Borrowers sue tribal lender for high interest loans

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By Cara Bayles (July 5, 2018, 7:04 p.m. EDT) – An Internet loan company is trying to “praise” the sovereign immunity of a Michigan tribe as a litigation shield against claims it flouted loans and racketeering by illegally charging high amounts of interest on payday loans, a proposed class of borrowers said in a lawsuit filed Tuesday in federal court in Georgia.

Plaintiffs named Victoria Renee McKoy and Desiree Wright Lovins received short-term loans of $ 800 and $ 300, respectively, from Big Picture Loans LLC, according to their complaint. But a customer service rep failed to tell them they would be charged over 550% interest, which was automatically taken out of their bank …

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