Borrowers Sue Tribe-Owned Lender Over High-Interest Loans
Law360 (July 5, 2018, 7:04 PM EDT) -- An internet lending company is attempting to "rent" a Michigan-based tribe's sovereign immunity as a litigation shield against allegations it flouted lending and racketeering laws by charging illegally high interest rates on payday loans, a proposed class of borrowers said in a lawsuit filed in Georgia federal court Tuesday.
Named plaintiffs Victoria Renee McKoy and Desiree Wright Lovins received short-term loans for $800 and $300, respectively, from Big Picture Loans LLC, according to their suit. But a customer service representative failed to tell them they would be charged more than 550 percent in interest, which was automatically withdrawn from their bank...
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