Facing financial ruin, the Lac du Flambeau tribe began offering short-term loans online with annual rates often over 600%. But as the tribe rose in an industry derided for predatory practices, it put its reputation at risk and drew costly lawsuits.
Author Archives: Joel Jacobs / ProPublica
Joel Jacobs is a data reporter at ProPublica. Previously, he was a data reporter on the Pittsburgh Post-Gazette’s investigations team, where he worked on a variety of accountability projects including examining hospital price transparency and public housing conditions. He also covered the impact of COVID-19 on nursing homes for The Washington Post. He completed his master’s degree in journalism at Northwestern University and previously worked as a software engineer.
Posted inEconomy, Health & Welfare
A Wisconsin tribe built a lending empire charging 600% annual rates to borrowers
Over the past decade, the Lac du Flambeau Band of Lake Superior Chippewa Indians has grown to become a prominent player in the tribal lending industry, generating far-reaching impact and leaving a legacy of economic despair.