-—Those cases involved Native American tribes providing online loans...-—
Let’s get some racism allegations going against this illegal jawboning by the DOJ.
Unfortunately big media is still wearing their Presidential kneepads...
“Unfortunately big media is still wearing their Presidential kneepads...”
For now that is. The Donald is doing a good job removing them.
The payday loan people were banned from Arkansas and now are all on the Oklahoma side of the line in the Cherokee lands.
But then, Oklahoma always had high loan interest rate tops up to 25 %.
I’ve known people who got involved with them, borrowing a hundred dollars, and soon owing thousands back, mostly in interest rates.
I went by one of the stores last Christmas and there was a line outside and around the corner of people borrowing and paying loans.
Fifteen years ago, when we bought a refrigerator from a local dealer in Arkansas on Time payments, he sold the loan to an Oklahoma loan company across the line. When I saw what he had done I immediately took a local bank loan and paid it off, but each Christmas I get letters wanting to LEND! LEND! LEND!.
What really hacked me off is I went to our local bank (I had done business with them for forty years) to get a personal loan to pay off the high dollar loan, and found THEY now were charging an “Origination fee” on top of the interest, something they had NEVER done before! I’ve since closed my account with them, after forty years!
I personally despise these payday shysters and they all should be shut down.
I lived next to a Navajo reservation years ago and saw first hand how the “white man” took outlandish advantage of the Indians. Selling them TV sets, washers and dryers, electric appliances of all types and there was not a power line within 20 miles of their shack, house, hogan or whatever you want to call living quarters. Drive by on a dirt road and there was a TV antenna, washer and dryer sitting outside and not generator or power in sight.
It was a constant to screw the Navajo’s weekly as they came into town on Saturday and there were businesses set up on strategic locations on the way back to the reservation in order to get the last dollar in their pocket.
Payday loans, “we tote the not” type places are designed to take advantage of people that financially ignorant, Barnum was correct.