The Massachusetts laws for payday loans make the payday loan companies follow the state’s small loan or criminal usury laws.
These laws drop the ability for the lenders to collect the high interest rates and fees most payday loan companies use when granting loans.
If you are being charged high interest rates and fees, chances are the company is doing business illegally.
There are legal lenders that follow the law, and the rates are more in line with regular loans.
They are still at a rate quite a bit higher than a normal loan.
Thes companies who are doing business outside the law are pretty much out of luck with collecting their high interest rates and fees from you if you know the law and fight back.
They will do all the normal tactics to try to collect but if you are informed and have help you can basically end up just paying the principal back.
If you feel you have been taken and are using an illegal payday loan company in Massachusetts I urge you to call us today at 1-877-280-5100 and let us go over your loan and see if we can help you out.
The consultation is free and you may end up saving quite a bit of money.
If after checking out the Massachusetts payday laws and you feel you are in trouble with any legal payday loan debt we can also help you. Check out our Payday Loan Repayment Plan. Fill out the form for a free quote and more information on how we can help.
Remember, the best payday loan is no payday loan!