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comment by ArtemusBlank
ArtemusBlank  ·  2542 days ago  ·  link  ·    ·  parent  ·  post: Never speak to a debt collector

I read the story today and that was so crazy. People in this story killed themselves because of the guilt of their sins. This whole thing could be a movie really.

    Lending money to people who don’t have any is surprisingly profitable. In states where such stores are legal, such as Missouri, they’re more common than McDonald’s franchises. But in the 15 states where such stores are against the law, there are millions of desperate people willing to pay for fast cash and no one to give it to them. Scott pioneered what he thought was a clever legal loophole that would give him access to that market: He created websites that were owned on paper by an American Indian tribe, which could claim sovereign immunity from regulators. Those sites charged as much as $150 interest on a two-week, $500 loan—an annualized interest rate of about 700 percent.

This all sounds like the beginning of some drama movie but it’s all real life and people are getting screwed over as we speak.