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Attorney basic sues three online lenders that are payday

Minnesota Attorney General Lori Swanson filed three lawsuits that are separate week against online payday lenders that made instant short-term loans on the internet to Minnesota residents that grossly surpassed the attention rates permitted under state legislation and otherwise neglected to comply with state certification guidelines and consumer defenses.

The lawsuits had been filed against Eastside Lenders, LLC of Delaware; worldwide Payday Loan, LLC of Utah; and Jelly Roll Financial, LLC of Utah. None associated with three businesses includes a permit because of the Minnesota Department of Commerce which allows them to create little customer loans to Minnesota residents.

All three businesses charge borrowers $30 in interest for a $100 two-week loan, which will be a 782 % yearly interest.

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