PAYDAY Lenders – Indian Tribes
Judge, Gloria M. Navarro of the Federal District Court in Nevada, said that the FTC was within its rights to pursue payday lenders that claim their ties to Native American tribes make them immune to laws restricting high-cost loans, its case against one such lender, AMG Services, which the commission accused of misleading borrowers desperate for cash.
Regulators in at least 21 states have tried to go after lenders connected to tribes. Illinois attorney general filed a lawsuit against All Credit Lenders, a short-term lender that the office accused of violating state usury laws that cap interest rates at 36 percent.
The concern is hidden fees and other costs can make interest rates skyrocket above 300 percent, trapping consumers in a long cycle of debt.
This is why it’s important to shop around before you sign the deal, no matter how desperate for the cash you may be, don’t get yourself into more difficulties down the line. Across the United States, you can find various regulators offering caps on fees and interest rates. The Flordia (the Miami) area seems to be one of the better places to take out one of these PayDay loans, here’s more on payday loans in Florida.
Carol A. Lawson, Esq., 28870 U.S. Hwy19 #300, Hodusa Towers, Clearwater, FL 33761 Phone: (727) 410-2705; email: email@example.com