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Yet some lenders that claim sanctuary on Native American land operate for the profit of outside businessmen who run axa affin bank personal loan through a labyrinth of shell companies, according to an earlier investigation by the Center for Public Integrity.
The Center found in 2011 that millionaire Scott Tucker operated and profited from payday businesses that were owned on paper by small Indian tribes - a practice known as rent-a-tribe. Tuckers businesses are not affiliated with the NAFSA, the trade group representing tribal lenders. The Federal Trade Commission sued a group of companies associated with Tucker in 2012 for misleading and charging undisclosed fees. The government won a major victory last month when a federal magistrate ruled that for-profit companies are not necessarily immune from federal consumer protection laws merely because they are affiliated with Indian tribes.
The ruling by a magistrate must still be approved by a district court. If that happens, the ruling will have broad implications for all federal enforcers seeking to combat illegal payday lending practices, said Jessica Rich, director of the FTCs consumer protection bureau. The court has not yet determined whether some of the lenders, officially chartered by Indian tribes, are for-profit corporations and therefore subject to FTC oversight.
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MoneyKey offers California residents Installment Loans in the amount of 2,600. Whether an individual will be approved is dependent on certain qualification criteria. Complete our online application form to find out if you qualify for our California Installment Loan. Many licensed California Finance Lender's Installment Loans are paid back through a series of payments over an 18 to 24-month period.
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This option allows you to reduce the total amount of interest andor fees payable on the loan. Does MoneyKey provide California Installment Loans Online. MoneyKey offers online installment loans to residents of California.
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