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Minnesota Commerce Department Cracks Down on Unlicensed Web Payday Lenders

In the simply simply click of the mouse, unlicensed lenders that are payday 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 with respect to Minnesota customers, breaking straight down on four payday loan providers for presumably supplying customer tiny loan solutions on the internet without having a license that is proper.

Complaints gotten by the Commerce Department from three Minnesota customers led to formal costs 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 businesses 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 organizations – on line and down the street – want to obey the financing legislation that protect consumers.”

Since 2008, the true wide range of pay day loans manufactured in Minnesota went up more than 195 %, with over 135,600 loans reported by licensed companies this season alone. Increasingly more, Minnesotans are turning to pay day loan websites getting fast cash. But Rothman warns customers to be skeptical of online loan providers, as numerous are not precisely certified by hawaii and often ignore state laws. Continue reading