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Massachusetts Payday Loans

A payday loan, or cash advance, is a small loan that is secured with the customer’s upcoming paycheck. The loans are generally short-term loans as payday loans are usually used when money is needed before a customer’s monthly or bi-monthly pay date.  Cash advances in Massachusetts can be quite useful when bridging the gap between paydays or when money is needed right away.

Payday Loan Process

When a customer is in need of a short-term cash advance, the first step in the process is to find a lender suitable for the specific needs of the customer. As these personal loans are unsecured, some form of employment verification is usually required in order to ensure the lender that the customer will be able to repay the loan. Verification can usually be provided in the form of pay stubs, bank receipts or other means. Once employment has been verified, the customer is able to receive a small loan paid in cash.

The customer secures the return payment with a check that is post dated for a date after the customer’s next upcoming pay date.  On the maturity date, or the final date on which the loan is to be paid, the customer is expected to return to the store of the lender and provide full payment. The customer of the cash advance pays the full personal loan amount upon the agreed upon date, as well as any loan fees that have been added to the full loan amount. If the customer fails to return to the lender with payment, the post-dated check is used to collect the required funds.

With new technologies, many cash advances are now completed electronically, over the internet. Massachusetts payday lenders are able to supply the personal loan amount via direct deposit, into a customer’s bank account. Then funds are then collected via direct withdraw from the customer’s same bank account on a date after the customer’s following payday.

Obtaining a Massachusetts Payday Loan

As cash advances in the United States are regulated on a state level, the laws and availability vary from state to state. Payday loans in Massachusetts are not illegal, however, due to state regulation of these personal loans, it is more difficult to obtain these loans in the state than in others. Because local lenders in Massachusetts are difficult to find due to the lending laws of the state, online lenders can be used as an alternative to using a local lender.

Although paydays loans in Massachusetts are highly regulated, other types of personal loans that provide small amounts of cash in times of emergency can be utilized. Generally, in order to receive a payday loan, one must:

  • Provide personal identification.
  • Have a valid checking account.
  • Provide verification of employment and salary.
  • Provide a post-dated check or other means of default payment if loan is not paid by due date.

Payday loans can often be extended for an additional period of time if needed by the loan customer. A new due date is settled upon by the customer and lender and additional costs or fees are assessed in order to extend the borrowing time.