From Yahoo Finance: 2025-05-18 07:31:00

Alan Culbert, a 91-year-old veteran, took out a $900 loan from Plain Green Loans for gifts and car repairs. Unaware of the 682% interest rate, he ended up owing $2,646.69. The loan, from a native tribe, was legal due to sovereign immunity. Some states have limited tribal loans to protect consumers.

Minnesota Attorney General Keith Ellison sued tribal entities’ leaders to stop high-interest loans. Culbert, struggling to pay, received a harsh response from Plain Green Loans. With media attention, he hopes for relief. Borrowers should research lenders, beware of aggressive sales tactics, and review loan terms to avoid similar situations.

Predatory tribal loans remain a risk for vulnerable borrowers in most states. Culbert’s story highlights the need for stricter regulations and transparency in lending practices. Research lenders, be wary of aggressive sales tactics, and review loan terms thoroughly to avoid falling victim to predatory lending practices.



Read more at Yahoo Finance: This Vietnam vet, 91, took out a $900 loan online only to find out it was set at a shocking 682% interest rate