Saturday, September 06, 2008

Payday Loans In Minnesota

If you are a payday lender doing business in Minnesota get ready for a change. The Minnesota department of Commerce has determined that Internet Payday Loan lenders must register, be licensed and follow Minnesota State regulations for payday loans. This could add significant costs and time burdons to online payday loan lenders. The result could be that many online payday loan lenders will just stop doing business in Minnesota giving customers less choice in where they go to obtain a quick loan. Local payday loan lenders like Payday America stand to benefit from this new regulation as they were always required to be licensed and follow the regulations. In fact Payday America could see a significant explosion in business as a result of the changes in Minnesota Payday Regulations.