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”