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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.
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Members of Congress overseeing payday lending have taken over $3.4 million from the industry2/22/2022
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. By Megan LeonhardtLenders 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, MFLAs 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.
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