Chippewa Cash

Indians offer payday loans

Since 2003, federal, state, and local governments have been hustling to impose onerous restrictions on payday lenders, who offer high-interest, short-term loans, often taken out against the guarantee of a future paycheck. In response, payday lending increasingly is following the lead of other disfavored industries, such as tobacco and gambling, by seeking refuge on Indian reservations. 

Immune from state and federal rate caps, the Chippewa Cree tribe of Montana's Rocky Boy Indian Reservation is offering short-term loans through a company called Plain Green Loans, which promises fast cash online. A large number of consumer complaints about collection snafus and other problems resulted in an F rating for the company from the Better Business Bureau. Shrinking the high-interest, short-term loan industry and pushing outlets onto tribal lands through overregulation means customers desperate for money may wind up with worse terms and service.

Colorado is attempting to quash an online lender owned by North Dakota's Cheyenne River Sioux tribe, while similar battles are taking place in California, Maryland, Missouri, New Mexico, and West Virginia. 

Comments

[SpeedyLoanSearch]

Competition, technology and branding resulting in heightened consumer comfort levels will drive down payday loan rates. Although we've taken a lot of "hits" for favoring a regulatory hands-off policy for payday loan types of products, it's certain that consumers benefit by having a multitude of products to choose from. We favor easy access, full disclosure of ALL rates/fees to be paid by the borrower, and an explanation of the repercussions for failure to honor a consumer's commitment regarding principal repayment. Additionally lenders must provide some level of consumer education and suitability of the loan product that best fits the borrower's situation and ability to service the loan.

[PaydayDesk]

I am sure there should be some regulations for payday lenders which would not allow them to charge hidden fees and interest rates it's impossible to repay. But I think the main reason why people often fail paying off payday loans is because they are in a hurry looking for quick cash and do not learn all the necessary details before applying. There are reputable lenders who provide good service and try to offer the best deal to a consumer, and there are those who just want to make money and charge those crazy rates, that's why it's extremely important to choose a right lender if you have decided to apply for a payday loan.

[tipuasher]

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