What in the world is La Posta Tribal Lending Enterprise? Is this the actual name of a company or is it some holding company for a group of tribal lenders? I don't believe it is even though you will find more than a few people writing about La Posta Tribal Lending on the net.
Here's how it works...
When tribal lenders set-up shop they tend to have a retail facing company and then behind the scenes they have another company that supplies the cash. Why does one firm go get the funding and the other firm deal with the public and issue loans? Who knows, I'm not a business attorney but I'm sure there is a legal or business reason as to why the two business components are broken up.
But this is how things are done, there is a the "wholesale" firm that goes and procures large dollar amounts. Then these funds are transferred or otherwise delivered to the retail lender, which in turn loans out these funds on an individual basis to all of their approved customers who (obviously) sign-up for a loan.
This is what is going on (or did go on in the past) between La Posta Tribal Lending Enterprise and a retail tribal lending outfit called Gentle Breeze Online. La Posta Tribal Lending probably went out and borrowed on a wholesale (or cheap) basis and then turned the funds over to Gentle Breeze Online who then would lend funds to their customer base.
It's hard to find any solid information about Native American lenders online but there are some spots where the information is pretty clear. If you would like to see these two companies (La Posta Tribal Lending Enterprise and Gentle Breeze Online) discussed at the same time (as the equivalent entity) then go here to see the state of Washington discuss the two firms as one company. This article comes from the top financial regulator in the state of Washington, technically they are the Washington State Department of Financial Institutions.
So if you did business with or had any mailings (snail mail, email, Fedex messages) from La Posta Tribal Lending Enterprise (or anything with a similar name) then you might want to tie that back to when you took out a loan with Gentle Breeze Online. It wouldn't surprise me if the collections operations of Gentle Breeze was being handled by La Posta Tribal.
This is not an unusual situation. There are many instances where the retail wing of an organization will have a website and advertising that is for the public, but there is a separate entity behind the scenes handling the accounts and the money. We saw this with the now defunct Western Sky Financial (the public facing firm) and a company known as CashCall which ran the accounts, the collection process, the repayments and the general maintenance and customer service functions.
At the same time let's not confuse this issue with the fact that some lenders will sell or otherwise distribute your information when you apply for a loan with them. That does happen. But in this particular case, with La Posta Tribal Lending Enterprise specifically, it's not the case. The company is 'representing' or working for Gentle Breeze Online.
Recent Comments