When tribes team up with payday lenders, who profits. Photos by Mark Richards for Al Jazeera America. The stories and graphics for Payday Nation were reported and produced in collaboration with the Stabile Center for Investigative Journalism at Columbia University in New Popular community bank personal loan. Published on Tuesday, June 17, 2014.
UPPER LAKE, Calif. вЂ The whitewashed, one-story office just off CaliforniaвЂs Highway 20 doesnвЂt look like much. But the building is listed as the address of at least four thriving financial enterprises. They are part of the multibillion-dollar industry of online payday loans: short-term loans of up to 1,000 that are sought by low-income people whose bad credit makes them so desperate for a cash advance they will accept interest rates that can exceed 400 percent.
And itвЂs no coincidence that the same structure also houses the office of the tribal council of the Habematolel Pomo of Upper Lake.
Some financial institutions have the opportunity to expand their loan portfolio by more than 100, and this is only over the past eighteen months. The concept of "microcrediting" appeared in South Asia in 1974. The founder of this concept was Professor of Economics Mohammed Yunus.
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