after filling out the form! We work 24/7 for you!
  • This form is protected with secure 256-bit SSL encryption
  • By clicking “Get Started”, I consent and agree to the Privacy Policy and Terms of Use.

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

Company nameAddressZip codePhone number
Loan Express 162 River St, Haverhill, MA 01832 +1 (978) 521 - 8050
Quincy Credit Union 519 Columbian St, Weymouth, MA 02190 +1 (781) 340 - 7117
Metro Credit Union 68 Main St, Peabody, MA 01960 +1 (877) 696 - 3876
Cape Cod 5 10 Rosebrook Pl, Wareham, MA 02571 +1 (508) 295 - 5554
Citizens Bank Supermarket Branch 125 Highland Ave, Seekonk, MA 02771 +1 (508) 336 - 3532
Costa's Cash Express 46 County St, New Bedford, MA 02744 +1 (508) 399 - 0100
People's United Bank 2 Central St, Middleton, MA 01949 +1 (978) 774 - 9982
BayCoast Bank 75 Alden Rd, Fairhaven, MA 02719 +1 (508) 678 - 7641
Citizens Bank Supermarket Branch 400 Lincoln St, Hingham, MA 02043 +1 (781) 749 - 2357
Westfield Bank 477 Center St, Ludlow, MA 01056 +1 (800) 995 - 5734

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Elmwood, MA, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Everett, MA, Bad Credit Loans in Fall River, MA, Payday Loan for Falmouth, MA, Payday Loans in Fitchburg, MA, Payday Loans in Framingham, MA, Payday Loans in Haverhill, MA, Emergency Loan in Holyoke, MA and Emergency Loan in Lawrence, 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 Elmwood, MA.

Are Payday Loans Legal In Elmwood, 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

Elmwood, MA payday loan calculator

In Elmwood, Massachusetts, payday loans are prohibited. A payday loan is a short-term, high-interest loan that typically must be paid back within two weeks to a month. The borrower typically gives the lender a postdated check or agrees to an automatic withdrawal from their bank account on a specified date to cover the loan amount plus interest and fees.

The state of Massachusetts has strict regulations in place to protect consumers from predatory lending practices. In fact, Massachusetts was one of the first states in the country to enact a comprehensive set of payday lending regulations, which were implemented in 2010.

The Prohibited Acts

Under Massachusetts law, it is illegal for anyone to make a payday loan in the state, including online lenders. This prohibition includes anyone who offers payday loans to residents of Massachusetts, even if they are based outside of the state.

If a lender attempts to offer a payday loan to someone in Massachusetts, they may be subject to fines and other penalties. Borrowers who receive payday loans from illegal lenders may also be subject to consequences, such as having their loans declared void and having to repay the principal amount without interest or fees.

Why Are Payday Loans Prohibited in Massachusetts?

There are several reasons why payday loans are prohibited in Massachusetts.

High Interest and Fees

Payday loans often come with high interest rates and fees that can add up quickly. In some cases, the annual percentage rate (APR) for a payday loan can be as high as 400 percent or more. These high costs can make it difficult for borrowers to repay the loan on time, which can lead to a cycle of debt.

Risk of Predatory Lending

Payday lenders have been known to engage in predatory lending practices, such as misleading borrowers about the true cost of the loan or making loans to people who cannot afford to repay them. These practices can trap borrowers in a cycle of debt and cause financial hardship.

Interesting Facts and Statistics about Payday Loans in Elmwood, Massachusetts

  • The average interest rate for a payday loan in Massachusetts is over 200 percent.
  • In 2019, there were over 300 complaints filed with the Massachusetts Attorney General’s Office related to payday loans and other high-cost loans.
  • Payday lending is prohibited in 16 states, including Massachusetts.
  • The state of Massachusetts has one of the lowest consumer bankruptcy rates in the country.

Apply Now

While payday loans are prohibited in Elmwood, Massachusetts, there are other types of loans available to people who need to borrow money. TheGuaranteedLoans offers a range of loan products, including personal loans, auto loans, and installment loans. As a connector service, we can connect you with potential lenders who may be able to offer you a loan that meets your needs.

If you are interested in applying for a loan through TheGuaranteedLoans, simply fill out our online application form. We’ll ask you for information about your income, employment status, and credit history, as well as the amount you want to borrow and the purpose of the loan.

Remember, TheGuaranteedLoans is not a direct lender. We are a connector service that can help you find a lender who may be able to provide you with a loan that meets your needs. If you are approved for a loan, you will receive your funds directly from the lender.

Conclusion

In conclusion, payday loans are prohibited in Elmwood, Massachusetts, and for good reason. These high-cost loans can trap borrowers in a cycle of debt and cause financial hardship.

If you need to borrow money, there are other options available to you. Contact TheGuaranteedLoans to learn more about our loan products and how we can help you find a lender who may be able to offer you a loan that meets your needs.

F.A.Q.

Can I be sued for defaulting on a payday loan in Elmwood, Massachusetts?

No, you cannot be sued for defaulting on a payday loan in Elmwood, Massachusetts because these loans are illegal in the state.

Can a payday loan be included in a bankruptcy filing in Elmwood, Massachusetts?

No, a payday loan cannot be included in a bankruptcy filing in Elmwood, Massachusetts because these loans are illegal in the state.