Banking Committee seat: ‘Payday loan sharks preying of all susceptible’

Banking Committee seat: ‘Payday loan sharks preying of all susceptible’

Posted: Apr 13, 2015 / 07:10 PM EDT / Updated: Apr 13, 2015 / 07:10 PM EDT

Hartford, Conn. (WTNH)– ‘Payday Loans’ with rates of interest between 200 and 400 per cent are now being agreed to Connecticut residents through direct mail and also the internet, by a home loan company related to a Native American Tribe in Oklahoma.

The co-chair regarding the General Assembly’s Banking Committee is blowing the whistle about this and he’s help that is getting the Governor therefore the leaders of both of Connecticut’s federally respected tribes

In the event that you or some body you understand has gotten a letter from ‘Great Plains Lending,’ you or some body you realize happens to be targeted to log on to the hook for a few regarding the greatest interest levels imaginable. That loan you may be not likely ever to help you to repay.

“Payday ‘Loan Sharks’ who will be preying from the many susceptible residents of your state these are typically exploiting the the poorest residents of our state, the residents of or towns and cities,” said Rep. Matt Lesser (D-Middletown), the co-chair associated with the Banking Committee. “Any entity attempting to conduct business into the state of Connecticut does not have any right to charge our citizens 448 percent interest levels,” added Gov. Dannel Malloy (D-Connecticut).

‘Great Plains Lending’ is associated with a native tribe that is american Oklahoma and has now been taken fully to court by the Connecticut Banking Department because short-term loan interest levels are capped in Connecticut at 12 %. (more…)

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