Who is Offering Loans at 950%?

Photo by Josh Appel on Unsplash

A class of consumers has asked a Virginia federal judge to approve a $500 million settlement with a Native American tribe (Habematolel Pomo of Upper Lake) in a lawsuit over short-term loans charging interest rates as high as 950%. The rates charged violated state rate caps in states where the consumers reside.

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Andy Spears

Andy Spears

Writer and policy advocate living in Nashville, TN —Public Policy Ph.D. — writes on education policy, consumer affairs, and more . . .