Payday Loans are prohibited by law in the state of Massachusetts. However, here at Payday Today, we offer many other loan programs that can serve in place of a payday loan. Keep reading to find out more.
If you live in Massachusetts, and therefore cannot obtain a payday loan, you will be interested in some of the other loan products we offer here at Payday Today. Many customers find our personal loan option to be helpful; it can finance unexpected incidents both large and small. The debt consolidation option works well for people who want to lump all of their debts (mortgage, credit card, student loan, car loan, etc.) into one monthly payment, and one interest rate. It is a good way to get out of control bills under control. People interested in this option are often interested in our credit counseling as well. Finally, we also offer credit cards to customers with less than perfect credit.
Along with Maryland and Georgia, Massachusetts is one of the few states that not only prohibits payday lending within the state, but prohibits local banking companies from working with out of state payday lenders to provide Massachusetts residents with payday loans as well.
There are a number of ways in which a state may prevent, or at least limit the payday industry in a state. Small loan interest rate caps, usury laws, or specific prohibitions on check cashing are the most common methods. Massachusetts uses the usury laws method.
The last battle that the state of Massachusetts is fighting concerning payday lending is in the online world. Although it is illegal for out of state payday lenders to offer Massachusetts residents payday loans, some companies are attempting to do so. They are currently being investigated.
Due to tight anti-payday lending laws, there are no payday lenders in Massachusetts.
According to the United States Department of Labor:
The unemployment rate in Massachusetts in January was 5.3. This was only a 0.2 decrease from the previous January’s rate. Over the past ten years, the unemployment rate has wavered between 2.2 and 6.3.
In January 2006, there were 176,908 unemployed people in Massachusetts.