Connecticut probes Oklahoma tribe’s pay day loan companies

Connecticut probes Oklahoma tribe’s pay day loan companies

An Oklahoma Indian tribe that the Connecticut Department of Banking claims operates two high-interest loan operations to make the most of strapped metropolitan residents, has won at the very least a wait with its battle against imposition of $800,000 in charges. Whilst the tribe views the state that is recent Court ruling as a victory, it’ll be up into the banking division to consider other dilemmas and decide whether or not to pursue further.

A judge recently remanded the presssing problem back once again to the division. In the event that division really wants to pursue its instance up against the Otoe Missouria Tribe, of Red Rock in north-central Oklahoma, Banking Commissioner Jorge Perez would further have to investigate the links between your two businesses, Great Plains Lending, LLC and Clear Creek Lending. The firms are providing alleged payday advances of between $100 and $2,000 — at interest levels of over 400 per cent.

State legislation limits rates of interest to 12 per cent for loans under $15,000.

Payday lenders generally provide tiny, short-term loans with little to no or no security, frequently to urban dwellers and low-income residents whom reside from paycheck to paycheck. Continue reading “Connecticut probes Oklahoma tribe’s pay day loan companies”