A guide to Payday Loans in Massachusetts, USA. 

A guide to Payday Loans in Massachusetts, USA. 

What are the Citation (s) to Payday Loan or Small Loan Laws in Massachusetts?

Small loan act applies. Mass. Gen. Laws Ann. ch. 140 § 96 et seq.;209 Mass. Code Regs. § 26.01. Check cashers are specifically prohibited from making loans unless licensed under the small loan act. 209 Mass. Code Regs. § 45:14(8).

Q: Are Payday Loans legal in Massachusetts? 
A: No Payday Loans are prohibited in Massachusetts. 

Q: What is the maximum interest rate charged on small loans in Massachusetts?
A: The maximum interest rate charged on small loans in Massachusetts is 23% plus $20 administrative fee upon the granting of a loan

Contact the Department Of Financial Institutions

If you have questions about payday loans please contact the Massachusetts Department of Financial Institutions at:

Massachusetts Division of Banks
Address: One South Station Boston, MA 02110
Phone: (617) 956-1500
Fax: (617) 956-1599
Regulatory Contact: Kevin McNamara, Supervisor
Website: http://www.state.ma.us/dob

Where can I find a payday loan store in Massachusetts? 

You can find the store nearest to your location by simply clicking on this link  loc: Massachusetts