Tag Archives: community wealth drain

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 […]