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Sequoia Capital (which famously funded Oracle, Cisco, Yahoo and Google) and Technology Crossover Ventures (which has invested in Facebook, Netflix, Spotify and Vice) have each backed the company. Through a spokeswoman, Technology Crossover Ventures declined to comment. Sequoia did not respond to requests for comment. While lending companies and their investors rake in money, however, the situation is more precarious for the more than 3 million Americans who take out online good rate on personal loan loans each year.
The very purpose of an online lender affiliating with a tribe is specifically and expressly so that they can lend in violation of state laws, Ellen Harnick, a payday lending expert at the Center For Responsible Lending, told HuffPost.
And it's the poorest Americans -- the ones who need quick cash to address the most pressing issues in their lives -- who are most at risk.
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