Indian Country 52 #36 – Usury Credit
“Western Sky Financial, a South-Dakota-based online lender that’s become infamous for its sky-high interest rates, is finally being sued.
New York State Attorney General Eric T. Schneiderman announced Tuesday that his office has filed a lawsuit against Western Sky for charging rates that far exceed what is permissible under New York law. According to the Schneiderman lenders not licensed by the state of New York can’t charge an annual interest rate greater than 16 percent. Western Sky charges interest rates as high as 355 percent.”
– Daily Finance, Western Sky Financial Sued for Charging Interest Rates as High as 355%.
“Western Sky Financial, a prominent online lender that offers short-term loans at triple-digit interest rates, said it will stop funding loans on Sept. 3 amid mounting legal battles with authorities in several states, including Maryland.”
– The Washington Post, Payday lender Western Sky Financial to stop funding loans on Sept. 3.
“The company, Western Sky Financial LLC, claims ties to the Cheyenne River Sioux Tribe in South Dakota and immunity from state and federal law.
Schneiderman, in a lawsuit filed in New York State court in Manhattan, accused the company of charging interest rates of as much as 355 percent to New Yorkers who took out personal lonas.”
– Huffington Post, New York AG Eric Schneiderman Sues Western Sky Financial For Allegedly Scamming Customers.
Download the 18″x24″ poster (.pdf), Indian Country 52 #36 – Usury Credit.
Indian Country 52
Indian Country 52 is a weekly project by David Bernie that uses the medium of graphic design by creating posters that promote issues and stories in Indian Country.
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