State Regulators Target Online Payday Lenders
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| More than 40 payday loan ads were posted on the local Boston craigslist Web site last week, including one that leads to the Web page of Credit.com (pictured above), which brokers payday loans for several lenders. The state Division of Banks says payday lending is prohibited in Massachusetts and plans to take action against violators. |
By Andrea Gregory
Need quick cash? A few keystrokes on the popular craigslist Web site’s Boston page (www.boston.craigslist.org) will lead people in need of small loans right into the clutches of illegal payday lenders.
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