Online payday lender chased out of Massachusetts

Attorney General, Martha Coakley, settled w/ New Mexico based Fast Bucks.

“The settlement prevents payday lender FastBucks from offering its high interest “payday” loans to Massachusetts consumers, and requires FastBucks to return all interest charges and fees that it assessed against Massachusetts consumers. The Attorney General’s Office has already identified $35,000 in fees and interest owed to consumers, and is continuing to work to identify borrowers entitled to restitution. FastBucks will also pay $10,000 to the Commonwealth.”

Massachusetts allows 23% plus $20 administrative fee upon the granting of a loan.  This makes it tough to make money there.

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