If you can't pay them within this time frame, they're likely to go to a third-party debt collection agency. In exchange for a loan, you allow the lender to withdraw money from your bank account for payment. The total loan amount and any charges are usually due in full within 14 days, or at the time of your next paycheck. If you don't have the money to repay the loan in full within the agreed time frame, lenders will allow you to continue with the loan.
Additional fees are charged to continue with the payday loan. It's easy for borrowers to get caught in the payday loan trap, borrowing sums of money to pay a bill with a loan, only to have the next payday and still not be able to pay other bills. Massachusetts does not effectively allow payday lenders to operate within the state, making it one of 11 jurisdictions or states in the United States that has no specific financial limits or financial limits for payday loans. You may think that a payday loan is the only solution to handling an emergency bill, or even to pay off another debt, but the truth is that a payday loan will end up costing you more than the problem you are trying to solve.
Rather, the state government has put in place regulations that make payday loans illegal because of the high interest rates charged by these lenders, preventing traditional lenders from operating within the state.