The FTC is trying to stop this deception and get refunds for consumers. While the company has won arguments in state courts that it has tribal sovereign immunity, allowing it to make loans even in states that restrict or forbid payday loans, that protection doesnt apply to the federal courts. Court records suggest the business has made more than 165 million, charging interest rates as high as 800 percent on small loans. Borrowers have complained in droves about the lenders tactics.
Law find lowest personal loan rates authorities have received more than 7,500 complaints about the business, the FTC says. Among the defendants in the lawsuit is Scott Tucker, a professional race-car driver from Kansas City, Kan.
Tucker became a millionaire from the payday-lending business he started more than a decade ago.
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