THIS VIETNAM VET, 91, TOOK OUT A $900 LOAN ONLINE ONLY TO FIND OUT IT WAS SET AT A SHOCKING 682% INTEREST RATE
https://media.zenfs.com/en/moneywise_327/6086ef7ebf54202bd9f93155260f72f4
✍️ A 91-year-old veteran took out a $900 loan from a Montana-based lender, unaware that it had an interest rate of 682%, leaving him with $2,646.69 in interest costs.
👉 Tribal loans are not subject to state usury laws and can charge extremely high interest rates. 👉 Some states have taken steps to eliminate tribal loans, including Connecticut, Arkansas, New York, Pennsylvania, Virginia, and West Virginia. 👉 Minnesota's Attorney General has filed suit against entities offering tribal loans and has successfully stopped lending practices. 👉 Borrowers should independently research the lender, view aggressive sales efforts as a red flag, and insist on reviewing written loan terms before agreeing to borrow.
-- #AlanCulbert #KeithEllison #JeffBezos #DaveRamsey #RobertKiyosaki #Montana #RockyBoy'sReservation #California #Minnesota #Connecticut #Arkansas #NewYork #Pennsylvania #Virginia #WestVirginia #business
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