FastDayLoans.com Facing ‘Rent-a-Tribe’ Class Action Lawsuit in Illinois Over Loan Interest Rates

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A consumer claims in a proposed class action lawsuit that the entities behind payday lending website FastDayLoans.com have issued to Illinois residents illegal, high-interest loans.

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The 17-page online payday loan lawsuit contends that although defendants Wakpamni Lake Community Corporation (WLCC), WLCC II and WLCC Lending FDL claim to be operated by the federally recognized Oglala Sioux tribe, the non-tribal lenders are, in fact, “fraudulently hiding behind tribal sovereign immunity” to evade state usury laws.

The suit alleges that, in violation of the Illinois Interest Act, WLCC Lending FDL—which does business as Fast Day Loans—has issued loans to Illinois residents at annual percentage rates higher than 700 percent. This practice flies in the face of state regulations, which bar unlicensed lenders from extending loans to Illinois consumers at more than nine percent interest, the case charges.

The complaint relays that although the companies behind Fast Day Loans purport to be tribal entities, the actual lending operations are conducted “contrary to the wishes of tribal authorities,” and carried out in locations outside tribal lands.

Indeed, the filing points out that “[n]o member of the Tribe participates in the day to day lending operations,” and the tribe receives no benefit from the business.

According to the lawsuit, the defendants—which also include WLCC president Geneva Lone Hill, director of compliance Bret A. Crandall and company CEO Raycen Raines, III—have been warned previously that their lending practices violate Illinois usury laws. Notwithstanding, the suit adds, the entities behind Fast Day Loans have run other “rent-a-tribe” operations as subsidiaries or under “assumed names,” including:

• Falcon Funding Group;
• Bison Green Lending;
• Explore Credit;
• Fox Hills Cash;
• Arrowhead Advance;
• Good Loans Fast;
• Rapid Loan;
• Title Loan Fast;
• MyBackWallet;
• TheGanEdenGroup.com;
• CheckAdvanceUSA.net;
• Consumer First Credit;
• Green Circle Lending;
• Rolling Plains Cash;
• Cash on Cloud 9;
• Easy Cash Online Store;
• BaysideCash.com;
• Whisper Rock, LLC;
• BeachsideCash.com;
• BlvdCash.com;
• Fast Money Store;
• FiresideCash.com;
• Seaside Dollar;
• SeasidePayday.com;
• Merit Financial Trust; and
• Ocean Park Funding.

The lawsuit looks to represent:

“(a) [A]ll individuals with Illinois addresses (b) to whom a loan was made through www.fastdayloans.com at more than 9% interest (c) which loan has not been paid in full;”

“(a) [A]ll individuals with Illinois addresses (b) to whom a loan was made through www.fastdayloans.com at more than 9% interest (c) which loan is still outstanding or has been paid on or after a date two years prior to the filing of suit;”

“(a) [A]ll individuals with Illinois addresses (b) to whom a loan was made through www.fastdayloans.com at more than 36% interest (c) on or after March 23, 2021;” and

“(a) [A]ll individuals with Illinois addresses (b) to whom a loan was made in the name of Fast Day Loans at more than 18% interest (all of its loans qualify) (c) which loan was made on or after a date four years prior to the filing of suit.”

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