The loan companies were taking Taylors entire paycheck every two weeks, Taylor said, and what do i need to get a cash converters loan started working odd jobs to make extra money. He even had to write bad checks to buy groceries for himself and his mother. Still, it was impossible to stay on top of the payments. Taylor was searching for a consolidated loan to pay off his debts when he stumbled across the Virginia Poverty Law Center, which offers free legal services to low-income state residents.
The center told Taylor that the types of loans he had been given were illegal in Virginia, where state law says Internet payday lenders cant charge more than 12 percent annual interest without a license.
A lawyer for Silver Cloud Financial, which gave Taylor the first loan, said that the transaction did not break any laws. The lawyer, Robert Rosette, told HuffPost that Taylors loan originated on tribal lands and not in Virginia, and therefore was not subject to Virginia state law. In a statement to HuffPost, Silver Cloud said it was a legal, licensed and regulated entity that follows all federal laws. The lender operates under sovereign tribal law, it said, adding that Native American sovereignty predates the founding of the United States, is enshrined in the United States Constitution, and is further codified through federal statutes and hundreds of years of judicial precedent.
Some 654 credit score personal loan attorneys have argued that even lenders based on tribal lands cannot flout state law.
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