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Home / Legal News / Massachusetts Division of Banks announces return of $2.4M to consumers under settlement with payday lender

Massachusetts Division of Banks announces return of $2.4M to consumers under settlement with payday lender

On November 22, 2016, the Massachusetts Division of Banks (“DOB) announced that it has returned approximately $2.3 Million to 1,673 Massachusetts residents, as part of a settlement with an online payday lender. The payday lender allegedly issued payday loans with interest rates between 89 and 135 percent, and annual percentage rates (APR) between 89 and 355 percent, which violated ...

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