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Fast Day Loans Annual Interest Rates Class Action Lawsuit Overview:
- Who: Karen Brown filed a class action lawsuit against WLCC Lending FDL d/b/a Fast Day Loans and three of its principals.
- Why: Brown claims Fast Day Loans charged a higher-than-allowed annual interest on loans in the state of Indiana.
- Where: The class action lawsuit was filed in Indiana federal court.
Fast Day Loans and three of its principals violated Indiana lending laws by charging a higher annual interest on loans than what it is legally allowed.
Plaintiff Karen Brown claims Fast Day Loans came up with a scheme to use the internet to make illegal high-interest loans while evading liability by using the tribal immunity of the Oglala Sioux tribe.
Brown claims Fast Day Loans charged her an annual interest rate of 700.2% despite the maximum annual interest charge for consumer loans in Indiana being 36%.
Prior to creating Fast Day Loans, Geneva Lone Hill and Raycen Raines III, president and board member of the company, respectively, had unsuccessfully attempted to get the Economic Development Office of the Oglala Sioux Tribe to enter into business with them, according to the class action lawsuit.
Despite not having the partnership of the Oglala Sioux Tribe, Brown claims Hill and Raines went on to create Fast Day Loans while falsely purporting to be “tribal entities.”
“The actual lending operations were carried out and continue to be carried out in locations other than tribal lands,” the class action lawsuit states.
No Tribal Members Participate in Company’s Day-to-Day Operations, Class Action Says
Brown argues further that no member of a tribe participates in any of the company’s “day to day lending operation,” while other operations not done on tribal land include “lead generation, marketing, funding, underwriting, payment processing and collection.”
Even if Fast Day Loans had the backing of the Oglala Sioux Tribe, Brown claims it would not matter, arguing that “sovereign immunity, even if legitimately invoked, still does not turn an otherwise illegal loan into a legal one.”
Brown claims Fast Day Loans and its principals are in violation of the Indiana Uniform Consumer Credit Code and the Racketeer Influenced and Corrupt Organizations Act.
Brown wants to represent an Indiana class of consumers who received a loan from Fast Day Loans that had an interest rate in excess of 36%.
He is demanding a jury trial and requesting treble damages for herself and all class members.
In 2015, the U.S. federal government agreed to pay $940 million to resolve claims it failed to pay for administrative costs for tribal education, public safety and other services, as promised by the Indian Self-Determination Act.
Have you received a loan from Fast Day Loans that exceeded a 36% annual interest rate? Let us know in the comments!
The plaintiff is represented by Daniel A. Edelman, Tara L. Goodwin and Matthew J. Goldstein of Edelman Combs Latturner & Goodwin LLC.
The Fast Day Loans Annual Interest Rates Class Action Lawsuit is Brown v. WLCC Lending FDL, et al., Case No. 1:22-cv-00774, in the U.S. District Court for the Southern District of Indiana.
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24 thoughts onClass Action Alleges Internet Lender Violates Lending Laws, Claims Tribal Immunity
I have been affected by first day loan and I would like to be contacted by an attorney regarding this case. Indianapolis.
I encountered the same type of situation.
Bright lending. Borrowed 1000, pay almost 300 every two weeks. Have made 2 payments, balance is at 951. WHAT?
I need help with a loan from Lendumo They charge exuberant interest rates to make it impossible to pay the loan off and they were not upfront about the complete lending process. I thought I was paying monthly on the loan at a reasonable amount, but I am being charged interest rate on a daily basis, and they are taking money out of my account weekly.
I need help with Lendumo also. They use strong, armed tactics, and Zabra daily interest rates.
I borrowed $600 from Lendumo. My total payback is $4782.17
I’m in as well please.
Pay day loan from Lendumo lending I borrowed 200.00and had to pay back 180000 on line I would like to sue them
I have been scammed by, “WLCC Lending FDL, d/b/a First Day Loan”. I am not positive if this is the same, but it seems to me the name is used interchangingly. I have documentation and proof of everything. I am blown away by the amount of stupidity I feel. I was double charged quite a few months back. When I contacted First Day Loan by email, I received a very apologetic response and promise of a refund. Furthermore, I have been saving money to try and pay this loan off. The contract online and the original contract have 12 bi-weekly payments of $415.12 for a loan of $1500.00. The contract shows my last payment date on 10-27-22. Tonight I logged in, planning to pay it off, and I was shocked when I noticed my payoff balance is $2578.21. With only two more payments of $415.12 remaining, it makes no sense. I began researching this and I am extremely disturbed by my findings. I sent an email to the company asking them to explain this situation to me. I will be watching closely for a response. When going through all of my emails from the company, I also discovered that their email address changes, ever-so-slightly every few months. I only noticed the very minimal change because I was trying to gather all of the emails and, all of a sudden, they would just stop. I have been up for hours trying to figure out how I could be wrong. Unfortunately, I do not think I am wrong, I think I have been scammed for a ton of money, lied to, and taken advantage of, when I was at my most vulnerable. I became extremely ill and was out of work for almost 9 months while doctors tried to figure out what was wrong with me. As a teacher, and a mother of 4, I was forced to stop working and had no other choice then to take out this loan. I pay over $800 a month trying to repay an originally $1,500 loan. Please contact me if you can help. Thank you.
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