Payday Loans in Hanscom AFB, Massachusetts

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

Company nameAddressZip codePhone number
Eastern Bank 203 Littleton Rd, Westford, MA 01886 +1 (978) 446 - 9207
Salem Five Bank 2171 Main St, Tewksbury, MA 01876 +1 (978) 658 - 7270
Fairway Independent Mortgage Corporation 18 Shipyard Dr Suite 2A, Suite 2A, Hingham, MA 02043 +1 (339) 788 - 0213
Bank of America Financial Center 271 Great Rd, Acton, MA 01720 +1 (978) 929 - 2930
Somerville's Credit Union 236 Holland St, Somerville, MA 02144 +1 (617) 625 - 0898
Loan USA 52 Chandler St, Worcester, MA 01609 +1 (508) 754 - 3600
Clearview Dermatology 242 Green St Ste 109, Gardner, MA 01440 +1 (978) 620 - 9800
People's United Bank 9 Jackson St, Methuen, MA 01844 +1 (978) 725 - 7545
Brian Desmond - Mortgage Loan Officer 405 Franklin St, Braintree, MA 02184 +1 (781) 424 - 4060
Florence Bank - Northampton 176 King St, Northampton, MA 01060 +1 (413) 586 - 1300

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Hanscom AFB, MA, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Leominster, MA, Payday Loan Companies in Lexington, MA, Payday Loans in Lowell, MA, No Credit Check Loans in Lynn, MA, Payday Loans in Malden, MA, Payday Loans in Marlborough, MA, Payday Loans in Medford, MA and Online Loans in Natick, 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 Hanscom AFB, MA.

Beautiful sights of Hanscom AFB, MA

Are Payday Loans Legal In Hanscom AFB, 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

Hanscom AFB, MA payday loan calculator

Payday Loans in Hanscom AFB, Massachusetts: What You Need to Know

If you’re in Hanscom AFB, Massachusetts, and in need of quick cash, you may be considering taking out a payday loan. However, it’s important to know that payday loans are prohibited in Massachusetts, making it illegal to offer or obtain this type of loan in the state.

What Are Payday Loans?

Before we dive into the specifics of payday loans in Hanscom AFB, let’s define what these loans are and how they work. A payday loan is a short-term loan typically used for emergency expenses, targeting borrowers who are unable to obtain credit from traditional lenders, such as banks or credit unions. The loans are usually for small amounts of money, and they must be repaid with interest and fees on the borrower’s next payday.

In Massachusetts, however, payday loans are prohibited by law. This means that lenders cannot offer payday loans, and borrowers cannot obtain them.

Why Are Payday Loans Prohibited in Massachusetts?

Massachusetts has determined that payday loans, or any similar product, are a form of predatory lending that harms consumers. This determination is in line with the policies of many other states that have either banned payday loans altogether or imposed significant restrictions on the industry.

One of the reasons why payday loans are seen as predatory is due to their high interest rates and fees. These loans often come with APRs (annual percentage rates) that can exceed 400%, making them difficult to repay and putting borrowers in a cycle of debt.

Alternative Options for Those in Need of Cash

While payday loans are not an option in Hanscom AFB or anywhere else in Massachusetts, there are alternative options available for individuals in need of cash. Some of these options include:

  • Credit union loans: Credit unions are not-for-profit financial institutions that offer affordable loans to their members.
  • Small-dollar loans from banks: Some banks offer small-dollar loans with lower interest rates and fees than payday loans.
  • Credit counseling: If you’re struggling with debt, credit counseling can help you create a plan to pay off your debts and improve your financial health.

Interesting Facts and Statistics about Payday Loans in Hanscom AFB, Massachusetts

  • In 2019, the Massachusetts Division of Banks issued cease and desist orders to several out-of-state payday lenders and debt collectors operating in the state illegally.
  • In 2018, the state’s attorney general office settled with a national payday lender for $4 million over allegations of unfair and deceptive lending practices.
  • According to a 2016 report by the Massachusetts Fair Housing Center, payday lenders in the state charged an average APR of 231%.
  • A 2015 report by the Pew Charitable Trusts found that 6% of Massachusetts residents had used a payday loan in the past five years, with an average loan amount of $441.

Apply Now with TheGuaranteedLoans

Although payday loans are prohibited in Massachusetts, if you’re in need of cash, there are other options available. TheGuaranteedLoans can help you connect with potential lenders who offer personal loans, installment loans, and other types of loans that may be more suitable for your needs.

Please note that TheGuaranteedLoans is not a direct lender, and we do not make credit decisions or offer funding directly. Instead, we serve as a connector service, connecting borrowers with lenders who may be willing to offer them a loan.

If you’re interested in applying for a loan, simply fill out our online application. Our process is fast, secure, and easy, and we’ll work hard to find a lender who can offer you the cash you need.

Conclusion

Payday loans are not an option in Hanscom AFB, Massachusetts, but there are alternative options available if you’re in need of cash. Before you take out a loan, make sure you understand the terms and conditions, including the interest rates and fees. And if you decide to apply for a loan, consider working with TheGuaranteedLoans to find a lender who can offer you a loan that fits your needs.

F.A.Q.

Can I still be charged fees on a payday loan in Hanscom AFB, Massachusetts?

No, you cannot be charged fees on a payday loan in Hanscom AFB, Massachusetts because these loans are illegal in the state.

Can I be evicted from my home for taking out a payday loan in Hanscom AFB, Massachusetts?

No, you cannot be evicted from your home for taking out a payday loan in Hanscom AFB, Massachusetts because these loans are illegal in the state.