The Minnesota Department of Commerce is warning consumers across the state not to borrow money from unlicensed lenders. These online lenders advertising short-term, payday or installment loans and may charge illegal interest rates.MN Commerce Commissioner Steve Kelley says “Consumers may have little or no recourse if they have a problem with an unlicensed lender, “The companies offer consumer loans by partnering with a state bank outside MN, allowing them to avoid MN laws that limit the interest rates a company can charge.

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