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Minnesota Supreme Court upholds limits on online pay day loans

Minnesota Supreme Court upholds limits on online pay day loans

The Minnesota Supreme Court has ruled that out-of-state payday lenders who offer loans to Minnesota residents on the net are at risk of the very same restrictions as bricks-and-mortar financial institutions.

The ruling comes lawsuit filed by state Attorney General Lori Swanson against Integrity Advance, a loan provider operating out of Delaware that is making loans being short-term the internet to Minnesota borrowers at prices of great interest as much as 1,369 per cent each year, the Forum Information provider reports.