Predatory Lending
Tribal Lending High Interest Rate Loans Settlement
A group of defendants are settling a class action about loans made by purportedly tribal entities, including Golden Valley, Silver Cloud, Majestic Lake, and Mountain Summit. The settling defendants include at seven tribal individuals and four non-tribal. The complaint alleged that the loans were made a higher interest rates than permitted under their respective state Read more
West Side Lending Predatory Rates of Interest Illinois Class Action
This Illinois predatory lending case sues West Side Lending, LLC, Jennifer Peters, Wolf River Development Company, New Platform Fund, LLC, and a group of “Does” or individuals whose names are not known. The complaint alleges that the predatory lending was done under cover of a “rent-a-tribe” scheme, but that the actual operations were performed by, Read more
ITT Technical Institute and Daniel Webster College Bankruptcy Settlement
In September 2016, ITT Educational Services, Inc., ESI Service Corp., and Daniel Webster College, Inc. filed bankruptcy petitions seeking relief under Chapter 7 of the US Bankruptcy Code. This settlement relates to former students who filed claims against the institution. (A separate class action and settlement relate to employees.) Read more
MaxLend “Rent-a-Tribe” Payday Loans Illinois Class Action
Are lenders allowed to charge nearly 700% in interest? Not under Illinois state laws. But two entities—Makes Cents, Inc. and Uetsa Tsakits, Inc. (UTI)—who make such loans through the website www.MaxLend.com, purport to be owned by the Mandan, Hidatsa, and Ankara Nation, and to therefore be entitled to tribal sovereignty and tribal immunity. The complaint Read more
Advance Financial 24/7 Predatory Lending Class Action
The complaint for this class action brings suit against Shiva Finance, LLC and Harpeth Financial Services, LLC for predatory lending practices. Among them are requiring an arbitration clause the companies themselves don’t abide by, failure to make legally-required disclosures, and making unauthorized electronic withdrawals from bank accounts. Read more
Spotloan Loans Excessive Interest Rate Settlement
BlueChip Financial, ZestFinance, Inc., and Douglas Merrill are settling class actions involving loans made by BlueChip, which does business as Spotloan. The complaint alleged that the loans were made (a) at interest rates greater than those permitted by state laws, or (b) by lenders who did not have a license to lend, and that the Read more
Earnin Skirts Loan Regulations with Wording Class Action
Payday loan companies are known for their very high interest rates and their ability to trap consumers into loans that are very difficult to pay off. The complaint for this class action alleges that Activehours, Inc., which does business as Earnin is a payday lender, but uses different terms in its business that it hopes Read more
BlueChip Financial “Rent-a-Tribe” Scheme Connecticut Class Action
This class action takes on the payday lending entity BlueChip Financial, which does business as Spotloan. However, it also brings suit against officials of the Turtle Mountain Band of Chippewa Indians, which purportedly owns BlueChip, for acting as a front for Spotloan. Read more
Big Picture Loans “Rent-a-Tribe” Payday Lender Usury and RICO Class Action
This is yet another class action taking on a “rent-a-tribe” payday loan scheme. Big Picture Loans, LLC was not actually a tribal company, the complaint for this class action alleges, but a scheme designed to get around licensing requirements and laws that prohibit lenders from charging too much interest. (Note that this case was transferred Read more
MobiLoans “Rent-a-Tribe” Illegal Lending Scheme RICO Class Action
This is yet another case about the “rent-a-tribe” usurious lending scheme run primarly by Think Finance, LLC and its associates. This time, the defendant is MobiLoans, LLC and the complaint alleges violations of the Racketeer Influenced and Corrupt Organizations (RICO) Act. Read more
