Payday Loans in Massachusetts

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Let's face it, sometimes we all get into tight financial situations and we just can`t wait until our next paycheck to get the funds we need to take care of our bills or emergency situations.

Payday loans are advertised as emergency short-term relief, but most people borrow to cover routine living expenses like car payments, mortgage payments, credit card payments, utilities, food, and rent.

Even if you have poor credit, if you have a consistent weekly paycheck and current employment in most cases you can get approved for a payday loan.

A payday loan is a cash advance of a portion of your next paycheck. Once approved, the company will lend you a small amount - usually no more than $500 - and charge you fees for using its services.

12 million Americans use payday loans every year.It`s not hard to see why people are drawn to pay day loans. They look like two-week loans for a fixed fee of fifty-five dollars but they`re not.

Unlike other types of loans , payback loans have to be paid back all at once which is hard to do if you`re struggling to make ends meet.

The reality is that instead of two weeks typical borrowers carry loans for half the year and spend more in fees in the amount they borrow.

For example, suppose you're short on funds one month and can't pay your rent, so you go to a payday lender and apply for enough to help you make the payment. The lender approves your loan and charges you $15 for every $100 it gives you. You get $400 to help you pay your rent, so you owe the lender $460.

8 in 10 borrowers want payday loan reform and policymakers can put it in place. The Consumer Financial Protection Bureau, the new referee for payday lenders can fix this problem.

A strong ability to repay rule from the CFPB should allow borrowers to make smaller payments over more time.

Today, these loans take about a third of the average borrowers paycheck and that`s just too much. Research shows most borrowers can afford to spend no more than five percent of their paycheck on their loan payments.

It`s also important for states to rein in excessive interest rates.

These changes, plus a few common sense safeguards have already been tried with success.

 

5 Biggest Reasons To Apply For A Payday Loan in MA

1.    Receive money quickly for an emergency
Same-day payday loans can be a good way of borrowing if you need a rapid injection of cash into your account for an emergency. It doesn't take long to approve a payday loan and you can have funds in your bank account within 24 hours.

2.    Enjoy the convenience of online application
When you're faced with unexpected expenses, you want the easiest and most convenient way to access money. Many online lending businesses operate online and you can make use of their services 24/7.
It is possible to get a payday loan online. You will also typically have access to a personal online account where you can log in and see what you owe and your repayment dates. Setting up automatic payments online can be convenient. Signing a continuous payment authority (CPA) means the lender can automatically take money from your bank account.

3.    Face no restrictions on how to use the loan
Many loans require you to state how you're going to use your money but you don't need to do this when you apply for a payday loan. Payday loans come with a time constraint and if you act responsibly, you can use the money however you want to use it as long as you pay it back on time.

4.    Receive protection with fee and interest rate caps
There are those who complain about the high interest rates of payday loans but you need to keep in mind that lenders have to be compensated for the risks they take. The less they know about you, the more risks they face that they won't get their money back. Licensed payday lenders also have to clearly disclose their terms and conditions and if you read them, you will be aware of your responsibilities.

5.    Don't miss a monthly payment with high interest rates and fees
A short-term loan could prevent you from missing a monthly payment which results in paying more interest fees and charges than you would on your payday loan. This can happen with things like credit card debt which attracts high interest rates. Making your credit card payment on time could help you to save yourself from extra fees and high interest rates charges.

 

The advantages of payday loans in Massachusetts

Easy to access. Unlike more traditional lending products, you can apply online in just a few minutes, and money could reach your bank account on the same day.

They have fewer requirements than other loans. Borrowers with poor credit histories and lower incomes are often able to get approved by payday lenders despite the fact that they don't meet the basic eligibility criteria of banks and other high street institutions.

You can get approved with bad credit. This is because they are less interested in whether a borrower has a chequered financial past, and more concerned about whether the loan is affordable to them in the here and now.

It is an unsecured loan. Some major high street lenders require borrowers to stake their car, home, or other valuable assets as security in case they can't repay what they owe. In contrast, payday lenders offer unsecured borrowing that means you are not directly putting your personal property at risk.
There is a 14-day cooling-off period.As with all forms of borrowing that fall under the Consumer Credit Act 1974, payday loans come with a 14-day cooling-off period. This means that you are entitled to cancel the agreement within 14 days if you change your mind.

 

Best situations when you can choose Massachusetts payday loans

Redundancy
It is emotionally and financially stressful when we stay unemployed for a longer period. However, for our everyday purpose, we cannot avoid our financial needs. At this time, the best solution for us is to rely on payday. You can get out of your financial troubles, as payday lenders give instant approval of your loan application.

