Payday Loans in Waverley, Massachusetts

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

Company nameAddressZip codePhone number
Springleaf Financial Services 1595 Lakeview Ave, Dracut, MA 01826 +1 (978) 957 - 4844
HarborOne Bank 1 Credit Union Way, Randolph, MA 02368 +1 (508) 895 - 1440
Bank of America with Drive-thru ATM 158 N Main St, Uxbridge, MA 01569 +1 (508) 278 - 4560
Citizens Bank Supermarket Branch 35 Washington St, Lynn, MA 01901 +1 (781) 596 - 3042
Salem Five Bank 601 Chickering Rd, North Andover, MA 01845 +1 (978) 794 - 1700
Alltown Check Cashing 1551 Acushnet Ave, New Bedford, MA 02746 +1 (508) 993 - 0003
Wells Fargo Home Mortgage 44 Park St, Andover, MA 01810 +1 (978) 749 - 3020
Experian Mansfield 20 Cabot Blvd, Mansfield, MA 02048
Atlantic Home Lending, Inc. 275 Turnpike St 203, Canton, MA 02021 +1 (781) 821 - 4111
Country Bank 352 Palmer Rd, Ware, MA 01082 +1 (800) 322 - 8233

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Waverley, MA, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loan for Attleboro, MA, Payday Loans in Beverly, MA, Same Day Loans in Billerica, MA, Payday Loans in Boston, MA, Payday Loans in Brockton, MA, Payday Loans in Brookline, MA, Quick Loan in Cambridge, MA and Payday Loans in Chelmsford, 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 Waverley, MA.

Are Payday Loans Legal In Waverley, 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

Waverley, MA payday loan calculator

The world of personal finance can be complicated and challenging to navigate, especially when life throws unexpected bills or expenses our way. Many people turn to payday loans as a quick fix, but in Massachusetts, this is not an option. Payday loans are currently prohibited in the Bay State, including in the town of Waverley. Here’s what you need to know about payday loans in Waverley, Massachusetts.

What are Payday Loans?

Let’s start with a basic definition of payday loans. A payday loan is a short-term loan that typically carries a high-interest rate. These loans are designed to be repaid within two to four weeks, or at the borrower’s next payday. Payday loans are marketed as a solution to emergency financial situations, such as unexpected bills or car repairs, but they often lead to a cycle of debt and financial hardship.

Why are Payday Loans Prohibited in Massachusetts?

In 2008, Massachusetts passed the “Small Loan Rate Cap” Law, which effectively banned payday loans in the state. The law limits interest rates on loans under $6,000 to 23 percent or less, making it nearly impossible for payday lenders to do business in Massachusetts. The state recognizes the harm caused by these loans, which often trap low-income borrowers in cycles of debt.

What are the Alternatives to Payday Loans in Waverley?

Just because payday loans are prohibited in Massachusetts doesn’t mean there aren’t other options available if you’re in a financial bind. Here are a few alternatives to consider:

  • Personal Loans: A personal loan from a bank, credit union, or online lender can provide the funds you need without the risk of high-interest rates and fees.
  • Credit Counseling: Seek help from a non-profit credit counseling agency that can offer guidance on budgeting, debt repayment, and other financial strategies.
  • Pawn Shop Loans: While not ideal, a pawn shop loan can be an option when you need cash fast. You can use a valuable item as collateral and receive a loan based on its value.

Interesting Facts and Statistics About Payday Loans in Massachusetts

  • Since the payday loan ban went into effect in 2008, Massachusetts residents have saved an estimated $150 million in fees and interest charges.
  • In Massachusetts, lenders are limited to charging 23 percent annual interest on loans of $6,000 or less.
  • The average payday loan borrower in Massachusetts is stuck in the debt cycle for 212 days per year.
  • Payday lenders have been known to target low-income communities and people of color.

Apply Now

While payday loans are not an option in Massachusetts, TheGuaranteedLoans is here to help connect you with lenders who can offer personal loans with fair interest rates and terms. Our online application process is quick, easy, and secure. Remember, we are a connector service, not a direct lender.

Don’t let financial hardship keep you down. Apply now with TheGuaranteedLoans and take the first step toward financial stability and peace of mind.

F.A.Q.

Can a payday loan company report me to a credit bureau in Waverley, Massachusetts?

No, a payday loan company cannot report you to a credit bureau in Waverley, Massachusetts because these loans are illegal in the state.

Can a payday loan company take me to court in Waverley, Massachusetts?

No, a payday loan company cannot take you to court in Waverley, Massachusetts because these loans are illegal in the state.