
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.
Payday loans don’t solve financial pressures; they make them worse.
Read up on the issue yourself and share it with others! MFL wants to pass a 36% interest rate cap, so we put together this flyer with a summary of predatory lending and the change we want to see.
(A version with a white background is included for easy printing and distribution.)
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.
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.