Can a tribal pay day loan company sue your

Can a tribal pay day loan company sue your

The tribal payday lending company discovers it self dealing with a flurry of course action lawsuits and state crackdowns painting lenders as loan sharks preying upon susceptible customers with usurious prices and fees. The tribal payday loan providers respond that they’re resistant from state regulation, service the best market need, and generate much required jobs and income for Indian tribes.

charges and rates of interest on these loans can apparently achieve a successful apr of 500per cent

Tribal payday lenders purportedly originate loans on the internet from within Indian nation, claiming that tribal sovereignty and resistance from suit permit them to circumvent state customer security legislation capping rates of interest.

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