Entries Tagged 'PayDay Lenders' ↓

Will the closure of Pay Day lenders in SD affect Video Lottery Revenue?

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Most may tell you that they don’t take loans out from pay day lenders for gambling but for rent. Which is probably true, because what usually happens is they spend their paycheck on gambling then don’t have money over for rent.

It will be interesting to see if Video Lottery revenue goes down due to the fact people won’t be able to get quick cash. I suspect in the first year it will probably be around 15% percent, but I think within the 2nd year, you are going to see revenue way down due to the closure of pay day lenders.

Maybe it is time to eliminate VL once and for all?

Badlands is closing up shop in South Dakota. Oh Well.

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You will miss me. NOT.

Steve Hildebrand made it very clear, he wanted to shut down pay day lending operations in South Dakota with the 36% interest cap. Seems it is working.

Chuckles seems to think by closing his dirt track, butt-rock hair concert venue, pawn shop, and predatory lending shops South Dakotans will suffer.

Laugh of the day.

One can only hope it will have a domino effect on the Video Lottery industry and close their doors to.

We often brag in South Dakota about our moral standards, yet fund our government with mobster ideals, taxing food, and paying sub-standard wages.

South Dakota is better then that, now if we can just get the CORP of Engineers to wipe Pierre off the map permanently we will have finally achieved a higher moral standard.

Race car driver screws native Americans in payday lending scam

I know, sounds like an ‘Onion‘ headline;

Tucker is a 53-year-old financier who races Ferraris in professional competitions. He was arrested on Wednesday, accused of running an illegal $2 billion payday lending enterprise and hit with federal RICO charges.

From 1997 until 2013, Tucker operated payday lending companies that gave 4.5 million Americans short-term, high-interest loans under “deceitful” circumstances, according to a federal indictment filed in New York City and unsealed Wednesday.

Prosecutors say Tucker cut secret deals with a Native American tribe to make it seem like the tribe owned his companies, shielding him from state lawsuits and regulators.

 

Are the PayDay lenders attempting to pull a fast one with the help of the tribes in SD?

A little birdy tipped me off this morning that some of the major players in payday lending industry in South Dakota may have found a new angle to skirting the law and proposed interest rate cap; process the loans on tribal land. I was told that early talks have begun.

So how would it work? As it was explained to me, no matter if you are in Sioux Falls, Yankton or Watertown, when you would apply for one of these loans, the lender would send your application off to a loan processing site on tribal (sovereign) land, I’m assuming it would be legal for them to do it electronically. Since the application is being processed and the loan potentially being approved on tribal land, they would not have to follow the rules of the state. It is similar to First Premier setting up shop in South Dakota because of the lax usury laws here, but marketing their predatory card throughout the nation.

If this is true, it is just another step by the payday lenders to skirt law (that hasn’t even passed yet) and to continue to prey on the poor, with the help of our SD tribes.