Worcester, MA Cash Advance Loans
VIEW OUR ONLINE LISTING OF Worcester, MA CASH ADVANCE AND DIRECT PAYDAY LOAN LENDERS
Advantages of Taking Out a Payday Loan in Worcester
Payday loans can offer a lifeline to Worcester residents who are living paycheck-to-paycheck, without enough cash to cover their financial emergencies. While payday loans are illegal in the state of Massachusetts, due to the high annual percentage rates charged, short-term lending in the form of installment loans is permitted. Residents may consider applying for a cash advance in Worcester, MA if they need help covering the following expenses:
- Utility bills
- Emergency expenses
- Appliance replacement
- Expenses for children's school and extracurricular activities
- Vacation expenses
- Personal needs
- Medical expenses
Unlike payday loans that usually require borrowers to repay full loan amounts plus interest by their next payday and installment loans allow borrowers to repay loans in increments, over a fixed period of time.
Applying for a Payday Loan
Residents who want to apply for an installment loan in Worcester, MA, can do so at a storefront lender or online, from a mobile phone or personal computer. Upon application, borrowers need to present proof of their identity, age, and address. Lenders will also require one’s social security number as well as bank and employment information. Once approved, borrowers can get their funds within one to two business days.
Worcester borrowers should note that there is a small loan rate cap of 20% plus a $20 administrative fee once loans are granted. Strict regulations in the state of Massachusetts also prohibit lenders and cashiers from making loans unless licensed. Worcester residents should be aware of their state’s cash advance laws and regulations before applying for a short-term loan.
Fast payday loans can help families keep up with their bills, save money, and avoid fines. But borrowers who seek alternate options to payday loans can boost their short-term income by taking a part-time job, cutting expenses, and saving money on entertainment by enjoying free, Worcester-area attractions such as the Wachusett Reservoir, the Ski Ward Ski Area and Worcester Art Museum.
Risks of Payday Loans
Potential borrowers should note that short-term loans often carry higher interest rates than loans from traditional banks or credit unions. Additionally, borrowers who are unable to repay the specified loan amount on their next payday may generate high fees and even higher rates. This may lead borrowers into a cycle of debt where it becomes increasingly difficult to repay previous loan amounts.
Consumers should read and understand loan terms, rates, availability and all conditions before taking one out. Financial advisors suggest making a budget with a list of all debts, living expenses and income for the next pay period in order to determine one’s ability to afford a loan.