Abington, Massachusetts is situated in Plymouth county. It is 3 miles E of Brockton, Massachusetts and 18 miles S of Boston, Massachusetts. The nearest major airport to Abington is Boston Logan International airport. Total Population counts 16,330. 47.3% and 52.7% are male and female share of people living in Abington. Median family income is $107,129. The number of people living below poverty rate is 3.7%. Median gross rent is $1,167. Median house value is $339,000. Standard Zip code is 02351. Time Zone: America/New_York.
What are payday loans in Abington, Massachusetts?
Payday loans in Abington, Massachusetts are issued by microfinance companies that have an agreement with a client. The maximum amount of an online payday loan is relatively small – up to $2,500, and the term for which it is issued is no more than 30 days.
The main characteristics of such loans are considered: prompt review of the application, the issuance of funds for a short term, a relatively small amount and an increased interest. When you apply again to the same MFI, you will not need to submit an application several times, it is enough to provide all the necessary truthful information for the first time. Then you can take out loans even faster.
Application for a payday loan in Abington, Massachusetts
An application for an online payday loan is made on the website of a lending company. As a rule, ID data is sufficient for this. The agreement is signed using an electronic signature – a code is sent to the phone, which is entered in a special form confirming your consent to the loan terms. The money is transferred to the bank card, account or e-wallet.
Payday loans in MA are short-term – up to a month. For short-term, the maximum amount of money is $2,500, and the maximum interest rate is 1-2% per day. This is the highest percentage in principle.
Who will benefit from such a lending option?
- Borrowers who have a bad credit history;
- For those who do not have an official place of work;
- If funds are needed urgently. Since the process of collecting documents and getting a decision from the bank takes a long period of time;
- Private entrepreneurs who are engaged in the resale of goods.
Take the following measures to avoid falling into debt trap
- Choose the company with the lowest interest rate and overpayment. All reliable MFIs on the site have a calculator that will calculate the total amount;
- Pay attention to the terms in case of delay in payment. This information is indicated in the agreement, which some companies place directly on the site;
- The most important thing is to read the agreement for extra commissions and services, otherwise after signing you will be surprised that the total amount turned out to be more than you expected.
Opportunities for the borrower: depositing funds
You can get funds from online payday loans in several ways:
- money to a bank card or account. In this case, it is necessary to indicate the bank and card (account) details.
- electronic money. Instead of an account, the recipient indicates the details of the electronic wallet, to which the funds will be transferred.
What can you borrow money for?
Payday loans in Abington, Massachusetts are an efficient option to handle sudden financial issues. For example:
- the computer has broken down, which urgently needs to be repaired so that the freelancer can continue working.
- today it is necessary to buy food (medicine), and tomorrow the customer will pay for the work and the debt can be easily paid off.
- that is, a situation has arisen in the personal budget that accountants call a “cash gap”. If you consistently spend more than you earn, you cannot use payday loans.
- you need to make a mandatory payment (pay utility bills, mortgages, traffic fines). A person would have spent this money anyway, just today he borrowed money from an online lender, and tomorrow he will return this debt without any problems.
Types of payday loans in MA
Depending on the purpose and size, payday loans in MA can be divided into three types:
- loans for entrepreneurs. Loans are issued to support and develop a small business. Such a loan can be issued to both a legal entity and an individual entrepreneur. Such loans allow entrepreneurs to start a business, replenish working capital, cover cash shortages, purchase new equipment or lease additional space. Typically, business loans are issued for a period of one to three years, usually without collateral and according to a small list of requested documents.
- consumer small loans. Loans issued to citizens (individuals) for personal needs for a relatively long period. Most often, a consumer loan is taken for the purchase of large household appliances, urgent car or housing repairs, medical treatment, tourism, education or other needs. As a rule, MFOs offer such loans for a term of one to 6 months, but they can be issued for a period of up to 2 years. The consumer loan is usually repaid in several (weekly or monthly) payments.
- payday loans. Loans issued to citizens (individuals) for personal needs for a very short term. Such loans are usually taken out in case of urgent and unforeseen expenses or delays in monthly salary payments. Interest on such loans is higher than on consumer loans and credit cards. Their advantage is speed and ease of application, however, you should pay attention to the high interest rate. It makes sense to take such a loan out if you are sure that you can pay it back for sure, and the benefits from using it outweigh the costs incurred.
As a rule, the term of such a loan is from 7 to 30 days, and the amount is about half of the borrower’s monthly income. Payday loan and interest for the use of money are repaid in a single payment on the last day of the term specified in the agreement.