Rocky Boy payday loan company

Rocky Boy online company seen as economic development tool

By Tim LeedsThe Chippewa Cree Tribe of Rocky Boy’s Indian Reservation has started a new business in an effort to stimulate economic development. Dan Belcourt, attorney for the tribe, said during a conference call with the Havre Daily News Oct. 22 that last spring it entered the world of Internet loans with PDL Ventures, an online payday loan company. In the online loan process, people can fill out an application via the Internet, which includes supplying their bank account information. If approved, often in 24 hours or less, the loan is deposited in the bank account and the repayment—usually with a hefty fee—is withdrawn by the loan company on the applicant’s next pay day.

What the Tribe says it didn’t know was that other online companies already were operating with the abbreviation of pay day loan in their name. Several PDL Ventures are offering online loans and some of them don’t have the best record in customer service. Numerous complaints have been filed that have led to 119 complaints eventually being attributed to the Rocky Boy business by the Better Business Bureau. Neil Rosette, the tribe's executive administrative officer, said during a conference call Oct. 23 that he believes most of the complaints were filed against businesses other than the Tribe’s—especially since their business has only been in operation for about six months, and some of the complaints were filed more than a year ago. Rosette said the Tribe will work to resolve any problems in customer service and is assigning a full-time position the responsibility of answering those complaints.Comment:  A payday loan company doesn't sound like the best way to spur economic development. But it's a legitimate business, I guess.