Ken Rees may be the CEO of payday lender Elevate therefore the previous CEO of Think Finance, the payday mortgage lender that Elevate spun away from in 2014. Rees and Elevate offer installment loans that they claim are an improved alternative than pay day loans. This claim will not endure, but, in light of ElevateвЂ™s very high interest levels as high as 378.95per cent. Rees and Elevate have also acknowledged the high rates of interest regarding the loans they supply, with Rees saying that they’re maybe not providing вЂњrock-bottomвЂќ rates and also the terms and conditions of the solicitations acknowledging that the loans they give you can be an вЂњexpensive type of credit.вЂќ using their astronomical rates of interest, Elevate raked in more than a half billion dollars in 2013 alone. Plus they showered over $210,000 of the money on federal lobbyists to try and hinder regulations associated with loan industry that is payday.
Through the years, Rees shows himself to be always a shapeshifter as it pertains ways that are finding evade state regulations that ban or limit pay day loans. While at Think Finance he utilized the solutions of a rogue Philadelphia bank in a rent-a-bank scheme built to evade laws to give you illegal pay day loans. Once the bank they I did so it was power down by federal regulators, Rees came up having a various solution. He partnered with indigenous American tribes to have around state laws by claiming which they had been susceptible to tribal legislation, instead of state legislation. Their business has made vast sums of bucks under this scheme that isвЂњrent-a-tribe pay day loans in breach of state legal guidelines. This might quickly arrive at end though, as PennsylvaniaвЂ™s Attorney General recently filed case against Rees, Elevate, and Think Finance claiming that their utilization of Native American tribes is just a breach of racketeering, customer protections and financing regulations by deliberating wanting to evade state laws. Read more “The Shapeshifter: Ken Rees of Elevate and Think Finance”