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Sep 28, 2017 - 34 minute read

How long can i take out a personal loan for

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How long can i take out a personal loan for

Years of precedent set by the federal government are being thrown out the window by overzealous regulators looking to further oppress tribal nations and breach our sovereign rights, said Barry Brandon, executive director of the Native American Financial Services Association, a trade group, in a statement. Brandon said the lending companies are wholly owned by the tribes and provide needed income for community development. Yet some lenders that claim sanctuary on Native American land operate how long can i take out a personal loan for the profit of outside businessmen who run them 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 10000 personal loan rates 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.

How long can i take out a personal loan for

Loan terms: One to five years; can go up to 10 years. Minimum credit score: Not provided, but generally 680 or higher. Time to funding: Typically same day. Fees: No origination fee for unsecured loan; 75 for secured loan; 39 late fee and returned payment fee. Credit unions. Some credit unions offer CD-secured loans, typically to build credit or get cash quickly at a lower rate than other types of loans.

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