What the law states forbids payday financing, you may be in a position to borrow a loan that is small.
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Massachusetts has put a strict limit on APR, and that means you won’t have the ability to look for a payday lender into the state. But for you to consider if you’re facing a tough financial situation, there are other short- and long-term options.
No. While payday lending itself is not unlawful, the APR that is high charge is — this means payday loan providers don’t run in hawaii. The reason being of Massachusetts’ Small Loan Act, 209 Mass. Code Regs. 45:14(8). It caps interest at 23% and administrative costs at $20 for loans under $6,000. This relates to out-of-state lenders too, so online loans may also be efficiently prohibited.
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