By Joyce Hanson (March 15, 2022, 8:02 p.m. EDT) – Lending website FirstLoan.com has been slapped with a proposed class action lawsuit in federal court in Illinois accusing it of making predatory loans with annual rates of up to 700%, in violation of state consumer fraud laws and the Racketeer Influenced and Corrupt Organizations Act.
Lead plaintiff Joshua Kalkbrenner said in his Monday complaint against FirstLoan and its owner Stanley Chao that the unlicensed lender currently claims to be a Native American-owned business operated by the Elem Indian Colony of the Pomo Indians and a subsidiary of EIC Enterprises, a federally recognized branch of the tribe in Clearlake, California.
But Kalkbrenner added that…
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