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In a statement to HuffPost, Silver Cloud said it was a legal, licensed and regulated entity that personal loan application cover letter all federal laws. The lender operates under sovereign tribal law, it said, adding that Native American sovereignty predates the founding of the United States, is enshrined in the United States Constitution, and is further codified through federal statutes and hundreds of years of judicial precedent.
Some consumer attorneys have argued that even lenders based on tribal lands cannot flout state law. The legality of the issue still appears unsettled, with legal battles currently being waged over this very question in several states.
Regulators in Connecticut on Tuesday fined the head of Oklahomas Otoe-Missouria tribe, John Shotton, and two payday loan companies the tribe owns a total of 1.
5 million for making payday loans to Connecticut residents, according to Bloomberg News. The Otoe-Missouria maintains it has a legal right to lend in states where payday lending is illegal because it follows federal and tribal laws.
Payday lending isnt outright illegal in Virginia, but it is in other states. A total of 15 states and Washington, D.have enacted interest rate caps that effectively outlaw any kind of payday lending, whether its from storefronts or online companies, according to the Center for Responsible Lending, a consumer advocacy group based in Durham, North Carolina.
Similarly, with unsecured micro-lending, our IT platform uses affordability assessments to determine how much an individual can afford to borrow. If you dont provide the platform with the right information, you wont make the loan. Australia ran this product for seven years before we launched it here, so it works incredibly well and we only have a bad debt ratio of 6.
The whole model is incredibly profitable. Finding and keeping direction. Back in 1994, Mukheibir and business partner Peter Forshaw brought US brand PostNet to South Africa and purchased Multiserv when it was liquidated. We were looking to build a multi-brand holding company in the non-food industry, and our holding company, True North Holdings, loosely existed. We soon realised we were diffusing our senior management team too much and wanted to focus our resources on building Cash Converters for the next five years, so we sold Multiserv and PostNet.
What they had left over was a 75-seater building in Midrand they owned but couldnt fill.