Payday Loans Boston: Get 0% APR Payday Loan Alternatives From MoneyLion


Facing money issues? Many people in the US consider taking payday loans when their finances aren’t in the best shape.

What other states call “payday loans” are illegal in Massachusetts due to the high APR attached to them. However, payday lending is legal, provided that lenders offering small-dollar loans are licensed by the DOB.

Despite payday loans being made illegal in Boston, many illegally established lenders take advantage of financially distressed people. Taking a high-interest, unlicensed payday loan might cause you to end up with no savings and in deep debt. A particularly difficult financial situation might make you feel as if taking a payday loan is the only option you have—but it isn’t.

Read on to find safe alternatives to predatory payday loans.

Getting A Cash Advance In Boston

High-interest payday loans can trap you in a brutal cycle of debt. Consider using a different cash advance option instead.


Max Advance Amount: $250

APR: 0%

Credit Affects: None

Instacash is MoneyLion’s safe and inexpensive alternative to payday loans

Payday loans are usually high-interest unsecured loans that have to be paid back before or when the borrower receives their next paycheck. Since these loans are short-term, borrowers can’t pay them back in time with their due interest and then charge them more fees to continue the loan.

With Instacash you can get a cash advance on the money you’ve already worked for. It allows you to receive a cash advance of up to $250 right from your smartphone. The best part? There isn’t any interest or monthly fee, and you don’t even need a credit check.

To get started using Instacash, MoneyLion needs you to link your bank account to assess the sum you’re eligible for. Your information is kept confidential, and no credit bureau is informed about your application or bank account details.

You can unlock the highest amounts of  Instcash when you add direct deposits to a RoarMoney account, but you can also access Instacash with an external bank account as well.

It takes a couple of days for your cash to get deposited, but for a small fee, you can receive instant deposits. MoneyLion’s app makes it convenient for you to access your Instacash advance whenever you need it.

How to Qualify:

  • You must be 18 years or over
  • You must have access to a steady income or deposits 
  • Your bank account must have a positive balance 
  • Your bank account must be open for 60 days or more

Payday Lending in Boston

If can definitely feel confusing that payday loans are illegal, but payday lending is restricted. Despite having very similar names there all some small differences between the two loan types. 

In-Person Loan

Max Payday Loan Amount: Below $6000

APR: 23%, but out of state lenders charge much higher APRs

Credit Affects: While payday lenders don’t usually pull credit to initiate the loan, the lender will report late payments to credit bureaus.

Payday loans in Massachusetts are illegal, and payday lending is restricted. Any lender offering less than $6000 is required to be registered as a small loan lender. The APR is capped at 23%, and the administrative fee is limited to $20.

Due to these restrictions, payday lending options in Boston are either very limited or illegal. You typically have to pay the original amount, administrative fee, and interest accrued within 14 days of borrowing.

Also, these loans are still unsecured and require you to be at the site in person. Many sketchy online lending services have also sprouted up that collect your information only to share it with other lending institutions to see the loan options you have available. Websites like these might entrap you in an unregulated, high-interest loan that ends up causing immense damage to your credit score.

How to Qualify with a Payday Lender:

  • Any government-issued ID
  • Personal check
  • Proof of income
  • Social security number
  • Active checking account

Your Instant Loan Options In Boston

If Instacash’s $250 limit isn’t enough for you, you can choose to go for an instant loan option instead. 

Credit Builder Loan

Loan Amount: Up to $1,000, depending on eligibility

APR: Minimum of 5.99%

Credit Affects: You can boost your credit score by 60 points in as many days using the Credit Builder Loan. 

You can increase your credit score using the Credit Builder Plus membership by MoneyLion, which offers members installment loans. Whenever you pay an installment, MoneyLion reports your payment activity to credit bureaus, thereby improving your credit score.

Credit Builder Loans have competitive interest rates and the application process will only take up a few minutes of your time.

If your loan application is approved, MoneyLion will deposit a portion of your loan amount into your account within a couple of days. You might also be eligible for a Credit Reserve account, in which MoneyLion will retain a part of your loan, so it gains interest. You’ll receive this sum after you’ve paid the Credit Builder loan in its entirety.

You can get the Credit Builder Plus membership at $19.99 per month. The membership allows you to qualify for 0% APR Instacash advances as well.

How to Qualify:

Potential Credit Builder Plus members have to be:

  • At least 18 years old
  • A Social Security number
  • A bank account holder with a debit or prepaid card
  • A permanent resident or a citizen of the United States

There are additional requirements for your bank account:

  • It needs to be a bank account. Savings or fixed deposit accounts aren’t eligible for Credit Builder loans.
  • Have steady income or deposits coming in
  • It needs to have been open for at least 60 days
  • Have a positive balance with an active transaction history

What’s included?

With a Credit Builder Plus membership, you can enjoy the following benefits:

  • A loan of up to $1,000 that you can return over the course of one year
  • Weekly credit updates and monitoring
  • Built-in savings account in the form of your Credit Reserve account
  • Access to Instacash advance at 0% APR
  • Credit score improvement of up to 60 points in as many days!

A Side-by-Side Comparison Of Cash Advance And Loan Options In Boston

No matter how strapped you are for cash, you’ll find the best payday loan alternatives with MoneyLion. However, it is essential to your options, which include: 

InstacashCredit Builder LoanIn-Person Payday Loans
How Much Can You Borrow?$250$1,000Below $6000, but restrictions apply
Fees & InterestFree
0% APR
Competitive APR
$19.99/month fee
23% APR
$20 fee
Impacts Your Credit?NoHelps build your credit score Yes, your credit score can be harmed by late payments. Timely payments won’t improve your credit score.
AvailabilityOnline & MobileOnline & MobileIn-person 
Wait TimeInstantly*InstantlyInstantly
Next StepsSign Up OnlineSign Up OnlineFill out an application form in person.

Get Through Your Financial Troubles The MoneyLion Way

With MoneyLion’s Instacash and Credit Builder Loans, there’s no need for you to make yourself vulnerable to predatory payday lenders with questionable ethics. Build a better future for yourself and break free from a brutal cycle of debt.

Once you apply for a Credit Builder Plus membership, MoneyLion will guide you through every step of the way towards increasing your credit score. Make the most out of your finances by rejecting payday loans and choosing a safe option with MoneyLion instead.

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Fast, interest-free advances anytime

Get Instacash advances up to $500 for everyday expenses or life’s surprises. There’s no credit check, no monthly fee, and no interest.

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