Tag Archives: payday lending
Strib’s Lopez follows the money from the pockets of MN’s Largest Payday Lender straight to the Legislature
Leader in payday loans makes his presence felt at Minnesota Capitol Explore 13 years of a payday lender’s political spending -Jeff Hargarten and Ricardo Lopez
Payday Lending Reform Bill: Floor Votes
How did your state legislators vote on the Payday Lending Reform Bill? One of JRLC’s key issues was eliminating the debt trap caused by predatory aspects of the payday lending industry. Although identical bills were not passed in both the House and the Senate, HF 2293 and amended language from SF 2368 were passed in […]
New poll shows Minnesota voters support stronger consumer protections for payday loans
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 […]
Payday loans cost Sherry Shannon $500
Last week, Sherry Shannon of Roseville came to the payday lending reform hearing at the Senate Commerce Committee to share her story. A single adult on disability, Sherry can’t afford to lose even $35 per month on payday loan fees. Thanks to her brave testimony, the bill passed out of Committee. This is what she said. […]
Real Minnesotans hurt by predatory payday lending
Minnesotans for Fair Lending released a video today featuring real Minnesotans whose lives have been negatively affected by the payday loans that they’ve taken out. Payday loans are small-dollar, high-interest loans requiring full payback on the borrower’s next payday. They typically carry triple-digit annual interest rates, are due in full on a borrower’s next payday, […]
Single mom credits payday loans with deepening her financial crisis
Meet Reneé. A Duluthian and a mother of four, Reneé has held the same full-time job for years. In 2005, Reneé fell short on a few bills and decided to take out a payday loan to make ends meet. Last month, she came to the Capitol to testify in favor of payday lending reform. She […]
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 […]
Thank you, Minnesota Coalition for the Homeless!
The Minnesota Coalition for the Homeless gave Minnesotans for Fair Lending the chance to present the case for payday lending reform at their Day on the Hill yesterday. Many advocates opted to don MFL’s “Stop the Payday Loan Debt Trap” buttons while they advocated for affordable housing at the Capitol. We are so grateful […]
Senate bill introduced
A companion bill to HF 2293 (Atkins) enacting payday lending reform was introduced in the Senate yesterday and referred to the Senate Commerce Committee. SF 2368 was introduced by Senator Jeff Hayden, “a bill for an act relating to commerce; regulating payday lending”, according to the Senate Journal March 6. Co-authors are Sen. Kevin Dahle, […]
New Resource: Payday Lending in Minnesota
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 […]
