You’ve seen the loan that is payday in strip malls. Now, individuals in desperate need of money are switching to online loan providers, plus the Minnesota lawyer general claims some clients are now being illegally shaken down.
Five online loan providers will be the goals of split legal actions filed Tuesday in Minnesota, citing lending that is unlawful. The investigation that spurred the legal actions, brought by Minnesota Attorney General Lori Swanson, identified “unlawfully high rates of interest as high as 782 percent, ” unauthorized withdrawals from customers’ bank accounts and a collection scam that is phony. (meer…)