Arvind Ganesan’s post in The Hill’s Congress Blog once again gets it wrong on lending, painting all short-term lenders with the same brush. This is another step in a narrative of misinformation aimed at destroying a legal industry, which provides a critical lifeline of financial support for many members of the Native American Financial Services Association (NAFSA). The conveniently missed truth is that there are differences between the various types of short term lenders – tribally owned online, non-tribal online and storefront. These are critical distinctions that the blog fails to explain. The blog also fails to acknowledge that there exist legitimate short term lenders who provide important and valuable financial products to a niche market. Make no mistake: there are short-term lenders who don’t play by the rules and create a bad name for everyone in the space. NAFSA is on record opposing these lenders and their tactics. Western Sky, the company profiled in the blog, is one such company that must be distinguished from the tribally owned and operated companies that are members of NAFSA.Get the Story:
Barry Brandon: Understand legitimate online tribal lending (The Hill 10/2) Related Stories:
Judge rebuffs tribal online lenders in case against New York (10/1)
Indian-owned lending firm seeks dismissal of New York case (09/18)
Otoe-Missouria Tribe sees benefits from Internet lending firms (9/16)
Column: States paying more attention to Indian online lenders (9/16)
Law Article: Non-Indian lending partners are likely next target (9/16)
Tribal online lenders off to court in lawsuit against New York (9/11)
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