By Shawn Martin
Minnesota Attorney General Lori Swanson has announced an online payday loan settlement with Sure Advance, LLC of Delaware for $760.000
They also agreed to stop doing online business giving out payday loans as this activity is illegal in Minnesota.
They were charged along with four other companies of giving out over 1200 online payday loans and charging outrageous interest rates.
The $760,000 will be put into the consumer restitution fund and be given back to customers who were overcharged interest and fees on their loans.
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The payday loan business is being abused to the level of corruption unimaginable, and finally states like Minnesota are doing something about it
This investigation uncovered illegal activity in the process of collections of defaulted payday loans that rivals the mobs’ money collection practices in the 1930’s and 40’s.
Customers have reported calls from phony collection companies trying to collect on defaulted loans.
These companies are threatening jail and worse if the customers do not pay up. Of course these are only scare tactics but they are working with many customers, and these fraudulent collection companies are taking the money and running with it.
When a customer falls for these collection tactics, they are not only out the monies they pay the fraudulent company, the original loan company will still attempt collection activity.
Online payday loans in Minnesota are illegal, and there are no licensed companies allowed to do online business in this state, no matter where they are based out of.
Do not fall for their trap, and never let yourself get caught in the payday loan trap.
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