August by Ricardo Lopez , Star Tribune
Brad Rixmann, leader of Burnsville-based Payday America, is a huge regarding the payday financing scene, running the biggest such business when you look at the state. He is a major player in Minnesota politics, having doled out almost $550,000 in state campaign contributions within the decade that is last. As RixmannвЂ™s efforts have become, therefore has their company, aided by state legislation that enables him to charge triple-digit rates of interest on loans that will get as much as $1,000. Their clients pay on average 277 per cent interest, often borrowing over over and over repeatedly against their next paycheck.
Rixmann, 50, first became familiar to Minnesotans whilst the real face of Pawn America, a string of pawn shops he were only available in the first 1990s.