The Massachusetts city of Lowell lies on the banks of the Merrimack River. It is about 30 miles northwest of Boston. The city is home to the Lowell campus of the University of Massachusetts. Total population is 111,249. Male and female share of the population is about 50/50. Median family income is about $62,310. 20.7% is the rate of poverty in Lowell, MA. 48% is the rate of issued payday loans in Lowell, Massachusetts. Median Gross Rent is $1,111.
Median house value is $251,300. Standard Zip Codes are 01850, 01852, 01851, 01854. Time Zone: America/New_York.
What are payday loans in Lowell, Massachusetts?
Payday loans in Lowell, Massachusettsone of the most developed and demanded areas in most countries. This is a great opportunity to get urgently needed funds very quickly. Payday loans via the Internet are the fastest and most reliable method of getting extra funds. Filling in an application for an unsecured loan takes several minutes. You can visit special Internet sites at any time of the day and leave an application in order to receive an urgent unsecured payday loan via the Internet. And it is very convenient for people who want to issue a cash loan urgently.
The main criteria for payday lending optios in Massachusetts:
- the size of the loan is relatively small;
- target users – low-income households and small businesses, and ordinary clients;
- short term loans;
- the purpose of the loan is business development, education, medical services, etc .;
- flexible terms for issuing loans, suitable for the local terms of a particular community.
In what situations is it worth taking out a payday loan in Lowell, MA?
Bank loans are usually taken for serious purchases: an apartment, car, study, business, renovation, purchase of expensive equipment.
Payday loans in MA, on the contrary, are designed for less expensive, but more urgent and irreplaceable expenses. For example:
- purchases of groceries in case of delayed wages;
- buying or repairing new clothes / shoes / equipment if the old one is broken;
- buying or paying for a service if you find yourself far from home without cash;
- a discounted product appeared on sale, which you were just planning to buy in the near future, and you need to be in time before the price increased again.
In such cases, there may be people who have a financial reserve, but cannot use it right now. A simple example: if you are saving money for a deposit at the bank, and you cannot withdraw it right now.
How can you return the borrowed funds from the lender in MA?
Every client is able to repay a payday loan in MA:
- in your personal account by paying with a card;
- through the online payment system;
- through terminals;
- at the cash desk of any bank;
- at any lender branch in any city (if there is an offline service).
When choosing a payment option, be sure to specify how quickly the money will arrive and what commission is charged. Otherwise, a delay is possible – if you send the transfer on the last day, and it will take 2-3 days. Or if you send exactly the amount that is indicated in your personal account, and 1-2% of the commission will be deducted from it, and this amount is not enough to pay off.
Top 10 reasons for the popularity of payday lenders in Lowell, MA
- Quick access to money. Approval of applications takes place in real time online. The minimum declared time for the MFO to consider the application is 3 minutes. Average real timing is 10-15 minutes. Applications for large amounts (over $2,500) are reviewed up to an hour. An advantageous difference between payday lending companies is round-the-clock work and a low rate of refusals, in contrast to a regular bank or pawnshop, where it is impossible to get a loan or loan after the end of working hours. This becomes relevant in the event of a urgent need for money.
- Ease of registration on the site. Site configuration is focused on clarity and accessibility to the client. Loan calculator helps to determine the amount and term, calculating interest for several options. After that, the borrower is invited to fill out an application, upload scans of the ID (upon request) and indicate the card number to receive funds.
- There is no reference to the borrower’s location. It is possible to apply for a loan from any location, even from outside the country. The location of the lender also does not matter – electronic payments go through the Internet instantly. Payday lenders confidently compete with bank branches, where there are long queues.
- Security. The borrowed funds go directly to the bank card, thus eliminating the likelihood of losing money due to a robbery.
- The minimum package of documents required to apply for a payday loan includes an ID and a driver’s license. Income certificates are not included in the list. This expands the circle of borrowers, access to quick money opens up to those who work independently or irregularly, for example, freelancers, part-time job students. Moreover, payday loans can be approved even for the unemployed.
- Individual approach to loan security. Payday lenders in this matter are more loyal to commercial and state banks. The absence of a guarantor or collateral will not be an obstacle to loan approval. In a difficult financial situation, people find it problematic and uncomfortable to inform others and ask for sureties. From the point of view of psychology, a person is pleased to realize that property remains at his free disposal without burden.
- Age is not an obstacle. To apply to the payday lending company, the borrower needs to be of age. Restrictions at 21 are rare. The lower age limit is 60-65 years old. Thus, access is provided not only to the able-bodied population, but also to pensioners.
- Restoring your credit history is an extraordinary and expensive, but effective way to improve your credit history in an official way. Payday loans repaid on time, without penalties, improve the borrower’s rating. If you want large loans, take payday loans in Lowell, Massachusetts and pay them off on time.
- Client programs. To attract new clients and retain existing ones, MFIs develop loyalty programs. The main ideas are based on financial instruments – a reduced or zero rate for the first loan, personally set interest on subsequent loans, a system of bonuses for the holidays.
- No threats. The grace period and the prolongation of the agreement under new terms have a positive effect on resolving the issue with insolvent clients.