By Shawn Martin
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.