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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 could be the CEO of payday lender Elevate together with 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, nevertheless, in light of Elevate’s interest that is extremely high as much as 378.95per cent. Rees and Elevate have also recognized the high interest levels in the loans they give you, with Rees saying they offer are an “expensive as a type of credit. that they’re perhaps not providing “rock-bottom” prices and also the terms and conditions of the solicitations acknowledging that the loans” along with their astronomical rates of interest, Elevate raked in over a half billion bucks in 2013 alone. And additionally they showered over $210,000 of this cash on federal lobbyists to try and hinder laws associated with the loan industry that is payday.

Through the years, Rees shows himself to be 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 the rogue Philadelphia bank in a rent-a-bank scheme built to evade laws to produce illegal loans that are payday. Continue reading The Shapeshifter: Ken Rees of Elevate and Think Finance