Take Action!

Payday loans are small-dollar, high-interest loans requiring full payback on the borrower’s next payday. They carry triple-digit annual interest rates, are due in full on a borrower’s next payday, require direct-debit access to a borrower’s bank account, and are made with little or no regard for a borrower’s ability to repay the loan. Because of these features, borrowers often cannot both repay the payday loan and meet their other obligations without having to quickly re-borrow, pulling them into a vicious debt trap.

In Minnesota, a typical payday loan is $380 and carries an APR of 273%, and is re-borrowed an average of TEN times (or twenty weeks) in a year. By the end of those twenty weeks, an individual will pay $397.90 in charges for a typical $380 payday loan. Payday loans don’t solve financial pressures; they make them worse.

What Can I Do?


Write a Letter to the Editor 

Urge legislative support of payday lending reform in your local media! We have lots of materials available on our Resources Page, or you can download our Letter to the Editor Template, refine it, add your own comments, and submit it to your local newspaper.

Contact Your State Legislators

Ask them to support payday lending reform! Key points:

  • More often than not, payday loans lead borrowers right into a debt trap
  • Stop the payday loan debt trap by capping the number of payday loans issued to a single borrower to four loans per year
  • Require payday lenders to use basic underwriting standards
  • Close the loophole that allows some lenders to evade our payday lending law

Who Represents Me?

How Do I Contact Them?

Sign On to Our Campaign!Stop Debt Trap Logo

Are you interested in supporting our work?  Join our campaign, sign up for text alerts, and get involved!  Download the sign-on sheet below and send it in to the address listed at the bottom of the form.

MFL Individual Endorsement Form

MFL Organizational Endorsement Form

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