A Tribal Perspective on the Payday Loan Industry

SaveTheTribe.org offers some compelling commentary regarding why the payday loan tribal (Sovereign Nation ) model is under attack.¬† Here’s a portion of the Post at their Blog:

“There are over 22,000 payday loan stores in the United States. Regardless of protests from consumer advocates this is clearly a product with high demand. The majority of those stores are operated by a handful of large publicly-traded companies. Those companies are facing competition from online lenders and they are trying to use the political system to protect them. The short-term consumer lending industry is highly regulated. Each state has its own regulations and they vary widely. Loan amounts, terms and rates are different in almost every state. Anyone who can make loans throughout the country following a single set of loan terms can be a very efficient and effective competitor. Tribal lending corporations are that competitor and the Community Financial Services Association of America (CFSA) wants the federal and state governments to ban them from the business.”

Read the entire Article here: http://mynafcc.org/who-is-attacking-tribal-lending/

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Comments ( 1 )
  • Frank says:

    I am a businessman, I also have a family member with Cherokee blood in him. So I can kind of see how the CSFA can want to use government to put their competitors out of business. However does the CSFA not realize that the American Indian Tribes here in the USA are their own sovereign nations? Like Canada, England, Italy, and so forth. So what they are trying to is highly unethical. Add to that (I am not an attorney) it could be illegal according to treeties signed in the past. So should tribes not be able to have casino’s? This in my opinion is just very slimy.

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