The pay day loan industry partcipates in a vicious predatory period that traps financially-stressed Minnesotans in long-term debt and extracts huge amount of money from our communities every year. Minnesotans are demanding stricter regulations that will stop predatory financing methods, triple digit percentage prices, along with other abuses.
There is extensive general public help for a group of bills presently going through their state legislature to do exactly that. Over 70 per cent of Minnesota voters concur that customer defenses for pay day loans in Minnesota have to be strengthened, relating to a Public Policy Polling study Minnesotans for Fair Lending recently commissioned.
Minnesotans for Fair Lending includes 34 businesses representing seniors, social companies, work, faith leaders, and credit unions with considerable electoral sway. Continue reading “Stop Payday Lenders from Extracting Millions Away From MN Communities”