Regulation
Desperate Loans
Tribal Lenders’ Profits Built on High-Interest Loans
Online lenders affiliated with Native American tribes are often able to skirt state laws, offering short-term loans for 600% or more. That successful business model comes at a punishing cost for consumers.
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Desperate Loans
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 Minnesota’s attorney general that alleged its triple-digit interest rates violated state caps. The tribe is under increasing legal pressure nationally over its lending practices.
