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In 2014, several members of the tribe were convicted of illegally siphoning seven percent of the company's revenues which totaled $25 million over a three-year period. [ 5 ] In January 2018, there was a successful settlement was reported between Plain Green Loans and BEH Gaming Ltd related to loans to the Chippewa Cree Tribe and Chippewa Cree ...
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."
Content provided by Credible. Although we do promote products from our partner lenders who compensate us for our services, all opinions are our own. This article first appeared on the Credible blog.
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]
Cash Advance Apps: No Direct Deposit Required In the past, if you needed money before payday, you might have resorted to a payday loan with sky-high interest rates or o ther alternatives to cash ...
Understand all fees associated with the loan. With payday loans, the lender may only charge a flat fee per $100 borrowed. This can result in a high equivalent APR, even if there is no interest ...
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