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What are payday loans?

Payday loans are small-dollar, high-interest loans requiring full payback on the borrower’s next payday. They carry triple-digit annual interest rates, are due in full on a borrower’s next payday, require direct-debit access to a borrower’s bank account, and are made with little or no regard for a borrower’s ability to repay the loan. Because of these features, borrowers often cannot both repay the payday loan and meet their other obligations without having to quickly re-borrow, pulling them into a vicious debt trap.

In Minnesota, a typical payday loan is $365 and carries an APR of 200%, and is re-borrowed an average of nine times in a year.

Payday loans don’t solve financial pressures; they make them worse.

What can I do?


Write a Letter to the Editor

Publicly urge legislative support of payday lending reform in your local media! We more information on "The Issue" page or you can download our template and talking points below.
Refine it, add your own comments, and submit it to your local newspaper for the greatest impact.


Contact your City Council and State Legislators

Give your elected officials a clear mandate to support payday lending reform. They work for you.

○ More often than not, payday loans lead borrowers right into a debt trap.

○ Cap interest rates at 36% to protect members of your community.


Start the Process in your City!

Looking to start the process in your city? See below our six-step roadmap to instituting a payday lending ordinance and an example of what an ordinance might look like for your city!