Pay check lenders generated well over $82 million in expenses from low- and middle-income Minnesotans between 1999 and 2012 – including above $1 million from Duluth store – as outlined by a just recently introduced document by an organization advocating newer limitations throughout the money.
But store and corporate officials defend their industry, noting it’s one of the most regulated in the nation, and far safer and cheaper than online and unregulated lenders. Payday loans typically are low-dollar, high-interest loans that require borrowers to pay back in full on their next payday. In 2012 alone, 84 payday-lending stores amassed $11.4 million in fees statewide, Minnesota Commerce Department data show. “What’s great about our customers is that I have a relationship with pretty much all of them,” said Andy McKinnon, manager of the Payday America branch at Pawn America on Central Entrance in Duluth. Continua la lectura de Pay check creditors: Helping hand or financial obligation mistake? Pay check lenders obtained