Category Archives: Second Chance Installment Loans

Oklahoma tribe agrees to cover $48 million to prevent prosecution in payday lending scheme

Oklahoma tribe agrees to cover $48 million to prevent prosecution in payday lending scheme

Two organizations managed by the Miami Tribe of Oklahoma have actually decided to pay $48 million to prevent federal prosecution for their involvement in a financing scheme that charged borrowers rates of interest up to 700 per cent.

The tribe acknowledged that a tribal representative filed false factual declarations in multiple state court actions as part of the Miami tribe’s agreement with the federal government. Continue reading