MCC Refugee Services in Mankato recently agreed to partner with an initiative of the Minneapolis Synod ELCA working to combat predatory payday lending in Minnesota communities. Payday loans are small loans, usually less than $500, that charge a high interest rate and must be repaid in full by the next paycheck. Families without financial margins can become easily entrapped in a devastating cycle of payday loans.
Blue Earth County has the 3rd highest rate of payday loans per capita in Minnesota and the statistics are staggering. For example, in 2018 there were: