Settlement Stops Online Lender’s Nearly 700% Interest Rates

A court-approved settlement bars online lender Plain Green from issuing loans that violate Minnesota’s interest-rate limits.

Attorney General Keith Ellison’s office alleged the company charged Minnesota customers interest rates approaching 700 percent.

Plain Green may now collect only the original principal remaining on existing loans. All interest will be canceled, and previous payments must be credited toward the principal.

The settlement does not impose penalties or monetary damages on the tribally owned company.