We all know the payday loan – tribe partnership model is highly controversial. It’s a strategy being evaluated by tribes having considerable wealth, “poor” tribes lacking gaming success, and sophisticated payday loan Lenders with superior management skills. State Attorneys General, the Fed’s, legal counsel and our industry is watching this develop.
Ultimately, when constructed in a fashion that achieves the spirit intended, the sovereign nation model appears sound. If you’re interested in the tribe payday loan model, there is an interesting article here: EquityNews.info. We have not vetted all the data here so perform your due-diligence! Obviously, Equity News is not a fan of Scott Tucker, the payday loan industry, or “creative approaches” to satisfying the desire by consumers for access to our small, non-collateralized, short-term loans. (Of course, that doesn’t preclude Equity News from earning revenue by displaying ads for payday loans on their web site.)
And this won’t be the first time I’ve been chided by my “brothers and sisters” in the payday loan industry for continuing to shed light on offshore, choice-of-law, tribal and other controversial methods for offering payday loan products.
I continue to believe that open discussion about micro-lending will help regulators, legislators, the media and our industry find methods to serve the millions of consumers, around the world, who want and need access to our products and services.
What do YOU think? Leave a comment.