‘Tribal’ lender violated RICO, usury laws, borrower claims

By Emilie Ruscoe (April 20, 2022, 7:46 p.m. EDT) – An Indianapolis woman sued an internet lender and three of its directors, accusing them of making high-interest loans in violation of state loans, then claiming they had sovereign immunity from the Oglala Sioux tribe.

In plaintiff Karen Brown’s proposed class action lawsuit filed Tuesday, she claimed that when she borrowed $750 from defendant Fast Day Loans in January, the company told her that if she made weekly payments on her loans for nine months , she would pay $2,423.36 in interest – equal to an annual interest rate of 700.20%.

Under Hoosier State law, the maximum annual loan funding…

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