Who is Offering Loans at 950%?

Tribal lender to pay $500 million settlement

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.