Minnesota Department of Commerce warns consumers about unlicensed predatory lenders

State Issues Covid-19 Licensing Lending Consumer Finance

On March 25, Minnesota’s Department of Commerce issued a warning to consumers not to borrow from unlicensed online lenders that advertise and offer short-term, payday, or installment loans during the Covid-19 pandemic. The announcement offered tips to consumers, including verifying the lender is licensed, reading the fine print, considering alternative loan products, and consulting with credit counseling services.