illegal payday loan
Date: Fri, 01/08/2010 - 05:14
A friend of mine took out a payday loan, $1,000 and has to pay back $1,500. In Massachusetts Payday companies are only allowed to charge 23% interest and a max of $20 for a fee.
Seeing as they are charging him way more than this, does he have to pay back just the principle or what MA law says, 23% interest plus $20 for the fee????
Seeing as they are charging him way more than this, does he have to pay back just the principle or what MA law says, 23% interest plus $20 for the fee????
You may click the link below to view your payday loan laws, if t
You may click the link below to view your payday loan laws, if this is indeed a payday loan, it wasn't obtained legally as payday loans are prohibited in your state.
http://www.paydayloaninfo.org/stateinfo/MA.asp
CLICK HERE to find out how to deal with illegal lenders. Meanwhi
CLICK HERE to find out how to deal with illegal lenders. Meanwhile I am moving this to the payday loan help forum.
Yeah it was an internet loan. So from what I see, he just has to
Yeah it was an internet loan. So from what I see, he just has to pay back the principle.
