Find Out About Payday Loans in Massachusetts

Posted on Sunday, July 12th, 2009 at 2:46 pm in Cash Loan Info by State

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Payday loans have become a multi-billion dollar industry all over USA these days and Massachusetts is not an exception to this trend. Various surveys carried out by different finance organizations of the country indicate that the payday lending industry in USA can be estimated to a massive amount of $40 billion. Even the state of Massachusetts has payday lenders in galore. These payday loan companies of Massachusetts extend same day payday loans to people who want to get off a fiscal crisis without compromising with their self respect. Even if the state law of Massachusetts doesn’t approve of the practice of pay day loans, you will find no dearth of financial companies offering short term loans to you in Massachusetts.

Massachusetts is one of the nineteen US states which has devised stringent laws against certain malpractices associated with payday loans through the Payday Lending Act. However, this doesn’t deter the various financial institutions to operate payday loan schemes in the state. Massachusetts Payday loan companies offer short term loans for about 15-30 days on a high rate of interest. There are quite a few lending companies offering payday loans in and around Boston, Massachusetts. There is no dearth of payday lending agencies and payday outlets in other major cities of Massachusetts like Springfield, Lowell and Cambridge. Apart from this brick and mortar lending agencies you can always opt to take a payday loan from the wide array of online Payday lenders of Massachusetts.

For receiving a payday loan in Massachusetts you need to provide them with a copy of your latest pay check, identification proof and also details of your bank account. Usually you have to provide a post dated check to these Massachusetts Payday loan companies allowing them to discharge the loaned amount from your account along with a fee of $15-$30 per $100 borrowed.

Since these payday loans in Massachusetts do not involve any credit checks, they account for the high service charge and the interest rates. The APR or annual percentage rate of these fast and convenient Payday loans of Massachusetts is about 309-400%. These loans are processed quiet fast and can help you tide over with immediate financial crisis.

However, before opting for such loans you must minutely peruse the terms and conditions of these loans thoroughly. The various state laws of Massachusetts require each lender to furbish the borrower with detailed document of the finance charged (in dollar amount) along with the APR amount. Before opting for payday loans in Massachusetts you should always ask the lender to elucidate such aspects of the loan. This would prevent you from getting defrauded by corrupt lenders who aim to swindle you of your hard earned money by imposing exorbitant interests on your payday loan.

Related posts:

  1. Salient Features of Payday Lans in Iowa
  2. Payday Loans in Arkansas
  3. State Cash Advances
  4. Payday Loans in Kentucky
  5. Payday Advance Legislation

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