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Some critics of short-term lending have alleged that American Indian tribes do not benefit from their lending businesses, and that the businesses are a loophole allowing "payday lending firms affiliating with Native American tribes and taking advantage of tribal sovereignty to offer loans online that would otherwise be blocked by many US state laws."
In 2011, Plain Green Loans issued over 121,000 loans. [2] Because the Chippewa Cree Tribe is a sovereign nation which enjoys tribal immunity, it is not subject to state laws which seek to prevent usury by regulating high-interest lending.
The Fort Belknap Indian Community in Montana, like many tribes, runs a lucrative online lending business. Thousands of Minnesotans in financial predicaments have turned to Fort Belknap's lenders ...
However, the Federal Trade Commission has begun to aggressively monitor these lenders as well. [12] While some tribal lenders are operated by Native Americans, [13] there is also evidence many are simply a creation of so-called "rent-a-tribe" schemes, where a non-Native company sets up operations on tribal land. [14] [15]
A settlement in a federal class-action lawsuit against officials of the Lac du Flambeau Ojibwe Nation and some of their business partners calls for forgiving about $1.5 billion in loans to ...
Moreover, Credit Loan offers you a loan without running any credit checks, and the amount ranges from $250 to $5,000 for bad credit holders. In terms of the annual percentage rate, it ranges from ...
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