Ludlow Personal Loan Terms and Rules in 2025

Common Capital is a Help Organization dedicated to providing the public with comprehensive, accurate, and accessible online information about payday loans in Massachusetts.

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Massachusetts Ludlow

Ludlow Short-term Loans Terms

Legal Status Illegal
Interest Rate (APR) 23% small loan cap

Trusted Personal Loan Lenders in Ludlow, MA

Explore our curated list of trusted personal loan lenders, ensuring transparency and reliability. Access financial support with confidence through vetted professionals committed to ethical lending practices.

Lender
User Ratings
Address
Phone
Category
People's United Bank
User Raiting:
3.70
Address: 528 Center St, Ludlow, MA 01056
Phone: +1 (413) 726-2419
Category: Bank
LUSO Federal Credit Union
User Raiting:
3.50
Address: 599 East St, Ludlow, MA 01056
Phone: +1 (413) 589-9966
Category: Financial institution
Citizens Bank
User Raiting:
3.50
Address: 33 Center St, Ludlow, MA 01056
Phone: +1 (413) 589-0111
Category: Bank
TD Bank
User Raiting:
2.90
Address: 549 Center St, Ludlow, MA 01056
Phone: +1 (413) 589-8697
Category: Bank
Berkshire Bank
User Raiting:
2.50
Address: 431 Center St, Ludlow, MA 01056
Phone: +1 (413) 547-8393
Category: Bank
KeyBank
User Raiting:
2.20
Address: 314 Center St, Ludlow, MA 01056
Phone: +1 (413) 747-1326
Category: Bank

Massachusetts Short-term Loan Regulations

In Massachusetts, payday loans are regulated under the Massachusetts Small Loan Act. This act, similar to Maryland's, is stringent and effectively limits the operation of traditional payday lending. The law caps the annual interest rate at 23% and administrative fees at $20 for loans under $6,000, making high-interest rate payday loans as commonly seen in other states unviable. As a result, traditional payday lending, characterized by short-term, high-interest loans, is largely non-existent in Massachusetts.

Additionally, payday lenders in Massachusetts must comply with federal regulations such as the Truth in Lending Act, which mandates that lenders disclose the cost of the loan in terms of the finance charge and the annual percentage rate (APR). The Fair Debt Collection Practices Act also applies, overseeing how debts are collected and prohibiting abusive, deceptive, and unfair collection practices. These federal laws, in conjunction with Massachusetts state regulations, provide robust protection for consumers against predatory lending practices.

What Are the Alternatives for Short-term Loans in Ludlow?

Discover safer, sustainable financial solutions that empower you beyond payday loans. Explore budgeting tools, community programs, and more to pave the way for lasting financial independence.

Quick Installment Loans

Installment loans are borrowing options allowing repayment over multiple, scheduled payments. They're typically used for larger purchases, providing flexibility with their repayment structure.

Guaranteed Cash Loans

Cash loans provide immediate funds for various needs. Often unsecured, these loans focus on speed, offering almost instant access to necessary cash without extensive approval processes.

Fast Title Loans

Title loans use a vehicle title as collateral. They grant fast access to funds, but it's important to repay to avoid risking your vehicle ownership.

Instant Emergency Loan

Emergency loans deliver quick financial relief during unforeseen circumstances. Their primary appeal is speed, supporting urgent financial needs without lengthy approval.

Payday Loans Online

Payday loans are short-term, small-dollar loans designed for quick repayment on the borrower's next payday. Online options offer increased accessibility and convenience.

No Credit Check P2P Loans

P2P (peer-to-peer) loans connect borrowers with individual investors. Often available with no credit check, these loans provide alternative funding sources without traditional financial institutions.

Debt Consolidation Loans Online

Debt consolidation loans combine multiple debts into a single payment. Online options offer streamlined processes, helping to simplify and manage debt efficiently.

Bad Credit Loans Instant

Bad credit loans cater to individuals with low credit scores. They provide an instant solution for those who may face difficulties securing traditional forms of credit.

Requirements for Instant Cash Advance

  • Proof of Identity: Submit a valid government-issued ID or passport for verification purposes.
  • Bank Account Details: Provide your bank account information to facilitate the transfer of funds.
  • Income Verification: Furnish recent pay stubs or bank statements to confirm your income source.
  • Contact Information: Offer your current phone number and email address for communication.
  • Residency Proof: Include a utility bill or lease agreement to establish your current residential address.
  • Application Form: Complete the online application form with accurate personal and financial details.

