Installment Loans in Massachusetts
Massachusetts licensed small-loan companies may make covered personal loans of $6,000 or less. The Small Loan Rate Order caps interest at 23% per annum of unpaid balances and permits a $20 administrative fee, giving the current $200–$5,000 PLS Cash Advance range a clear multi-payment legal route.
Massachusetts legal category: Massachusetts Small Loan · Mass. Gen. Laws ch. 140 §§96–114A; 209 CMR 26.00 Small Loan Rate Order
Massachusetts installment loans at a glance
- Legal status
- Permitted Regulated
- Legal category
- Massachusetts Small Loan
- Maximum amount in this regime
- $6,000
- Term
- No single maximum term is asserted for every small loan on this page. Precomputed loans under Massachusetts law use scheduled installment payments and remain subject to the Small Loan Law and Rate Order.
- Regulator
- Massachusetts Division of Banks (DOB)
- Verified
- 2026-09-07
Choose a loan type by amount
PLS Cash Advance currently presents request amounts from $200 to $5,000. The ranges below are navigation guidance between our state loan guides — not statutory limits, eligibility rules, or a promise of approval.
Payday Loans in Massachusetts
Route the current $200–$5,000 selector to the Massachusetts licensed installment/small-loan guide rather than to a traditional high-cost payday product.
Installment Loans in Massachusetts
Preferred route for the full current PLS Cash Advance amount selector because a licensed Massachusetts small loan can cover the entire $200–$5,000 range.
Amount and term limits
The Massachusetts Small Loan Law applies to personal, family or household loans of $6,000 or less when interest and expenses exceed the statutory licensing threshold. The current PLS Cash Advance selector of $200–$5,000 fits fully within this amount range.
No single maximum term is asserted for every small loan on this page. Precomputed loans under Massachusetts law use scheduled installment payments and remain subject to the Small Loan Law and Rate Order.
Interest, fees and repayment
The statutory ceiling is a maximum, not a statement of typical lender pricing. Actual terms may be lower.
Maximum interest is 23% per annum of unpaid balances calculated by the actuarial method, plus a $20 administrative fee upon granting the loan; the administrative fee may not be charged more than once during any 12-month period.
Small loans may be structured for installment repayment. Where a loan is precomputed, Massachusetts law and the Rate Order govern the payment and finance-charge treatment.
Rollovers, refinancing and early payment
- Rollover allowed?
- Not reduced to a yes/no rule
Refinancing remains subject to Massachusetts small-loan restrictions and disclosure requirements rather than a separate payday-style rollover rule. - Prepayment penalty allowed?
- Not reduced to a yes/no rule
Borrower rights on prepayment and any required finance-charge adjustment depend on the lawful small-loan structure; check the loan agreement and applicable Massachusetts provisions.
Massachusetts borrower protections
- Small-loan companies must be licensed by the Massachusetts Division of Banks.
- Covered loans of $6,000 or less are subject to the Small Loan Law.
- The Rate Order caps interest at 23% per annum and limits the administrative fee to $20.
- The $20 administrative fee may not be charged more than once in a 12-month period.
- Massachusetts provides a public financial-services license verification tool.
Massachusetts loan cost calculator
How to verify a lender in Massachusetts
Regulator: Massachusetts Division of Banks (DOB).
Small Loan Company license
Official sources
- Massachusetts General Laws ch. 140 §96 — Small loans · primary
- 209 CMR 26.00 — Small Loan Rate Order · primary
- Massachusetts — Verify a financial services licensee · primary
Last regulatory verification: 2026-09-07. Laws can change; verify current terms and lender status before borrowing. Read our research methodology.