Consumer advocates have long called for stricter limits on the industry, which ensnares many borrowers in a cycle of borrowing anew to repay a previous loan and which can charge interest rates that exceed 1,000 percent. A number of states, including New York, have tried to eliminate the practice by capping interest rates. Yet the industry has proven resilient.
Storefront lenders exploit loopholes by tweaking the terms of their loans, reclassifying themselves as other types of companies and lobbying aggressively for friendly legislation, according to a report this how does bpi cash advance work by ProPublica. State efforts to regulate the loans have pushed many consumers online, where state laws have so far carried little weight.
The Internet allows payday lenders to reach people living in cities or states where their products are illegal. Many companies in this growing market have evaded state and federal consumer protections by operating from Indian reservations.
Tribal sovereignty puts them beyond the reach of U. regulators, they argue.
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