Otoe-Missouria Tribe defends online payday lending business

The Otoe-Missouria Tribe of Oklahoma says its online lending business provides help people in need.

The tribe launched American Web Loan in February 2011. “The financial services offered by the Otoe-Missouria Tribe to underbanked consumers in the United States are high-quality products,” Vice Chairman Charles J. Moncooyea told The Oklahoman.

Not all consumers are happy with the service though. The Better Business Bureau has received 101 complaints about the tribe and the Oklahoma Department of Consumer Credit has received four official complaints.

“I could never get a straight answer from them,” Edwin Salguero, a disgruntled customer, told the paper. “When I asked them about not being licensed in Virginia, they said they didn’t have to follow our laws … because they were in Oklahoma.”

Get the Story:
Lending company owned by Oklahoma tribe generates complaints (The Oklahoman 8/13)

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