The Massachusetts payday loans, in the first place, appear to become one of the biggest businesses in the state due to the increasing number of customers who often look for it. With this, the Massachusetts payday loans companies highly provide payday loans to individuals who have difficulty making ends meet. So as more and more people are experiencing such difficulty, more and more Massachusetts payday loans companies were established. Recognizing the rapid growth of Massachusetts payday loans, the government then imposed some regulations for this type of credit service. In Massachusetts, the government law generally prohibits the Massachusetts payday loans and other related businesses from making loans of $6000 or less with interest rates if about 12 percent or greater, unless they are licensed, thus permitted, by the Division of Banks. It is noted in the law that the maximum yearly interest rate that can be placed on such Massachusetts payday loans is currently capped at 23 percent along with an administrative fee of about twenty dollars. It is important to note that this provision that the State of Massachusetts had placed for the Massachusetts payday loans is basically enacted to combat the practice of loan sharking. Finally, in terms of the cost of credit, it is interesting to know that the State law for Massachusetts payday loans business particularly requires the Massachusetts payday loans lenders to release the real cost of credit in the form of an Annual Percentage Rate (APR) before the actual extension of the credit. It is further maintained that the APR disclosure actually allows the loan consumers to readily and automatically make some comparisons on the credit costs. Aside from that, the fee information given on today’s Massachusetts payday loans websites is often too hard to find. Perhaps a reason for this is the fact that most of the information is given in varying formats. In fact, there are some instances that only contract interest rates are quoted as opposed to the Annual Percentage Rate (APR). Well, this is just actually the upshot of the misleading Massachusetts payday loans consumers into believing that the cost of credit is affordable than it actually is.