Payday Loans in Rochdale, Massachusetts

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

Company nameAddressZip codePhone number
First Citizens' Federal Credit Union Orleans Branch 198 MA-6A, Orleans, MA 02653 +1 (800) 642 - 7515
Ironhorse Funding LLC 100 Cummings Center, Beverly, MA 01915 +1 (978) 993 - 7077
Rockland Trust 397 E Falmouth Hwy, East Falmouth, MA 02536 +1 (508) 495 - 5000
American Mortgage Resource, Inc. NMLS MB22431 2 Winter St STE 202, Waltham, MA 02451 +1 (617) 972 - 8588
Members Plus Credit Union 29 High St, Medford, MA 02155 +1 (781) 905 - 1500
Fall River Pawn Brokers 1351 Acushnet Ave, New Bedford, MA 02746 +1 (508) 999 - 9909
People's United Bank 85 Elm St, West Springfield, MA 01089 +1 (413) 275 - 1567
Carrie Polys - Right Key Mortgage 37 Harkness Ave, East Longmeadow, MA 01028 +1 (413) 627 - 6999
Larry Eppolito - Raymond James 1 Meeting House Rd, Chelmsford, MA 01824 +1 (978) 455 - 7799
North Shore Bank 248 Andover St, Peabody, MA 01960 +1 (978) 532 - 4200

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Rochdale, MA, you can try to find different companies in big cities near by. Check out the following pages here: No Credit Check Loans in Leominster, MA, Payday Loans in Lexington, MA, Payday Loans in Lowell, MA, Payday Loans in Lynn, MA, Payday Loans in Malden, MA, Payday Loans in Marlborough, MA, Bad Credit Loans in Medford, MA and 24-Hour Loan 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 Rochdale, MA.

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

01542, 01611

Are Payday Loans Legal In Rochdale, 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

Rochdale, MA payday loan calculator

Advise to read before applying

Payday loans are an emergency source of quick cash that many people tend to consider due to their easy access. With the rising cost of living, people look for loans to cater for their daily needs. In Rochdale, Massachusetts, payday loans seem like a viable option when faced with financial emergencies. However, it is essential to understand the payday loan laws in Massachusetts as it is illegal in the state.

The legality of payday loans in Rochdale, Massachusetts

Payday loans have been illegal in Massachusetts since 2008, following the passing of the Small Loan Rate Cap in 2008. The law stipulates that lenders operating in the state are not allowed to charge more than 23% interest per annum on loans of $6,000 or less.

Therefore, any payday lender that may approach potential clients in Rochdale, Massachusetts offering payday loans should be avoided, as they are acting against the law.

Alternatives to payday loans in Rochdale, Massachusetts

Just because payday loans are illegal, it does not mean that you have no alternatives when seeking a quick loan in Rochdale, Massachusetts. There are plenty of financial options that you can consider:

  • Credit unions: Credit unions offer their members low-interest rates on loans, even for those without perfect credit scores. They may also offer payroll advance loans for their customers at the lowest interest rate, making it a better alternative to payday loans.
  • Traditional banks: Traditional banks offer various types of loans, including personal loans, that may take several days to process before disbursing the funds. However, traditional banks are still a better alternative to payday loans as they offer lower interest rates.
  • Emergency Assistance Programs: Check local charity organizations for assistance. There could also be State emergency assistance programs like the Low-income Energy Assistance Program (LIHEAP) that can provide emergency assistance for utilities or other unforeseen costs.

It is always advisable to consider financial alternatives before opting for high-interest payday loans.

Why Payday loans in Rochdale, Massachusetts are illegal

Payday loans are a quick fix to financial emergencies. However, they attract high interest rates and have a short repayment period, which becomes a burden to borrowers. Several people applying for payday loans may not be in an economic position to pay back the loans, and as a result, fall into a debt cycle.

The high interest rates, paired with the short repayment period of a few weeks, makes it difficult for borrowers to close the loan after repayment. This creates a cycle of taking out one loan to repay the previous one, leading to the borrower being trapped in a debt cycle. As a result, the state made payday loans illegal to protect consumers from financial exploitation by payday lenders.

Interesting Facts About Payday Loans

  • Approximately 12 million Americans take out payday loans each year.
  • The average fee for a payday loan is $55 every 2 weeks.
  • Payday loan borrowers pay more than $7.4 billion in fees annually.
  • In some cases, payday loan fees can result in annual interest rates of over 400%.
  • More than 80% of payday loans are rolled over or renewed within 14 days.

Apply Now

If you find yourself in need of a loan in Rochdale, Massachusetts, know that TheGuaranteedLoans is here to help you. We are a loan connector service that connects borrowers with potential lenders who provide low-interest loans that are suitable for borrowers. Our lenders can provide loans that match your financial situation and ensure that you do not fall into a debt cycle. Fill out our online application today to connect with potential lenders and access the best loans possible.

TheGuaranteedLoans is a connector service, not a direct lender. Your inquiry will be linked with potential lenders who will then provide you with offering details. Please ensure that you read and understand the full offer details before accepting any loan.

F.A.Q.

Where can I get more information about payday loans in Rochdale, Massachusetts?

More information about payday loans in Rochdale, Massachusetts can be found on the Massachusetts State Department of Financial Services website. You can also contact the department directly with any questions or concerns.

Are payday loans available in Rochdale, Massachusetts?

No, payday loans are prohibited in Rochdale, Massachusetts.

Look for Short-Term Loans in Other Cities:

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Customer Notice: Cash advance loans should be used for short-term personal requirements primarily, not as long-term budgetary remedies. Clients together with credit score issues ought to look for credit advice. Subject to state regulations, qualification, credit check, underwriting and approval. Rates, terms and conditions apply

Client Guidance: Payday loans are generally designed as a temporary financial bridge that allows individuals to borrow a modest amount of money until their next paycheck arrives. This type of loan is often used as an immediate financial remedy for unforeseen expenses, especially for those lacking a financial cushion or significant savings. If you find yourself struggling to manage your finances and considering a payday loan, it's crucial to consult with a qualified financial advisor. It's also important to familiarize yourself with the specific payday loan laws in your jurisdiction.

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