A Tribal Lender Charging 800% APR Has Agreed to Stop Operating in Minnesota
A Tribal Lender Charging 800% APR Has Agreed to Stop Operating in Minnesota
The Lac du Flambeau tribe of Wisconsin settled a civil suit filed by Minnesotaâs attorney general that alleged its triple-digit interest rates violated state caps. The tribe is under increasing legal pressure nationally over its lending practices.
settlement of a previous lawsuit and more info on their huge lending business:
https://www.wpr.org/news/lac-du-flambeau-tribal-leaders-and-lenders-reach-deal-in-class-action-lawsuit
https://www.propublica.org/article/wisconsin-lac-du-flambeau-tribe-predatory-lending-lawsuit-sovereign-immunityNow hold the credit card companies to the same standard. And payday lending. And 20% car loans. And every other form of usury practiced by someone other than a âtribalâ entity.
While I mostly agree, 800% interest really is way beyond anything those others are doing, and more than worthy of being slapped for.
Yes, racism is the only way 30% and 800% interest are the same, you've hit the nail on the head :)