(NPN) вЂ“ Regulators, lawyers basic and borrowers arenвЂ™t really the only ones upset with Western Sky Financial, a Native American owned online вЂњpaydayвЂќ loan company that has been in line with the Cheyenne River Indian Reservation in north South Dakota.
The lending company finished its company operations Sept. 3, 2013. A variety of other states sued or took regulatory actions against the company for its lending practices while not sued in South Dakota. Some states alleged Western Sky charged some lenders for 1,000 percent interest.
These legal entanglements and resulting publicity that is bad sullied the reputations of genuine tribally owned lending organizations, in accordance with the Native American Financial solutions Association in Washington, D.C.