Red Lake Nation News - Babaamaajimowinan (Telling of news in different places)

Is Congress expanding credit for the poor or enabling payday lenders?


December 26, 2017

Ken Rees has made a fortune selling loans with triple-digit interest rates to borrowers with poor credit history or no credit history.

Over the years, he’s developed a knack for finding loopholes in usury laws in states that cracked down on so-called payday loans — a label that has morphed from describing short-term, small-dollar loans to include longer-term loans that carry sky -high interest rates but still can trap borrowers in a cycle of unsustainable debt.


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