Reported about 15 hours ago
A 91-year-old Vietnam veteran, Alan Culbert, took out a $900 loan online to buy gifts for his grandchildren and fix his car, only to discover he was charged a staggering 682% interest rate, amounting to over $2,600 in interest fees. The loan came from the Chippewa Cree Tribe, which operates under federal laws allowing such high rates. Despite Culbert's attempts to explain his situation, the lender was unsympathetic, leaving him in a financial crisis and raising concerns about the legality and ethics of such predatory lending practices.
Source: YAHOO