There was a loan company from the state of Virginia that had been accused of lending high interest rates illegally. They ended up reaching a $44 million settlement through a scheme using two Native American Tribes in order to evade state laws.
In a press release, the Virginia Poverty Law Center, being the representative for plaintiffs, had celebrated the settlement, being that it would bring justice to the plaintiffs. While some illegal internet predators are continuing to target Virginians on the Internet, they’re just happy “The litigation stopped most of the illegal internet lenders, and legislation kicked out the payday and car title lenders.“
The scheme known as ”Rent-A-Tribe” was a disparaging reminder of Native Americans being exploited in the USA.
And it’s just pitiful. Because you would think there would be more respect for Native Americans. But as it turns out, there are so many companies that care to find something to gain from making the worst outcome created for a nation of people who just wanted their land. It’s not fair in the grand scheme of things and is almost embarrassing for everyone involved. It makes you wonder how is it that with high-interest internet loans, could anyone be so invested in the idea of ripping off Native Americans for every penny they have. It’s simply unfair to the umpteenth degree.
No Native American should have to be treated like their perspective doesn’t actually matter. It’s a means of ridicule and insult to the whole problem of having had a Native American customer buy into something that will make their lives better than what would be alluded to if only the government would actually help. The issue found in milking people for all their worth? It’s long been a continuing problem in the history of the capitalism found within the United States.
From an initial complaint that was dated back to 2018 set off a four-year legal discourse, all because of plaintiffs stating that Think Finance was exploiting an affiliation with Native American tribes to go around Virginia laws in an effort to limit the interest that could be charged on loans.
The Think Finance company had financed the Chippewa Cree and Otoe-Missouria tribes utilize a flat fee for their names and tribal sovereignty, in order to claim an exemption from Virginia’s laws. In which case, the tribes didn’t even have any involvement near what the operations of the company offered, as there was no stake in the loadn companies through the shell companies of Great Plains Lending LLC and Plain Green LLC.
As of a result, the charged annual interest rates went just as high as 400%. This level of fraud barred lenders from charging APR beyond 12%. Class-action settlements with the plaintiffs had been reached. Which is to say illegal lending practices have been eligible for a cash payment. Those shell companies are now required to pay off around $44,530,000 into an escrow account. That amount will be distributed to those qualifying for the resulting settlement.