MINNEAPOLIS (AP) - A University of Minnesota student has been battling payday lending for the past three years.

Reports say that Adam Rao has worked with two different companies, Exodus Lending and Sunrise Banks, to help those affected by payday lending, a form of high-interest, short-term money lending.

Rao says people often get stuck in a cycle of paying fees to keep payday loans open until they can repay the total, leading to a much bigger cost. He says the practice primarily affects people with lower and moderate incomes.

Rao says more can be done about payday loans through education and legislation.
There is currently no cap on interest rates in Minnesota. Exodus co-founder Meghan Olsen-Biebighauser says 15 states have a 36 percent interest rate caps.