The probability of running into illegal companies when dealing in the state of Massachusetts payday loans is very high. Regular payday loans are illegal in this state, and companies either run under the small loan or criminal usury laws, or the are running illegally.Yes they do operate outside the law, and it is hard to tell which ones are legit.
If you have used one that is not within the law you will only be responsible for the principal borrowed, and no other charges. This will not stop them from trying to collect, but if you do your home work you can get out of this mess rather quickly.
If you have been doing business with the legal companies, you will be responsible for all the terms of the loan. While the interest rates are a bit less than payday loans charge, they are still way too high, and all the traps of payday loans are still present. You still get charges interest, and you can always roll over the loan, which can add up in interest extremely fast.
Before you know it you are in too far and are looking for a way out and fast!
One of the best ways to combat getting stuck with payday debt you can not afford is by avoiding these kinds of companies at all costs. They are set up to trap you and the only people that benefit are the owners of the lending companies. Why give them all your money?
If you have fallen into the trap of payday loans in Massachusetts or any other state I suggest you start doing some research on the many ways to consolidate this debt and quickly. There is always hope and the best way out of these kinds of messes is to get down to one simple low payment a month, or if you can afford it, bi weekly, and get this debt retired as soon as possible.
After the debt is all cleared up never do business with these types of companies again. The are nothing less than legal, and sometimes illegal, loan sharks.
I hope this article on Massachusetts laws for payday loans helps you to understand what kinds of companies you will have to deal with and if you have fallen into the payday loan trap look for payday loan consolidation companies for help in getting back out!
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