Minnesota attorney general sues 5 online payday loan providers

Minnesota attorney general sues 5 online payday loan providers

You’ve seen the cash advance companies in strip malls. Now, people in hopeless need of money are switching to online loan providers, plus the Minnesota attorney general claims some clients are now being illegally shaken straight straight down.

Five online loan providers will be the objectives of split legal actions filed Tuesday in Minnesota, citing illegal financing methods. The investigation that spurred the legal actions, brought by Minnesota Attorney General Lori Swanson, identified “unlawfully high rates of interest as high as 782 per cent,” unauthorized withdrawals from customers’ bank accounts and a collection scam that is phony.