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Ken Rees has made a king’s ransom attempting to sell loans with triple-digit rates of interest to borrowers with woeful credit history or no credit rating.

Through the years, he’s developed a knack for finding loopholes in usury legislation in states that cracked straight straight down on alleged pay day loans — a label which includes morphed from explaining short-term, small-dollar loans to add longer-term loans that carry sky interest that is-high but nevertheless can trap borrowers in a period of unsustainable financial obligation.

Rees became the CEO of payday lender ThinkCash in 2004. Beginning in 2007, the organization began dealing with First Bank of Delaware, a bank that is federally regulated ended up being exempt from state laws addressing greater interest-rate loans outside its house state and might originate the loans and retain a part associated with interest.

A lot more than a ten years ago, this“rent-a-bank that is so-called arrangement had been common amongst very very very early payday loan providers. Federal regulators ruled that the model ended up being misleading and took enforcement action contrary to the many violators that are egregious.

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