Updated August 19, 2020

Payday loans in Massachusetts

Massachusetts Payday Loan Law
StatusProhibited
CitationSmall loan act applies. Mass. Gen. Laws Ann. ch. 140 §§ 96 et seq.; 209 Mass. Code Regs. 26.01. Check cashers are specifically prohibited from making loans unless licensed under the small loan act. 209 Mass. Code Regs. 45:14(8).

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MA regulator

Massachusetts Division of Banks

 1000 Washington Street, 10th Floor, Boston, MA 02118-6400

Phone: (617) 956-1500

Fax: (617) 956-1599

Website: http://www.mass.gov/ocabr/government/oca-agencies/dob-lp/

Indylend

MIN loan amount: $200

MAX loan amount: $5000

Rates and fees: 6.63% to 225%


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