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Payday Loans in Massachusetts

Compare licensed lenders • Check MA regulations • Apply online

Max Loan
N/A (Prohibited)
Cities Covered
0
Legal Status
Prohibited
Population
7,029,917

Payday Loans in Massachusetts

Massachusetts effectively prohibits payday lending. Small loan rate cap of 23% APR under §140 §96.

Alternative Options: Consider credit union loans, payment plans, or employer paycheck advances.

About Payday Loans in Massachusetts

Massachusetts effectively prohibits payday lending. Small loan rate cap of 23% APR under §140 §96.

Massachusetts is located in the Northeast region of the United States with a population of 7,029,917.

Key Regulations:

  • Payday lending is prohibited in Massachusetts
  • Regulated by Massachusetts Division of Banks
  • Consider credit union alternatives for small-dollar loans
  • Bank personal loans may be available at lower rates
  • Military borrowers protected by federal 36% APR cap (MLA)

Regulatory Authority: Massachusetts Division of Banks
Official Website: https://www.mass.gov/orgs/division-of-banks

Cities in Massachusetts

Frequently Asked Questions – Massachusetts

Are payday loans legal in Massachusetts?
Yes, payday loans are prohibited in Massachusetts. The state is regulated by the Massachusetts Division of Banks, which oversees all payday lenders. Massachusetts effectively prohibits payday lending. Small loan rate cap of 23% APR under §140 §96.
What is the maximum payday loan amount in MA?
The maximum payday loan amount in Massachusetts is N/A (Prohibited). Finance charges are capped at N/A (Prohibited). Always verify with your lender before applying.
How long do I have to repay a payday loan in Massachusetts?
In Massachusetts, payday loans typically have a maximum term of N/A. Some lenders offer installment loans with longer repayment periods. Check specific lender terms.
Can I have multiple payday loans at once in MA?
Massachusetts effectively prohibits payday lending. Small loan rate cap of 23% APR under §140 §96.
How do I find licensed payday lenders in Massachusetts?
All payday lenders in Massachusetts must be licensed by the Massachusetts Division of Banks. You can verify a lender's license at https://www.mass.gov/orgs/division-of-banks. Only work with licensed lenders to protect yourself.
What documents do I need for a payday loan in MA?
Most Massachusetts payday lenders require: (1) Valid ID (driver's license or state ID), (2) Proof of income (pay stubs or bank statements), (3) Active checking account, (4) Social Security number, (5) Proof of residence.
What is the typical APR for payday loans in Massachusetts?
In Massachusetts, the maximum APR is N/A (Prohibited). Actual APR varies by lender and loan amount. Always review the loan agreement for total cost before signing.
Are there alternatives to payday loans in MA?
Yes. Consider: (1) Credit union loans (often lower rates), (2) Payment plans with creditors, (3) Local assistance programs, (4) Employer cash advances, (5) Friends or family loans. Explore all options before committing to a payday loan.

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Important Legal Notice

This information is current as of January 2026 and is for informational purposes only. Payday loan regulations in Massachusetts may change. Always verify current regulations with the Massachusetts Division of Banks before applying. Credizen is a comparison platform – we do not directly provide loans.

We may earn commission from lenders when you submit a loan request. This does not affect which lenders you're matched with. Learn more in our methodology.

Emergency Financial Help

If you're experiencing financial difficulties, contact your local financial counseling service.

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