Elastic Credit back....as Mobiloans
Date: Tue, 11/22/2011 - 21:01
Submitted by michaeldhetrick
on
Tue, 11/22/2011 - 21:01
Total Replies: 1
So Elastic Credit was cancelled last year when the partnership with Urban Trust Bank was severed.
However, ThinkFinance has brought it back as Mobiloans, offering up to $500 loans. Apparently, it is "a tribal lending entity wholly owned by the Tunica-Biloxi Tribe of Louisiana("Tribe"), a federally recognized Indian tribe, operates within the Tribe’s reservation."
I have no idea what ownership by an indian tribe means, but it looks and acts just like the Elastic Credit did. The only exception is now it's $3 per $20 borrowed and the "fixed finance charges" are $10 more.
Can anyone explain all this and how safe is it? I previously used Elastic, but felt better because it seemed to be back by a bank.
Also, I called Elastic today and they said that Elastic was a "pilot program" that won't be back. The representative then gave me the information about Mobiloans and said that it would be the new "permanent loan program."
However, ThinkFinance has brought it back as Mobiloans, offering up to $500 loans. Apparently, it is "a tribal lending entity wholly owned by the Tunica-Biloxi Tribe of Louisiana("Tribe"), a federally recognized Indian tribe, operates within the Tribe’s reservation."
I have no idea what ownership by an indian tribe means, but it looks and acts just like the Elastic Credit did. The only exception is now it's $3 per $20 borrowed and the "fixed finance charges" are $10 more.
Can anyone explain all this and how safe is it? I previously used Elastic, but felt better because it seemed to be back by a bank.
Also, I called Elastic today and they said that Elastic was a "pilot program" that won't be back. The representative then gave me the information about Mobiloans and said that it would be the new "permanent loan program."
No matter what they call it, it is still a payday loan. Another
No matter what they call it, it is still a payday loan. Another illegal tribal lender.
