Thanks to Think Finance's online lending platform, Plain Green is able to make loans all over the country. Eventually, the loans end up owned by a Cayman Islands servicing company. And Plain Green, which cites the Chippewa Cree's sovereignty in its fast payday loan agreement with customers, says that state and federal regulators have no legal standing to complain.
Jen Burner, a Think Finance spokeswoman, sbi personal loan form download pdf HuffPost that the company simply licenses its tools and support services to clients. We are proud to be a service-provider to Plain Green LLC, she said. After entering into its arrangement with the Chippewa Cree, Think Finance also made deals with two other tribes: the Otoe-Missouria in Oklahoma, which run Great Plains Lending, and the Tunica-Biloxi in Louisiana, which run MobiLoan.
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Regulators and consumer groups have long warned such loans can trap people in vicious cycles of debt. Less is known about online payday lenders, which offer the same service with the added allure of the transaction happening completely on the Web. Consumer groups say these types of lenders may be even riskier for struggling borrowers than brick-and-mortar lenders, leading consumers into even more hopeless financial quagmires. They loan to people not even caring whether they sbi personal loan form download pdf pay the whole thing off, said Jay Speer, the executive director of the Virginia Poverty Law Center.
They just want a certain amount every couple weeks -- as much as they can beat out of you until you default. Online lenders make up the fastest-growing segment of the payday loan market, according to Tom Feltner of the Consumer Federation of America, which does research and advocacy on a variety of consumer issues. Although online payday lenders make up only one-third of the payday lending market, their revenue tripled from 1.