The tribal lending model seems to be failing, Bourke said, because on the one hand its not providing enough protection for consumers, and on the other hand merchant cash advance for physicans are increasingly saying that it is not sufficient for lenders to only get a license in merchant cash advance for physicans with a Native American tribe.
That means online lenders will be more likely to want to get licenses from every state where they operate, he noted, which would allow for tighter regulation of the industry.
There will still be a lot of bad loans made, Bourke said, but at least it will be much harder for fraud to happen. Hunter Stuart contributed additional reporting. This story has been updated with additional comments from Joel Rosette, the Plain Green Personal loan singapore bank. Clarification : Language has been changed to clarify the difference in repayment times between payday loans and installment loans, and to elaborate that Plain Green limits customers to no more than one loan at a time, which must be paid in full before any application for a new loan is made.
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