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Payday Loans : Payday Loan Laws in Massachusetts

In Massachusetts, the payday loan laws are different from what they are in many other states. Any lender that provides a payday loan is in violation of the Massachusetts law, which prohibits these types of loans from occurring in the state. However, lenders still operate in the state and make use of loopholes in the laws that allow them to operate legally.

- Traditional payday loans are not legal in the state, but Internet lenders still offer loans. - No maximum dollar amount, but the amount must be less than 1/3 the applicants net monthly income. - Interest rate can be no higher than 15%. - The life of the loans is two weeks and no longer. - Borrower can pay back the loan at any time in that period without additional fees.

One of the ways that companies are circumventing the law is by offering payday loans over the Internet. Without physical locations in the state, they can do their business and will not have to face prosecution for offering such loans in Massachusetts. Since this practice is legal in the state, those lenders using the loophole are in no danger. While the laws have this loophole the law, it may change in the future.

Even though lenders on the web and out of this state can provide payday loans to residents in Massachusetts, they have a number of guidelines they need to follow. First, there is no maximum set dollar amount for the money that someone can borrow, as there are in other states. However, the borrower is only able to borrow up to a third of their net monthly income. The interest rate the company can charge is 15%. Thus, for every hundred dollars an applicant borrows, he or she will have to pay back an extra $15. The Division of Financial Regulation sets the interest rate.

When applicants use online lenders for payday loans in the state of Massachusetts, they will have a

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