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Information About Payday Loans in Massachusetts - The Bills.com Blog
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Information About Payday Loans in Massachusetts
Tuesday, Jun 24, 2008
Question: I live in mass. and have taken out payday loans and paid them back. then took them out again but now I'm in trouble have 8 payday loans. cant pay them back. the thing is mass law does not allow any type of payday loans and yet they gave them to me. did they break the law by giving me a payday loan also I only get social security disability and that was how i got the loans can they touch that thanks if u can help me.
Answer: Thanks for your question. It seems that you are right. According to Paydayloaninfo.org, payday loans are prohibited in the state of Massachusetts. However, some of these payday loan companies have found loopholes within the law and use the internet to disburse the loans.I would advice that you do more research on the companies that have lent you the money. You can also complain to the
Office of Consumer Affairs & Business Regulation (OCABR,www.mass.gov ). For more information and help, please visit the state information page on Paydayloaninfo.org .
As far as your social security income is concerned, keep in mind that payday loan companies will always insist on your account information so that they can present the checks or electronically debit your bank accounts. If your disability income is in the same account as the one that you used to get the payday loan, then I strongly advise you to open a new
As far as your social security income is concerned, keep in mind that payday loan companies will always insist on your account information so that they can present the checks or electronically debit your bank accounts. If your disability income is in the same account as the one that you used to get the payday loan, then I strongly advise you to open a new
account and have your social security income deposited in your new account. Although social security income is protected from creditor judgments, once the money comes into the account, if you have written out checks or authorized direct debits, there is little you can do to stop them. Therefore, please change your bank accounts as soon as possible.
For more information on payday loans please visit our website .
I hope the information provided helps you Find. Learn. Save.
Best,
Bill
www.bills.com/blog
For more information on payday loans please visit our website .
I hope the information provided helps you Find. Learn. Save.
Best,
Bill
www.bills.com/blog
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1. Posted by kmanhard on Wednesday 25th June 2008 11:33
I think the payday loan system is great! There's not a single person who doesn't have emergencies and payday loans really help out. They're quick and easy and really do help.
2. Posted by Bill on Wednesday 25th June 2008 13:58
That is great, and it is definitely a lower cost that overdraft fees. The problem arrises when consumers roll-over payday loans and when they do not have a clear path to paying them off... as the high interest rates can cause them to unravel very quickly. Best of luck, and please stay debt free for life!
3. Posted by Frankie Q. on Saturday 16th May 2009 01:51
A payday loan is a great help when we are in a financial urgency. Let say you had a sudden expense and missed your utility bills and are facing utility disconnection, but your payday is still away. That is where they come in handy, and if you pay it back on payday, a payday loan won't build interest like a credit card. Come to think of it, there is nothing horrible about a payday loan. A payday loan is a small loan that you pay back quickly, usually the next payday. Usually $15 to $30 per $100 loaned is paid for fee for the financing.
4. Posted by Bill on Monday 18th May 2009 11:49
Frankie, thanks for your observation.