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 cash advance parkersburg wv 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 Getting a 10k personal loan 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 cash advance parkersburg wv of years of judicial precedent.
Some consumer attorneys have argued that even lenders based on tribal lands cannot flout state law.
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