Tribal Installment Loans in Michigan Illegal?

Date: Wed, 09/18/2019 - 10:45

Submitted by Suz Smith on Wed, 09/18/2019 - 10:45

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I am seeking a definitive answer as to if tribal loans are illegal in Michigan. Due to a sudden illness I was without income suddenly and for a few months. I was unable to obtain a traditional loan so relied on tribal installment loans. I am aware that this is not wise but had no alternative option. I am seeing conflicting information as to if these loans are legal as a Michigan resident. I plan on honoring paying the principle but cannot afford the biweekly payments. Please advise.

Total Replies: 5

Tribal loans are not legal in

Tribal loans are not legal in Michigan. So, you have to pay back only the principal amount. Nothing else. Revoke the ACH auhorization as soon as possible. Check out this sticky thread for more information:

https://www.debtconsolidationcare.com/forum/paydayloan/dealingwith-illegallenders.html

Get a job as soon as possible. Consider working as a temp if your health condition is not good.

Submitted by Nick Jonas on Thu, 09/19/2019 - 00:14

Nick Jonas

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Do you have disability

Do you have disability insurance policy? Then it can help you pay the loans as the policy can replace a portion of your lost income due to injury or sickness. It can cover up to 60% of your earning.
Even if you don't have, I mean to say that if you have persistent sickness, you can go for one but you'll get the coverage after the waiting period is over.

Submitted by Mabelle Page on Thu, 09/19/2019 - 03:42

Mabelle Page

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Since they are illegal, you

Since they are illegal, you need to pay the principal amount. If you have already paid that, then Revoke the ACH auhorization.

Submitted by Sanders Patricia on Fri, 09/20/2019 - 05:05

Sanders Patricia

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Illegal lenders can't take

Illegal lenders can't take any legal actions against you. so keep calm and pay the principal amount. Also revoke ACH asap.

Submitted by tiarajoseph11 on Mon, 09/23/2019 - 04:57

tiarajoseph11

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I did this also back in 2017

I did this also back in 2017 and the provider who I took the loan has since gone out of business but the Speedy Loan Network has sold my loan to collections and they are now coming after me for payment. I don't know if they will be able to post to my credit report or if they will be able to garnish my wages but I am very concerned about the outcome of this. These lenders target people in tough situations and then make it nearly impossible to get away from them.

Submitted by Geraldine on Wed, 10/02/2019 - 13:18

Geraldine

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