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Minnesota Commerce Department Cracks Down on Unlicensed Online Payday Lenders

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Minnesota Commerce Department Cracks Down on Unlicensed Online Payday Lenders

In the simply click of the mouse, unlicensed payday lenders positioned various other states are cashing in on Minnesota customers. Some payday lenders are taking their business online, charging customers big fees for small cash loans as Minnesotans struggle financially in tough economic circumstances.

Acknowledging this growing issue, Commerce Commissioner Mike Rothman took action this week on behalf of Minnesota customers, breaking straight down on four payday loan providers for presumably supplying consumer tiny loan solutions on the internet with no license that is proper.

Complaints gotten by the Commerce Department from three Minnesota consumers triggered formal fees against: Omega Investments, Ltd., LLC in Salt Lake City, Utah; Sanguine, Inc. of Wilmington, Delaware; Ameriloan of Miami, Oklahoma; and Pack Management Group, Inc. of Carson City, Nevada. All four organizations aren’t certified by the Minnesota Department of Commerce, but have allegedly supplied pay day loans to Minnesota customers on the internet.

“We are attempting to protect Minnesota customers from unlicensed payday financing companies that benefit from them,” said Rothman. “Payday lending businesses – on line and down the street – need certainly to obey the financing legislation that protect consumers.”

Since 2008, the true wide range of pay day loans built in Minnesota has gone up more than 195 %, with over 135,600 loans reported by licensed organizations this season alone. Read More