Mark Papke-Larson, in response to your letter to the editor, “A faithful response to payday loans” published Sept. 30. Thank you for highlighting unfair lending practices right here in Minnesota as well as the effect that these lending practices have on Beltrami County residents.
It is an eye-opener to see the exorbitant rates that can be charged for small loans-upwards of 273%. These unsavory practices appear to draw individuals and families further into debt and away from financial freedom.
There is certainly a way for lenders to make an honest profit while risking their capital on individuals who need cash fast and may not have the opportunity or time to secure a loan through other means. That being said, we support fair lending practices such as an interest rate cap of 36% or lower and denounce predatory lending practices in Minnesota.
RELATED: Read more letters to the editor