Bright Lending Hit with Fraud Suit for Charging 700% Interest Rates on Loans

Tribal Lender Faces Class Action Suit from New Jersey Consumers

A case filed in federal court in New Jersey alleges that tribal lender Bright Lending is engaged in usury and fraud by charging up to 700% for short-term loans.

Two New Jersey residents, Mary Haremza and Jacob Murray, sued Aaniiih Nakoda Finance LLC, which does business as Bright Lending and is owned by the Fort Belknap Indian Community of the Fort Belknap Reservation of Montana, according to the complaint.

The plaintiffs allege the online lender is engaged in usury — the practice of lending money at unreasonable high interest rates — in violation of the Racketeer Influenced and Corrupt Organizations Act, New Jersey’s Consumer Finance Licensing Act and Consumer Fraud Act and state usury laws.

Haremza claims that on Nov. 23, 2020, she applied for a $500 loan online with Bright Lending and was approved almost immediately. According to the complaint, the loan agreement generated for Haremza stated a repayment sum of more than $3,000, with weekly payments of $72.48.

The New Jersey complaint follows a similar complaint filed in Illinois in December.

Of the Illinois complaint, Law360 notes:

In a complaint filed Thursday in Illinois federal court, Tyanna Qualls took aim at a ring of LLCs — including LDF Holdings, Anong LLC and…