During the simply click of a mouse, unlicensed payday lenders found in 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 straight down on four payday loan providers for presumably supplying consumer small loan services on the internet with no appropriate permit.
Complaints gotten by the Commerce Department from three Minnesota customers led to formal fees against: Omega Investments, Ltd., LLC in Salt Lake City, Utah; Sanguine, Inc.