Payday Loans Massachusetts
Posted by PaydayLoanSavvy.com in Payday loans, Payday Loans by StatePayday Loans or “Quick Cash” loans come in real handy when you are short on cash. Today you can go to brick and mortar business for a payday loan or cash advance loan and you can even get online payday loans. The interest rates are a little healthy, but the speed and convenience of getting the cash quick to cover an unexpected expense overrides the costs.
These are the rules, laws and regulations of payday loans in Massachusetts.
Massachusetts Payday Loan Laws
Massachusetts Legislation State Information
Payday Loan Legal Status: Prohibited
Citation:
Small loan act applies. Mass. Gen. Laws Ann. ch. 140 § 96 et seq.;209 Mass. Code Regs. § 26.01. Check cashiers are specifically prohibited from making loans unless licensed under the small loan act. 209 Mass. Code Regs. § 45:14(8).
Small Loan Rate Cap
23% plus $20 administrative fee upon the granting of a loan
Regulator: Massachusetts Division of Banks
Address: One South Station Boston MA 02110
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