Payday loan debts have financially hobbled thousands of Minnesotans. Lawmakers and other elected officials must advocate for reform in lending practices, including interest rate caps.
By Anne Leland Clark
Melissa left a difficult relationship and became a single mother. Things looked bright as she started on her own again–until financial surprises came her way.
Her son’s Social Security survivor’s benefits were cut by more than $200 a month, and much-needed therapy visits for her children added another $200 in monthly expenses. She fell behind on all her bills, including rent, and late fees started to mount.
By William Gavin
Members of Congress currently on the Senate Banking, Housing and Urban Affairs Committee and the House Committee on Financial Services collectively received over $3.4 million from the payday lending industry during their time in Congress, according to OpenSecrets data. Of the 78 senators and representatives on the committees, just 11 received no contributions from payday lending members or affiliates.
The politicians in charge of regulating high-cost lending have taken $2.4 million from payday lenders
By Megan Leonhardt
Lenders can and do charge interest rates of over 600% on certain types of small loans, a fact some lawmakers have been fighting to change with legislation to put a ceiling on APRs.
By Meghan Olsen Biebighauser, MFL
As leaders in more cities are considering rate cap ordinances, this is a question we hear a lot. It’s a good one, and we definitely have thoughts. Here are some of the reasons why your city should implement a rate cap, even if there currently aren’t any payday lenders in your city.
By Juanita Reopelle, Bemidji
Mark Papke-Larson, in response to your letter to the editor, “A faithful response to payday loans” published Sept. 30. Thank you for highlighting unfair lending practices right here in Minnesota as well as the effect that these lending practices have on Beltrami County residents.