Are payday loan illegal in Massachusetts?

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 %26quot;STATE ORDERS MORE PAYDAY LENDERS TO CEASE ACTIVITY IN MASSACHUSETTS%26quot; 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 %26quot;Currently, there are no payday lenders licensed or based in Massachusetts. Under the state閳ユ獨 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.%26quot;