Andover, Massachusetts is located in Essex county. It is 3 miles S of Lawrence, Massachusetts and 21 miles N of Boston, Massachusetts. Air transportation in Andover is served by Boston Logan International. Total population counts 9,217. Median family income is $152,212. 9% is the rate below poverty. Median gross rent is $1,063. Median house value is $549,800. Standard Zip code is 01810. Time zone is America/New_York.
What are payday loans in Andover, MA?
Payday loans in Andover, MA are short-term loans issued to cover temporary obligations. They are issued for a short term (up to 30 days). They are approved and taken out by payday lending companies.
How to issue a payday loan?
To issue apayday loan Andover, MA, neither income statement nor collateral is required. To take out a loan online through this referral service, the borrower only needs to have an ID, identification code, a card of any bank and a device with an Internet connection. After filling out the application on the website, you will receive an answer by e-mail or in the form of a text within 15–20 minutes. If the request is approved, the money will be instantly transferred to your card/bank account.
Can a payday lender MA refuse to issue a loan?
Each MFI client undergoes a simplified scoring check. It provides the lender with complete information about his solvency. The following factors can become the reason for refusal to issue a payday loan Andover, MA:
- false information in the application;
- a large number of loans taken but not yet paid;
- insufficient income to cover the loan or no income at all;
- credit history that raises reasonable doubts in the system about the potential return of the issued funds.
In what cases is it not worth taking out an online loan?
Refuse to use the services of payday lenders if your financial situation does not allow you to timely fulfill your loan obligations. High penalty interest will very quickly transform a small loan into a huge debt, which will be extremely difficult to cope with.
What if you do not have time to pay off your debt on time?
If unforeseen circumstances do not allow you to return the entire amount by the agreed deadline, take the opportunity to extend the term of the loan agreement by paying the already accrued interest.
Can small loans be used for business?
Banks do not often practice issuing consumer loans to small and medium-sized entrepreneurs, since loans for entrepreneurial activities have higher interest rates, and therefore are less profitable for novice businessmen. At the same time, having issued a loan from payday lending companies, the client is not obliged to report on the purposes for which the money will be spent, which means that this amount can be used to purchase a consignment of goods offered at wholesale depots at reduced prices, or use them for other business purposes.
Main advantages
The microcrediting service in Massachusetts is becoming more and more popular every day. Among its main advantages are the following:
- minimum bureaucracy. To apply for a loan, a potential borrower needs to provide a minimum package of documents: US IS or a driver’s license. Documents confirming the existence of a permanent source of income are not required.
- lack of guarantors. Even when issuing the maximum loan amount, the borrower does not need to provide collateral or look for guarantors.
- saving time. An application for a loan is submitted online on the official website of the referral service or a lender. Therefore, the location of the borrower does not matter, you just need to have a computer and Internet access. The speed of the application review is 15-30 minutes, you can receive money on the account on the same day.
- high probability of application approval. Almost everyone has a chance to issue a payday loan in Andover, Massachusetts. Most borrowers meet the minimum requirements set by MFIs. Reasons for refusal may be inaccurate information in the application or mistakes made when filling out the application.
