Minnesota Commerce Department Cracks Down on Unlicensed Web Payday Lenders

Minnesota Commerce Department Cracks Down on Unlicensed Web Payday Lenders

During the simply click of the mouse, unlicensed lenders that are payday various other states are cashing in on Minnesota customers. As Minnesotans fight economically in tough financial circumstances, some payday loan providers are using their online businesses, charging you customers big costs for tiny money loans.

Acknowledging this growing issue, Commerce Commissioner Mike Rothman took action this week with respect to Minnesota customers, cracking straight straight down on four payday lenders for presumably providing customer tiny loan solutions on the internet without having a license that is proper.

Complaints received by the Commerce Department from three Minnesota customers triggered formal fees 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 because of the Minnesota Department of Commerce, but have allegedly supplied pay day loans to Minnesota customers on the internet.

“We are trying to protect Minnesota consumers from unlicensed payday financing companies that benefit from them, ” said Rothman. “Payday lending organizations – on line and down the street – have to obey the financing legislation that protect consumers. Continue reading “Minnesota Commerce Department Cracks Down on Unlicensed Web Payday Lenders”