Tribal Lenders Claim Directly To Charge 448% On Loans In CT

Tribal Lenders Claim Directly To Charge 448% On Loans In CT

An Oklahoma tribe as well as its allies are fighting a appropriate, advertising and social-media war in Connecticut, claiming the right as a government that is sovereign make unlicensed short-term loans at astronomical rates of interest in defiance of state usury rules.

Functioning on consumer complaints, their state Department of Banking last autumn imposed a $700,000 fine and ordered two online lenders owned by the Otoe-Missouria tribe of Red Rock, Okla., to stop making little, short-term loans to Connecticut borrowers at yearly interest levels all the way to 448.76 %.