Minnesota Judge Fines Unlicensed Internet Lender $8m

Integrity Advance is the latest of eight Internet lenders fined by a Minnesota judge writes the Star Tribune.  The company was fined $8m on 1,269 loans.  This is approximately $6k per loan.  This is ridiculous   It’s obvious that Minnesota is very hostile when it comes to unlicensed Internet lenders.

It’s not surprising that lenders operate outside of the Minnesota law.  Minnesota payday loan fees are some of the lowest in the country and they do not allow rollovers.

$0 $50 $5.50
$50 – $100 10%, plus a $5 fee
$100 – $250 7% (minimum of $10), plus a $5 fee
$250 -$350 6% (minimum $17.50), plus a $5 fee

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