Lender was scammed for charging 700% interest rate

By Katryna Perera (Jan. 6, 2022, 3:25 p.m. EST) – A Native American tribal-owned loan company was hit with a proposed class action lawsuit in a New Jersey federal court on Wednesday for claiming the company was charging interest rates. exorbitant interest of up to 699.99% on loans as low as $ 500.

Two New Jersey residents, Mary Haremza and Jacob Murray, sued Aaniiih Nakoda Finance LLC, which operates as Bright Lending and is owned by the Fort Belknap Indian community of Montana’s Fort Belknap reservation, according to the complaint. .

The plaintiffs allege that the online lender is engaged in usury – the practice of loaning money at an unreasonable amount …

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Stephen V. Lee