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The pay day loan industry partcipates in a vicious predatory period that traps financially-stressed Minnesotans in long-lasting debt and extracts huge amount of money from our communities every year. Minnesotans are demanding stricter laws that could stop lending that is predatory, triple digit portion prices, as well as other abuses.
There clearly was widespread support that is public a group of bills presently going through their state legislature doing exactly that. Over 70 per cent of Minnesota voters agree that customer protections for pay day loans in Minnesota have to be strengthened, relating to a Public Policy Polling study Minnesotans for Fair Lending recently commissioned. Continue reading