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Old 06-08-2012, 07:34 AM
 
12,282 posts, read 13,241,939 times
Reputation: 4985

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Two Oklahoma tribes' payday loan operations cited in FTC complaint » Top Stories » The Joplin Globe, Joplin, MO

The FTC says that on a typical $300 loan, borrowers were told they would have to pay only $90 in interest. The FTC alleges that the lender would automatically “renew” the loan every two weeks, so that the borrower would have to pay $975 on the loan.

Tucker became wealthy from the payday-lending business he started. When state investigators probed the company’s practices, Tucker came up with a plan to sell the business to the Indian tribes while continuing to run the company and to collect most of its profits, according to court records.

The defendants’ tactics have generated more than 7,500 complaints to law enforcement agencies over the past five years, the FTC said.

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Old 06-09-2012, 09:58 PM
 
Location: Sanford, NC
216 posts, read 539,348 times
Reputation: 208
I fail to find how this has anything to do with Kansas. Please help me if it does.
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Old 06-11-2012, 09:32 AM
 
12,282 posts, read 13,241,939 times
Reputation: 4985
Quote:
Originally Posted by hc130radio View Post
I fail to find how this has anything to do with Kansas. Please help me if it does.
It doesn't.I posted in the wrong forum. Thanks
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Old 06-11-2012, 09:45 PM
 
Location: Sanford, NC
216 posts, read 539,348 times
Reputation: 208
haha...cool. i was wondering there for a sec...
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