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The Shapeshifter: Ken Rees of Elevate and Think Finance

The Shapeshifter: Ken Rees of Elevate and Think Finance

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Ken Rees may be the CEO of payday lender Elevate and also 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 doesn’t endure, but, in light of Elevate’s interest that is extremely high as high as 378.95per cent. Rees and Elevate have also acknowledged the high interest levels in the loans they supply, with Rees saying that they’re perhaps not providing “rock-bottom” prices and also the terms and conditions of the solicitations acknowledging that the loans they give you are an “expensive as a type of credit.” using their astronomical interest levels, Elevate raked in over a half billion bucks in 2013 alone. Plus they showered over $210,000 of the cash on federal lobbyists to try and hinder laws for the loan industry that is payday.

Through the years, Rees indicates himself to be always a shapeshifter when considering finding approaches to evade state regulations that ban or limit payday advances. online installment loans Virginia no credit check While at Think Finance he utilized the solutions of the rogue Philadelphia bank in a rent-a-bank scheme built to evade laws to offer illegal loans that are payday. As soon as the bank they I did so it was power down by federal regulators, Rees came up by having a solution that is different. He partnered with indigenous American tribes to have around state laws by claiming they had been susceptible to tribal legislation, as opposed to state legislation.