Minnesota Attorney Sues Five (5) Payday Lenders Online
You’ve seen the payday loan business in shopping centers. Now, people in desperate need of money are turning to online lenders, and the Minnesota attorney general says some customers are being illegally jolt.
Five Web lenders are the targets of separate lawsuits filed Tuesday in Minnesota, citing illegal lending practices. The research spurred lawsuits, filed by the Attorney General Lori Swanson of Minnesota, identified “the illegally high rates of interest of up to 782 percent,” unauthorized withdrawals from bank accounts of customers and a collection of fake scam.
“These lending companies to the internet are a sign of the times,” Swanson said Tuesday.
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