How to Use Personal Loans - Useful Resources

Discover effective strategies for utilizing personal loans responsibly with our comprehensive resources, guiding you towards informed financial decisions and preventing potential pitfalls. Explore expert advice and useful tips here!

Industry
Address
Phone
Car Wash
Address: 497 Center Street, Ludlow, MA 01056
Phone: +1 (413) 583-0364
Club & Association
Address: 400 Winsor Street, Ludlow, MA 01056
Phone: +1 (413) 583-4814
Dentist
Address: 257 Kendall Street, Ludlow, MA 01056
Phone: +1 (413) 583-6574
Fast Food
Address: 481 Center Street, Ludlow, MA 01056
-
Fitness Club & Center
Address: 409 West Street, Ludlow, MA 01056
Phone: +1 (413) 400-2267
General Practitioner
Address: 733 Chapin Street, Ludlow, MA 01056
Phone: +1 (413) 610-1202
Government Office
Address: 500 Chapin Street, Ludlow, MA 01056
Phone: +1 (413) 583-5073
Hotel
Address: 293 State Street, Ludlow, MA 01056
Phone: +1 (413) 583-4346
Pharmacy
Address: Center Street, Ludlow, MA 01056
Phone: +1 (413) 583-7910
Tire Service
Address: 430 Center Street, Ludlow, MA 01056
Phone: +1 (413) 583-2700

How to Get to Ludlow

Complaints about Short-term loan, Title Loan, or Personal Loan in Massachusetts

Issue Type
Amount of Complaints
Charged fees or interest you didn't expect
110
Problem when making payments
57
Problem with the payoff process at the end of the loan
54
Struggling to pay your loan
52
Charged fees or interest I didn't expect
38
Getting the loan
34
Incorrect information on your report
19
Getting a line of credit
17
Problem with additional add-on products or services
15
Can't contact lender
11
The data is taken from consumer complaint database created by Consumer Financial Protection Bureau

Submit a Complaint for a Short-term lender in Ludlow

If you need to submit a complaint against a payday lender in Massachusetts, the primary regulatory body is the Massachusetts Division of Banks. They ensure compliance with state laws governing payday loans. You can reach them at:

  • Massachusetts Division of Banks, 1000 Washington Street, 10th Floor, Boston, MA 02118-6400
  • (617) 956-1500
Submit a Complaint

Frequently Asked Questions about Short-term Loans

Are Payday Loans Legal in Massachusetts?

No, payday loans are not legal in Massachusetts. The state has stringent laws and regulations in place that prohibit payday lending to protect consumers from predatory practices and high interest rates. These regulations are designed to safeguard the financial well-being of Massachusetts residents.

Why are Payday Loans Prohibited?

Payday loans are prohibited in Massachusetts due to concerns about the harm they can cause to borrowers. The high-cost structure of payday loans can lead individuals into cycles of debt, making it challenging to achieve financial stability. The state government has implemented these laws to prevent payday lenders from exploiting vulnerable consumers.

What Alternatives Are Available for Short-Term Financial Needs?

Massachusetts offers various alternatives for individuals facing short-term financial needs. These alternatives prioritize responsible lending practices and borrower protection. Residents can explore traditional bank loans, credit unions, personal installment loans, and assistance programs provided by nonprofit organizations and government agencies.

Can Out-of-State Lenders Offer Payday Loans?

No, out-of-state payday lenders are not allowed to offer payday loans to residents in Massachusetts. The state's regulations extend beyond its borders to ensure that borrowers are protected from predatory lending practices, regardless of the lender's location.

What Should I Do If I Have an Existing Payday Loan in Massachusetts?

If you have an existing payday loan, it's important to know that it is not legally enforceable in Massachusetts. The state's laws render such loans void. If you're facing challenges related to an existing payday loan, you can seek guidance from the Massachusetts Division of Banks. They can provide assistance and resources to help resolve any issues associated with the loan.

Where Can I Report Unlawful Payday Lending Practices?

If you encounter any unlawful payday lending practices or believe you have been targeted by predatory lenders, it's essential to report these issues. You can report them to the Massachusetts Division of Banks. Your report can contribute to investigations and efforts to curb predatory lending practices in the state, protecting other consumers from similar experiences. Your actions can make a difference in promoting fair and responsible lending practices in Massachusetts.

