Caps on payday loan interest rates?

You will find the Payday loan laws for Massachusetts here (just select your state),
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

Hi, sm! I had to post MA pdl law so we can all see. Yup. They have prohibited pdls; however, small loans can be done with a cap of 23% plus the administrative fee. Of course, the majority of pdls do NOT have a 23% rate on their loans! I wish! There are other states that are set up this way. They say Legal Status - Prohibited. However, the small loan rate would apply. However, like I said, the majority of pdls do not have a percentage rate that low. One can only hope that pdls are prohibited in every state. However, I don't see that happening any time too soon. I mean, they're legal in my state with outrageous % rates. If we could do something to abolish pay day loans altogether, we would be in a better place. People wouldn't get caught in the "trap" or the "endless cycle". One day, hopefully, all states will follow along. But I don't see it any time real soon. Just my opinion.

Yeah, when it says Prohibited, that can be misleading . . . . They aren't really prohibited, like in some states where payday lending is flat out not allowed. What many state's have done is cap the interest rate so low that it's not profitable for payday lenders to lend, effectivly making them go away without outright banning them.