Native Americans
Mar. 28, 2009
Tribes' Payday Loan Practices Draw Scrutiny
As the economy has faltered, payday loan companies that are associated with Native American Indian tribes have been marketing payday loans to consumers over the Internet in violation of state laws, critics say. Now a California woman is taking the companies to court.
Daily Journal Staff Writer RIVERSIDE - As the economy continues to tank and desperate consumers turn increasingly to payday loans, some unscrupulous Indian tribe-owned creditors are skirting the law by asserting sovereign immunity, state officials said. The companies, which market themselves on the Internet, charge as much as 120 percent interest on loans and 300 percent penalty for late payments, according to the California ...
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