If you’re a “brick-n-mortar” operator, or an Internet Lender using the state-by-state licensing model, the following may not be of interest to you initially. BUT, think about this development from a competitive perspective.
The macro trend for Internet payday loan – small dollar – lenders employing the sovereign model is to embrace “best practices” and seek out industry trade group accreditation. What’s this mean? Here’s an example:
“About American Web Loan: American Web Loan is a tribal lending company that is wholly owned by the Otoe-Missouria Tribe of Indians and its members, a sovereign nation located within the United States of America. AWL is dedicated to providing short-term financial solutions to Americans in need. Since its formation in 2010, American Web Loan has built a nationwide reputation for spearheading the industry’s most innovative financial products backed by a singular commitment to client service excellence. The company combines an unparalleled team of experienced and dedicated financial professionals with state-of-the-art online technologies to successfully meet emergency financial needs. In addition to its sought-after portfolio of loan choices, American Web Loan offers comprehensive customer loyalty and financial education programs expressly designed to help solve money challenges in the short-term and improve clients’ lives in the long-term. American Web Loan is a member of The Native American Financial Services Association (NAFSA) and the Online Lenders Alliance (OLA). Established in 2012, NAFSA advocates for Native American sovereign rights and enables tribes to offer responsible online lending products.
(Note: Best practices definition for payday loans? It’s in the eye of the beholder, and the Feds, and the state your borrower resides in, and your legal counsel, and the industry trade organization you belong to, and… )
You can read the entire PR Piece here:
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