The pay day loan industry engages in a vicious predatory cycle that traps financially-stressed Minnesotans in long-term debt and extracts huge amount of money from our communities every year. Minnesotans are demanding stricter laws that could stop predatory financing methods, triple digit portion prices, as well as other abuses.
There clearly was extensive support that is public a group of bills presently going through their state legislature doing exactly that. Over 70 per cent of Minnesota voters concur that consumer protections for payday advances in Minnesota have to be strengthened, relating to a Public Policy Polling study Minnesotans for Fair Lending recently commissioned. Continue reading Stop Payday Lenders from Extracting Millions Away From MN Communities