i read that it is illegal for a out of state payday loan company, to issue a loan to a mass resident, i believe because of the interest they charge
Are payday loan illegal in Massachusetts?
You are correct.
For more details, read "STATE ORDERS MORE PAYDAY LENDERS TO CEASE ACTIVITY IN MASSACHUSETTS" on the official website of the Massachusetts Office of Consumer Affairs and Business Regulation. (Source, below)
Theoretically, a payday lender can obtain a license to do business, but "Currently, there are no payday lenders licensed or based in Massachusetts. Under the state’s small loan law, annual interest rates on these loans are capped at 23% and fees are limited to $20. Out-of-state payday lenders typically charge annual percentage rates averaging 300 percent and fees averaging $30."
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