Minnesota Attorney General Files Lawsuit Against Online Lenders Offering ‘Predatory’ Loans, High Interest Rates

Alleging their “predatory” small loans charge anywhere from 400% to 800% in interest, Minnesota Attorney General Keith Ellison has announced a lawsuit against several online lending companies operating throughout the state.

Ellison’s office announced Wednesday it has filed a federal lawsuit against online lenders Bright Lending, Green Trust Cash and Target Cash Now for consumer fraud after issuing thousands of loans to Minnesotans that were in violation of Minnesota and federal laws. The three online lenders operate under the control of the Island Mountain Development Group.

“These businesses have been engaging in the worst kind of predatory lending, and I’m glad to bring this lawsuit to stop the harm they are causing and help people afford their lives,” Ellison said in a statement.

Read the source article at FOX 9