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Tribal Lenders Say They Can Charge Over 600% Interest. These States Stopped Them.

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Online lenders tied to Native American tribes argue that they aren't subject to state lending laws, but they backed away from operating in six states where attorneys have acted forcefully to protect consumers.
The article from ProPublica discusses how some states in the U.S. are attempting to regulate or shut down online tribal lenders who offer high-interest, short-term loans. These lenders, often based on Native American reservations, claim sovereign immunity, arguing that state laws do not apply to them. This has led to a contentious legal battle where states like New York, California, and Colorado have taken actions against these lenders for charging interest rates that can exceed 300% APR, which are significantly higher than state usury limits. The article highlights the tension between tribal sovereignty, consumer protection, and the need for accessible credit, especially for those with limited banking options. It also explores the implications of these loans on borrowers, often leading to a cycle of debt, and the broader debate on whether these lending practices exploit vulnerable populations or provide necessary financial services.

Read the Full ProPublica Article at:
[ https://www.propublica.org/article/states-tribal-lenders-high-interest-rates ]