Best Loans In Massachusetts, Payday, Auto Title Laws 2019 - Elite Personal Finance
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Best Loans In Massachusetts, Payday, Auto Title Laws 2019

EPF October 27, 2019
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Massachusetts Small Loan Regulatory Board caps APRs at 23% for loans of $6,000 or less. Administrative fees are also capped at $20 per year. Previously, small loan companies were limited to 12% interest on outstanding credit.

Licensed lenders can also levy a delinquency charge of 5% of the outstanding balance or $5 – whichever is less. As well, if a loan remains in default after one year, licensed lenders are limited to 6% annual interest going forward.

Best Bad Credit Loans In Massachusetts 

Lender:Min Credit Score:Loan Amount:APR:Licensed in Massachusetts:
BadCreditLoans0$500 – $5,0005.99% – 35.99%Not a direct lender
CashUSA0$500 – $5,0005.99% – 35.99%Not a direct lender
PersonalLoans580$1,000 – $35,0005.99% – 35.99%Not a direct lender

To learn about how to qualify for a bad credit loan, see our complete guide.

Best Personal Loans for Good Credit In Massachusetts 

Lender:Min Credit Score:Loan Amount:APR:Licensed in Massachusetts:
Prosper640$2,000 – $40,0006.95% – 35.99%Yes
PersonalLoans580$1,000 – $35,0005.99% – 35.99%Not a direct lender
LendingTree500$1,000 – $35,0003.99% – 35.99%Yes

For a larger selection, check out our full list of recommended lenders. You can also visit SuperMoney. It’s a great place to compare loans.

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Payday Loans in Massachusetts 

Traditional payday loans are prohibited in Massachusetts.

However, payday lenders that comply with the 23% APR-cap can operate in the state. Massachusetts Division of Banks (DOB) states that “Payday lending is not prohibited in Massachusetts. Yet what is referred to as a ‘payday loan’ is illegal due to the high annual percentage rate charged.”

As well, “Any company or individual engaging in small-dollar lending in Massachusetts must get a license from the DOB.”

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