Payday Loans in Ocean Bluff, Massachusetts

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

Company nameAddressZip codePhone number
Rockland Federal Credit Union 1771 Washington St, Hanover, MA 02339 +1 (800) 562 - 7328
Children of Tomorrow 25 Trolley Crossing Rd, Charlton, MA 01507 +1 (508) 248 - 9922
Citizens Bank Supermarket Branch 2991 Cranberry Hwy, East Wareham, MA 02538 +1 (508) 295 - 2069
First Citizens' Federal Credit Union, North Branch 570 N Front St, New Bedford, MA 02745 +1 (800) 642 - 7515
South Shore Bank 75 Washington St, Pembroke, MA 02359 +1 (781) 682 - 3715
TD Bank 660 Merrill Rd, Pittsfield, MA 01201 +1 (413) 499 - 7687
Leo L. Proulx, CPA 160 Turnpike Rd, Chelmsford, MA 01824 +1 (978) 256 - 7910
Citigroup Technology 1000 Highland Ave, Needham Heights, MA 02494 +1 (781) 444 - 8204
MountainOne Bank 795 Main St, Williamstown, MA 01267 +1 (855) 444 - 6861
Martha's Vineyard Mortgage Llc 107 Beach Rd #101, Vineyard Haven, MA 02568 +1 (508) 696 - 1801

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Ocean Bluff, MA, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Dartmouth, MA, Emergency Loan in Dracut, MA, Payday Loan Companies in Everett, MA, Payday Loans in Fall River, MA, Same Day Loans in Falmouth, MA, Payday Loans in Fitchburg, MA, Payday Loans in Framingham, MA and Payday Loans in Haverhill, 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 Ocean Bluff, MA.

Beautiful sights of Ocean Bluff, MA

Are Payday Loans Legal In Ocean Bluff, 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

Ocean Bluff, MA payday loan calculator

Payday loans have become increasingly popular in recent years as an option for quick cash. However, in some states, including Massachusetts, payday loans are prohibited. In this article, we’ll take a closer look at payday loans in Ocean Bluff, Massachusetts and explore why these loans are not available to residents of the state.

What are Payday Loans?

Before we dive into the specifics of payday loans in Ocean Bluff, Massachusetts, let’s first discuss what payday loans are and how they work. Payday loans are short-term loans that are typically due on the borrower’s next payday. These loans are generally marketed as a quick and easy way to get cash when you’re in a pinch.

The process for obtaining a payday loan usually involves filling out an application and providing the lender with a post-dated check for the amount you are borrowing, plus a fee. If you’re unable to repay the loan on the due date, you may be charged additional fees and interest, potentially leading to a cycle of debt.

Why are Payday Loans Prohibited in Massachusetts?

In Massachusetts, payday loans are prohibited by state law. The state’s Small Loan Act, which went into effect in 1978, caps interest rates at 23% and sets a minimum loan term of 6 months. This means that lenders cannot offer payday loans with interest rates higher than 23%, which effectively makes payday lending unprofitable in the state.

There are some lenders who attempt to circumvent these laws by offering loans online or from other states, but Massachusetts residents should be wary of these lenders, as they may be engaging in illegal lending practices.

Alternatives to Payday Loans in Ocean Bluff, Massachusetts

If you’re in need of quick cash in Ocean Bluff, Massachusetts, there are several alternatives to payday loans that are legal and can help you get the money you need. Here are a few options to consider:

  • Credit Cards: If you have a credit card, you may be able to use it to get a cash advance. Keep in mind that cash advances typically come with high fees and interest rates, so it’s important to pay back the amount as soon as possible to avoid additional charges.
  • Personal Loans: Personal loans are a type of installment loan that you can use for a variety of purposes, including covering unexpected expenses. Unlike payday loans, personal loans are regulated by state and federal laws, and often come with lower interest rates and more favorable terms.
  • Credit Counseling: If you’re struggling with debt, credit counseling may be a good option to consider. Credit counselors can help you create a budget, negotiate with creditors, and develop a debt management plan that can help you get back on track.

Interesting Facts and Statistics about Payday Loans in Ocean Bluff, Massachusetts

  • Massachusetts is one of 14 states that prohibit payday lending: In addition to Massachusetts, states including New York, New Jersey, and Pennsylvania have also passed laws prohibiting high-interest payday loans.
  • More than a quarter of payday loan borrowers in the U.S. are seniors: According to a report by the Consumer Financial Protection Bureau, 27% of payday loan borrowers are age 62 or older.
  • The average payday loan borrower takes out 10 loans per year: The same report found that the average borrower takes out 10 payday loans per year and spends 199 days per year in debt.

Apply Now

If you’re in need of a loan and payday loans are not an option in Massachusetts, TheGuaranteedLoans can help. We are a connector service, connecting you with potential lenders who can offer a variety of loan options to meet your needs. Visit our website to learn more and fill out an online application today.

F.A.Q.

Can I take out a payday loan online in Ocean Bluff, Massachusetts?

No, even if the lender is located outside of Massachusetts, it is illegal to take out a payday loan online in this state.

Can I take out a payday loan from a lender in another state and use it in Ocean Bluff, Massachusetts?

No, it is illegal to use a payday loan from another state in Ocean Bluff, Massachusetts.