Loan for paying your bills
To pay a high medical bill and utility bill, you may choose a payday loan. Although you have tried to control energy consumption, you might not always control the cost of the bill. When you have no cash at your hand, you can look for a lender for payday loans. You will get the loan amount in a few hours.

Repaying your mortgage
You may have other debts to pay within a very short time. To solve this issue, you can apply for payday loans. This payday loan gives you a chance to refinance your mortgage. You can avoid making late payments for your first mortgage. However, make sure that you would be able to repay your payday loan on time.

Best loan on holidays
You may have thought of buying gifts for your dear ones during Christmas. However, when you have not found a good amount of cash in your pocket, you can rely on the lender. The payday loan will help you with a fund to purchase gifts on holidays.

Documents needed for payday loans

To obtain Massachusetts payday loans, you have to submit:

  • Social Security number
  • Government - issued ID
  • An active account
  • Employment details (email and phone number) or source of income- You have to be employed for a minimum of 3 months
  • Proof of income - Bank statement or paystub

Conditions for securing easy payday loans in Massachusetts

  • Your minimum age must be 18 years.
  • You must have a legal residency in Massachusetts. It is essential to reveal your address for proving your resident status.
  • The lower credit score is not an issue with payday loans. Still, your source of income has to be stable, and your minimum monthly earning has to be $1,000.
  • You must not have filed for bankruptcy.

A payday loan - do you need collateral to get this loan?

As a payday loan is one of the unsecured loans, there is no need of any collateral to obtain it. You would not have to put up your assets to get this loan. But some other things are essential for obtaining a payday loan. You have to give consent to your lender to access your bank account electronically to make money. Moreover, the lenders need to deal with your prepaid card account and credit union. You may also provide your lender with a check that mentions the loan repayment amount. While the amount is unpaid, the lender will use your check.

However, when the loan agencies are withdrawing the payment, and your account does not have that amount, you have to pay a check-bouncing fee. The laws in Massachusetts have also mentioned that a lender can charge you an additional amount while the electronic authorization prevents him from taking the due amount.

Rules and regulations on payday loans Massachusetts

In Massachusetts, MA it is legal to apply for a payday loan from a private lender. The legal rule has not mentioned anything about the minimum loan limit. However, you can obtain a loan of up to$500. In Massachusetts, the minimum term for a payday loan is six months. There are other rules related to rates and fees, charged for the lending process.

For a loan of $300, the interest rate has to be 20% or less. However, while your loan amount is higher than $300, you have to pay an additional 7.5%.

  • The law enforcement authority has also set a rule that you would not face any penalty for making early repayment.
  • You can cancel your payday loan on a subsequent day.
  • You have one chance of renewing your Massachusetts payday loans.

These are the recent laws on a payday loan in Massachusetts, MA. To know more about these rules, you may speak to your lender.

Banks would not lend you money due to your low credit score. Thus, lots of credit card holders have chosen payday loans Massachusetts no credit check for avoiding credit issues. Most of the payday loan agencies do not check your credit status to send loan approval. You may use the loan amount to pay the bill and increase your credit score.

You can look for reliable lenders to obtain this loan in a day. The legal authority in Massachusetts has set rules on the payday loan. Still, it is essential to speak to your lender to know the details of your payday loans Massachusetts online.

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Our services are available for these cities in Massachusetts USA:

•  Abington
•  Accord
•  Acton
•  Acushnet
•  Adams
•  Agawam
•  Allston
•  Amesbury
•  Amherst
•  Andover
•  Arlington
•  Arlington Heights
•  Ashburnham
•  Ashby
•  Ashfield
•  Ashland
•  Ashley Falls
•  Assonet
•  Athol
•  Attleboro
•  Attleboro Falls
•  Auburn
•  Auburndale
•  Avon
•  Ayer
•  Babson Park
•  Baldwinville
•  Barnstable
•  Barre
•  Becket
•  Bedford
•  Belchertown
•  Bellingham
•  Belmont
•  Berkley
•  Berkshire
•  Berlin
•  Bernardston
•  Beverly
•  Billerica
•  Blackstone
•  Blandford
•  Bolton
•  Bondsville
•  Boston
•  Boxborough
•  Boxford
•  Boylston
•  Braintree
•  Brant Rock
•  Brewster
•  Bridgewater
•  Brighton
•  Brimfield
•  Brockton
•  Brookfield
•  Brookline
•  Brookline Village
•  Bryantville
•  Buckland
•  Burlington
•  Buzzards Bay
•  Byfield
•  Cambridge
•  Canton
•  Carlisle
•  Carver
•  Cataumet
•  Centerville
•  Charlemont
•  Charlestown
•  Charlton
•  Charlton City
•  Charlton Depot
•  Chartley
•  Chatham
•  Chelmsford
•  Chelsea
•  Cherry Valley
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