Otoe-Missouria Tribe: State and Federal Regulators Misleading Public About Online Loans

Marketwired

RED ROCK, OK--(Marketwired - Aug 13, 2013) - Otoe-Missouria Tribal Chairman John Shotton today responded to false and misleading assertions by state and federal regulators about the legal, licensed and safe online loans they offer customers who need short-term credit. Regulators like Benjamin Lawsky, superintendent of the New York Financial Services Department, have falsely asserted that the online loans offered by Native American tribes and other online lenders are "illegal" despite the fact the exact opposite is true.

"No matter how many times Benjamin Lawsky and other regulators repeat their false assertions in the media, they know the products our tribe offers our customers are legal and licensed for those who want and need a short-term loan," Chairman Shotton said. "Our businesses provide loans for customers who are facing an emergency at the last moment after other creditors have shut the door on them. We treat our customers with the utmost respect and dignity, providing them with a full and transparent overview of the loan terms. This is why they have hundreds of positive reviews from our customers. American Web Loan and Great Plains Lending are licensed by the Otoe-Missouria Consumer Finance Regulatory Commission and abide by the highest industry standards and best practices. It's bad enough that Mr. Lawsky and other regulators are trespassing on the sacred, inherent sovereignty of Indian Country, but to make up false assertions about our legal and licensed products is an affront to our tribe and others who offer online loans to customers who need them."

The Otoe-Missouria Tribe owns and operates two online lending businesses: American Web Loan and Great Plains Lending.

John R. Shotton is the current Chairman of the Otoe-Missouria Tribe of Indians. He has served in that capacity since being elected in November 2007.

About American Web Loan:
American Web Loan is a tribal lending company that is wholly owned by the Otoe-Missouria Tribe of Indians and its members, a sovereign nation located within the United States of America. AWL is dedicated to providing short-term financial solutions to Americans in need. Since its formation in 2010, American Web Loan has built a nationwide reputation for spearheading the industry's most innovative financial products backed by a singular commitment to client service excellence. The company combines an unparalleled team of experienced and dedicated financial professionals with state-of-the-art online technologies to successfully meet emergency financial needs. In addition to its sought-after portfolio of loan choices, American Web Loan offers comprehensive customer loyalty and financial education programs expressly designed to help solve money challenges in the short-term and improve clients' lives in the long-term. American Web Loan is a member of The Native American Financial Services Association (NAFSA) and the Online Lenders Alliance (OLA). Established in 2012, NAFSA advocates for Native American sovereign rights and enable tribes to offer responsible online lending products. The OLA represents U.S. companies offering online consumer short-term loans committed to industry excellence by standardizing best practices by which loans should be made.

About Great Plains Lending:
Great Plains Lending is an installment loan for the underserved consumer. As opposed to many other lenders, at Great Plains Lending, we give consumers the choice to pay off their loan over several installments or all at one time without prepayment penalties or hidden fees. In fact, we encourage our customers to pay off their loans early to avoid finance charges. Underserved consumers turn to us because they know that a Great Plains Lending installment loan is up to 50 percent less expensive than a traditional payday loan.

We understand that many people find themselves in a vicious "debt-loan-debt" cycle because they take out loans with companies that hide fees in every payment with fine print that's easy to miss. We are committed to giving customers a loan option that is simple, easy to understand, and free of complicated financial jargon.

We strictly follow and uphold all federal lending laws, as our goal is to ethically provide loans to responsible, hardworking Americans who experience unexpected and unfortunate financial events.

Contact:
CONTACT:
SSA Public Relations
Elliott Chang
(818) 907-0500
Email Contact
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