LETTER TO THE EDITOR: Thank you for highlighting unfair lending practices

The following is a letter to the editor submitted to the Bemidji Pioneer by a reader. It does not necessarily reflect the views of the Bemidji Pioneer. To submit a letter, email or mail it to Bemidji Pioneer, P.O. Box 455, Bemidji, MN 56601.

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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.

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