Cherokee Nation Stands Against Predatory Lending

Osiyo,

My foremost responsibility as Principal Chief is to protect the well-being of the Cherokee people. That responsibility extends beyond our health, culture and sovereignty to include safeguarding the financial security of our families.

For far too long, predatory lenders have targeted our most vulnerable citizens, trapping them in relentless cycles of debt. This exploitation is intentional. It is a calculated assault on the economic stability of Cherokee households, and it must end.

Predatory lenders thrive on desperation. They offer quick cash at an unbearable cost, with interest rates that can soar past 600%. What begins as a temporary financial shortfall quickly becomes a crushing burden. Just take a look at the data from citizens who utilize our Cherokee Nation services and programs. It's deeply concerning. Nearly 80% of people in our New Construction Homeownership Program and almost all of our at-risk counseling participants report being ensnared by predatory loans. These are our neighbors, elders and young people whose financial futures are dismantled for short-term profit.

I have heard firsthand accounts from employees whose entire paychecks are swallowed by loan repayments and from elders who have accumulated thousands in debt simply to cover basic necessities. These stories reveal the real human toll of predatory lending - stress, instability and the erosion of dignity.

Even more troubling, some predatory lending operations - including lenders operated by other tribal nations - exploit tribal sovereignty to evade consumer protection laws. This practice is not a legitimate form of tribal economic development. It is an outsourced scheme that deepens poverty and hardship in the very communities it claims to benefit, while also tarnishing the very notion of sovereignty for all nations.

The harm caused by predatory lending cannot be ignored. That is why I recently signed a proclamation designating this month as Predatory Loan Awareness and Financial Wellness Month in the Cherokee Nation. We are committed to empowering our citizens through education, awareness and practical support. The Cherokee Nation offers low-interest consumer loans and one-on-one credit counseling to provide safe alternatives and a path out of debt.

Before borrowing, it is critical to recognize the warning signs of predatory loans: interest rates above 36%, hidden fees, unclear terms, aggressive refinancing offers, and payments that exceed 20% of your income. If you or someone you love is struggling with predatory debt, I urge you to reach out. You are not alone, and help is available.

Contact the Cherokee Nation Commerce Services department by emailing This email address is being protected from spambots. You need JavaScript enabled to view it. or by calling 918-453-5536.

Together, we can break this cycle of exploitation and build a stronger, financially secure Cherokee Nation for generations to come.

Wado,

Chuck Hoskin Jr.
Principal Chief