Two Internet-based payday lenders that were selling high-interest loans to Massachusetts consumers will be barred from doing business in the state under separate settlements filed by Attorney General Martha Coakley’s office.

The settlements prevent payday lenders Deleware-based Nationwide Cash and Nevada-based Paragon Funding from offering high-interest payday loans to Massachusetts consumers and require the lenders to return to consumers all interest charges and fees paid beyond the principal loan amount, according to a statement. Nationwide Cash and Paragon Funding are also required to forgive all outstanding balances on the illegal loans.

More than $24,000 in fees and interest is owed to consumers by Nationwide Cash and Paragon, and the two lenders have agreed to pay any additional borrowers identified who are entitled to restitution, according to Coakley’s office. Nationwide Cash will also pay $10,000 to Massachusetts and Paragon Funding, which made fewer loans in the state, will make a payment of $5,000.

The payday lenders will also cease all collection efforts, insist that credit reporting agencies remove these transactions from consumer credit records and will not distribute promotional and marketing materials to Massachusetts consumers.

"Payday lenders often prey on residents who are already under a great deal of financial stress and who may have no idea that these interest rates violate Massachusetts law," said Coakley. "Massachusetts has strong laws in place to protect consumers from high-interest loans. Lenders cannot hide behind the guise of an out-of-state website to break the law."