Difficult to compare
Stating that Minnesota fits someplace in the middle of the regulatory range is not even close to telling the entire tale.
Simple comparisons of Minnesota along with other states are hard. Under Minnesota legislation, payday advances are meant to be limited by no more than $350 by having a fee that is maximum of26. But many payday lending works through a legal loophole enabling loan quantities as much as $1,000 with costs that add up to annualized interest levels more than 200 %. (more info can be acquired as of this installment of MinnPostвЂ™s Lending Trap show.)