index page

Rise credit are they tribal?

Date: Thu, 07/06/2017 - 09:28
Submitted by Tim on Thu, 07/06/2017 - 09:28
Posts: 11
Credits:
[Donate]

I am still dealing with a few lenders and they show that they have a licence in Wisconsin to lend, however I have read in here that Rise Credit is tribal? Is that true? They do have a license to lend in Wisconsin. Another one that I am still paying on is RSVP loans, they also have a licence to lend in Wisconsin and I have paid well over what I have borrowed so far and it is all in interest, the principal has barely been touched. Am I better to let this default and only pay back the principal? Any help would be greatly appreciated!


How does predatory lending work? I feel these loans are predatory? Is that something I need to take up with the state attorney general?


Submitted by on Fri, 07/07/2017 - 08:21

( Posts: 202330 | Credits: )


As per my research, both of the are legal lenders. So, you have to pay the principal amount along with the interest rate.

If you are unable to pay off them, you can consider professional debt relief service to get rod of them.

Settle your debts.


Submitted by Sanders Patricia on Fri, 07/07/2017 - 06:18

Sanders Patricia

( Posts: 1241 | Credits: )


You must pay back the entire principal amount along with the interest you owe to them. They are legal lenders and if you do not pay them back, they might take legal actions against you or transfer your account to a collection agency. In both the cases you'll be the ultimate sufferer.


Submitted by Barbara Delinsky on Fri, 07/07/2017 - 07:05

Barbara Delinsky

( Posts: 433 | Credits: )


I am paying the loan off this week, I am now dealing with LoanMe an installment loan, I have paid back more than the principal on this. This loan holds an interest rate of 134 percent, that I consider predatory


Submitted by on Tue, 07/11/2017 - 07:04

( Posts: 202330 | Credits: )


The loans are not predatory. The loans are misunderstood. A payday loan is supposed to be paid off entirely on your next pay date. The problem is if you roll over the loan to your next pay date you only have to pay the fee portion. People mistakenly think they are paying a portion of principal but they are not.

This is very similar to an interest only loan. Interest only loans are never paid off unless you make principal payments along the way or there is a massive balloon payment required at some point.

Payday loans are only viable if you make good money and you are having a short cash flow issue. Never borrow more than 25% of your income and make at least $2,000 a month, you should be OK with a payday loan.


Submitted by Michael Puttman on Mon, 07/10/2017 - 20:31

Michael Puttman

( Posts: 10 | Credits: )


How much did you borrow? In Wisconsin, the payday lenders can can lend $1500 or 35% of your gross monthly income.


Submitted by SC on Tue, 07/11/2017 - 21:55

SC

( Posts: 3937 | Credits: )


The LoanMe loan was for 3100, it is an installment loan with an interest rate of 134 percent I took it out 9 months ago I have payed a total of $3250.62 back and the balance is still $3140.66, I filed a complaint with the state department of financial institutions in Wisconsin and they are investigating the loan. All of the illegal loans that were out there for me have been taken care of with thanks to everyone on this site


Submitted by Tim on Tue, 07/18/2017 - 07:17

Tim

( Posts: 11 | Credits: )