CashAdvance.com Informs Consumers about the laws against Payday Loans in Massachusetts
Boston, MA -- (ReleaseWire) -- 01/31/2011 --Consumers seeking information about payday loans in Massachusetts should be well aware of the important information provided by CashAdvance.com. Currently, Massachusetts does not allow cash advances and payday loans in the entire state. Local banks are also not allowed to work with out of state payday loan companies to provide loans. In order to protect consumers, Massachusetts has restricted the entire payday loan industry from working in the state.
Massachusetts consumers will find that CashAdvance.com is the only provider of payday loans online seeking to educate borrowers on the local laws that govern payday advances in their state or city. CashAdvance.com wants to make sure that every family fully understands the cash advance industry before taking on this financial obligation.
Some laws, rules and regulations regarding cash advances in Massachusetts:
- Payday loan lenders are restricted from doing business within the entire state
- Cash advances and payday loans are illegal in Massachusetts
- Local banks are not allowed to work with out of state cash advance companies
- Laws govern the amount of fees a lender can charge to a borrower
- Lender fees cannot be higher than 15% of the loan amount
Further information is also available for cash advance laws in Boston and Springfield.
Cash advances should be used for short-term financial needs only. They are not a long-term financial solution and should not be abused.
It is important to remember when you are taking a cash advance or payday loan in Massachusetts, that your loan should be paid back upon receipt of your next paycheck to ensure you pay the least amount in fees and interest. A borrower should also attempt to pay back the loan prior to receiving another.
About CashAdvance.com
Since 1997, CashAdvance.com has been the most established and trusted name in the cash advance industry. Educating consumers on the laws and practices in their state and community, CashAdvance.com has once again proven it is America’s Cash Advance Network.