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News@lemmy.world · 7 months ago

A 700% APR Lending Business Tied to Dr. Phil’s Son Is Dividing an Alaska Tribe

www.propublica.org

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A 700% APR Lending Business Tied to Dr. Phil’s Son Is Dividing an Alaska Tribe

www.propublica.org

return2ozma@lemmy.world to

News@lemmy.world · 7 months ago

4

Tribal lender Minto Money has boosted the economy of its Alaska town. But some tribal members are appalled by the millions it’s made off desperate borrowers — much of which, lawsuits allege, has gone to outsider Jay McGraw, son of Dr. Phil.

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blakenong@lemmings.world
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7 months ago
It would be easy to just make a federal law capping interest rates for this.
- QuarterSwede@lemmy.world
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  7 months ago
  APR’s shouldn’t exceed 15% as it is but it’s not about helping normal people.
  - blakenong@lemmings.world
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    7 months ago
    Interest on debt should be illegal.

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