when is states a payday loan is prohibited in Mass

when is states a payday loan is prohibited in Mass does that mean I could risk possible penalties for taking one out..The rates are so hig and I was stuck when my mom passed away for money..Now 1/2 my money goes to interest and i am finding it hard to get them paid off.

3 Answers

I agree with my previous posters. As the lenders are illegal in your state, so they won’t be able to take any legal action against you. If you have any complaint against them, then you can contact with the Massachusetts Division of Banks. Their contact detail is as follows:
# Address - One South Station Boston MA 02110
# Phone - (617) 956-1500
# Fax - (617) 956-1599
You can glance through the following link to know about how to deal with illegal lenders:
http://www.debtconsolidationcare.com/paydayloan/illegal-pdl-dealings.html
 


Soaplady is right. You are only required to pay back the principal amount. You don't have to pay interests or fees or penalties. If you have paid more than the principal amount, then ask for a refund.


No...you do not risk the penalties...they company who gave it to you does.  They are only entitled to their principal, the original amount you borrowed.

 

Close your bank account ASAP....send them an email letting them know you know that PDL's are illegal in your state and you will pay no more than the principal balance.

How to Deal with Illegal Loans..OhioGal's Primer
http://www.debtconsolidationcare.com/paydayloan/dealingwith-illegallenders.html
PDL's are ILLEGAL in the following states...
AR, AZ, CT, GA, ME, MD, MA, NJ, NY, NC, PA, VT AND DC
OH AND NH have very restrictive low cost interest rate laws.

SOL for all states
http://www.debtconsolidationcare.com/statute-of-limitation.html

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