Payday Loaning: Benefit or Boondoggle for Tribes?
Before recently, the Washington Post printed a remarkable portion profiling the Lac Vieux wilderness strap of Lake excellent Chippewa Indians, a smallish local US group that basically plummeted into the payday loan business in a pursuit of much-needed investment for tribal authorities. But what this article fails to bring up is the fact some apparently “tribal” pay day loan providers usually are not really managed by or maybe for the main benefit of a true group.
Indigenous US tribes become autonomous nations plus in some settings happen to be immune from responsibility under state law. It’s the promise of a Wild West totally free of national regulation and outside of the go associated with civilized justice system that has drawn financial institutions with the “tribal sovereign” version.