ST. PAUL, MINN. – (April 23, 2014) – Poll results this month show over 70 percent of Minnesota voters agree that consumer protections for payday loans in Minnesota need to be strengthened. The poll commissioned by Minnesotans for Fair Lending (MFL) was conducted in April by Public Policy Polling. Download a one-page summary (PDF) of […]
New Report shows Payday Loan Debt Trap Drained $82 million from financially-strapped Minnesotans from 1999 to 2012
Predatory business model supports cycle of repeat borrowing with fees, for average APR of 273% ST. PAUL, MINN. – (March 18, 2014) — Between 1999 and 2012, payday lenders drained over $82 million in fees from financially-stressed Minnesotans, primarily from suburban and Greater Minnesota communities. That’s the message from Minnesotans for Fair Lending (MFL), the 34 endorsing […]
Minnesotans for Fair Lending is releasing information today about payday lending in Minnesota, including the overall number of payday loans made in the state, how much money is drained from Minnesota’s families annually due to payday loans, and the difference between a payday lender and an “industrial loan and thrift” lender (clue: one operates via […]
New fact sheets have been made available today at MFL’s Resources page: Frequently Asked Questions about Payday Loans Myths and Fact about Payday Lending in Minnesota Minnesotans for Fair Lending Payday Lending Reform – Bill Summary Check back often, as we’ll be updating the website often with campaign updates.
Minnesotans for Fair Lending (MFL) is a non-partisan campaign dedicated to reforming and eradicating predatory aspects of payday lending in Minnesota.