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Tribe Payday Loans- The Native American Financial Services Association (NAFSA) Fed’s Continued Commitment

Posted by PaydayLoanGuy / Uncategorized

We discuss the entrance of Native American Tribe lending in regards to payday loan, car title and other microlending niches often. Thanks to Allen Parker at Consultants4Tribes.com for bringing this important news to our attention:

WASHINGTON (September 25, 2012) – The Native American Financial Services Association (NAFSA) today applauded the Senate Committee on Indian Affairs’ continuing commitment to the enduring strength of federal-tribal relations.

During the hearing on Thursday, September 20, 2012, the Senate Committee on Indian Affairs made it clear that the tribes have the undisputed right of self-governance and self-determination. Indeed, testimony throughout this hearing repeatedly reinforced the principle that self-governance and self-determination are fundamental components of Native American culture and vital elements of every Native American community across the country.

Read the entire piece here: Allen Parker

Through the protection of consumer rights and sovereign immunity, NAFSA provides vital services to tribally operated lenders serving the under-banked with better short term financial services, furthering economic development opportunities in Indian Country.

18
Sep

Tribe Payday Loan Business – CNBC Report Wrongheaded

Posted by PaydayLoanGuy / Uncategorized

“A little known loophole is letting some payday loan companies dodge state laws and charge interest rates much higher than the states would otherwise allow, a CNBC investigation has found.”

Your CNBC team must have been under a rock the past 10+ years. Payday loans have been offered via the tribe “sovereign nation model” for at least that long.

Much like the gaming industry, the payday loan tribe model has evolved into a highly sophisticated, profitable business enterprise. The “rent-a-tribe” characterization is a thing of the past.

Regarding usury rates, if the so-called consumer activists bothered to familiarize themselves with a payday loan product that 14,000,000 Americans elected to “use” last year, they would immediately recognize that payday loan companies do a much better job regarding fully disclosing all rates and fees than banks and credit unions do. Wells Fargo charges $10 per $100 loaned and debits their PDL customer the moment their customer’s paycheck is electronically deposited in their WF checking account; zero disclosure of a 400% APR and ZERO risk!

Here’s a link to the full CNBC article, “How Some Payday Lenders Charge”