Massachusetts Personal Loans Near Me

Abington Acton Acushnet Adams Agawam Allston Amesbury Amherst Andover Arlington Ashburnham Ashfield Ashland Assonet Athol Attleboro Auburn Auburndale Avon Ayer Baldwinville Barnstable Barre Beach Bedford Belchertown Bellingham Belmont Berkley Berlin Beverly Billerica Blackstone Bolton Boston Bourne Boxborough Boxford Boylston Bradford Braintree Brant Rock Brewster Bridgewater Brighton Brimfield Brockton Brookfield Brookline Burlington Buzzards Bay Cambridge Canton Carlisle Carver Cataumet Centerville Charlestown Charlton Chatham Chelmsford Chelsea Chestnut Hill Chicopee Chilmark Clinton Cohasset Concord Dalton Danvers Dartmouth Dedham Dennis Dennis Port Devens Dighton Dorchester Dorchester Center Douglas Dracut Dudley Duxbury East Bridgewater East Brookfield East Dennis East Falmouth East Freetown East Longmeadow East Otis East Sandwich East Walpole East Wareham Easthampton Easton Edgartown Essex Everett Fairhaven Fall River Falmouth Feeding Hills Fiskdale Fitchburg Florence Foxborough Framingham Franklin Gardner Georgetown Gloucester Grafton Granby Great Barrington Greenfield Groton Groveland Hadley Halifax Hamilton Hampden Hanover Hanscom Afb Hanson Harwich Harwich Port Haverhill Hills Hingham Holbrook Holden Holliston Holyoke Hopedale Hopkinton Hubbardston Hudson Huntington Hyannis Hyde Park Indian Orchard Ipswich Jamaica Plain Kingston Lakeville Lancaster Lanesborough Lawrence Lee Leeds Leicester Lenox Leominster Lexington Lincoln Littleton Longmeadow Lowell Ludlow Lunenburg Lynn Lynnfield Malden Manchester by the sea Mansfield Marblehead Marion Marlborough Marshfield Marstons Mills Mashpee Mattapan Mattapoisett Maynard Medfield Medford Medway Melrose Mendon Merrimac Methuen Middleborough Middleton Milford Millbury Millis Milton Mission Hill Monson Montague Nahant Nantucket Natick Needham Needham Heights New Bedford New Braintree Newbury Newburyport Newton Newton Centre Newton Highlands Newton Lower Falls Newton Upper Falls Newtonville Nonantum Norfolk North Adams North Andover North Attleborough North Billerica North Brookfield North Chatham North Chelmsford North Dartmouth North Dighton North Eastham North Easton North Falmouth North Grafton North Reading North Truro North Waltham North Weymouth Northampton Northborough Northbridge Norton Norwell Norwood Oak Bluffs Orange Orleans Osterville Otis Oxford Palmer Paxton Peabody Pembroke Pepperell Pittsfield Plainville Plymouth Plympton Pocasset Princeton Provincetown Quincy Randolph Raynham Reading Rehoboth Revere Richmond River Rockland Rockport Roslindale Rowley Roxbury Russell Rutland Sagamore Beach Salem Salisbury Sandwich Saugus Scituate Seekonk Sharon Shelburne Falls Sherborn Shirley Shrewsbury Somerset Somerville South Dartmouth South Deerfield South Dennis South Easton South Egremont South Grafton South Hadley South Hamilton South Yarmouth Southampton Southborough Southbridge Southwick Spencer Springfield Sterling Stoneham Stoughton Stow Sturbridge Sudbury Sunderland Sutton Swampscott Swansea Taunton Teaticket Tewksbury Three Rivers Topsfield Townsend Truro Turners Falls Tyngsborough Upton Uxbridge Vineyard Haven Waban Wakefield Walpole Waltham Ware Wareham Watertown Wayland Webster Wellesley Wellesley Hills Wellfleet Wenham West Barnstable West Boylston West Bridgewater West Brookfield West Chatham West Dennis West Newbury West Newton West Roxbury West Springfield West Stockbridge West Tisbury West Wareham West Yarmouth Westborough Westfield Westford Westminster Weston Westport Westwood Weymouth Whately Whitinsville Whitman Wilbraham Williamsburg Williamstown Wilmington Winchendon Winchester Winthrop Woburn Woods Hole Worcester Wrentham Yarmouth Yarmouth Port