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Rise credit are they tribal?

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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!




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.

Sub: #1 posted on Fri, 07/07/2017 - 06:18

sanderspatricia29 sanderspatricia29

(Posts: 724 | Credits: 74.26)

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.

Sub: #2 posted on Fri, 07/07/2017 - 07:05

Barbara Delinsky Barbara Delinsky

(Posts: 331 | Credits: 32.98)

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

Sub: #3 posted on Fri, 07/07/2017 - 08:21

Unregistered


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.

Sub: #4 posted on Mon, 07/10/2017 - 20:31

Michael Puttman Michael Puttman

(Posts: 10 | Credits: 1)

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

Sub: #5 posted on Tue, 07/11/2017 - 07:04

Unregistered


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

Sub: #6 posted on Tue, 07/11/2017 - 21:55

SC SC
Moderators
(Posts: 3937 | Credits: 397.45)

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

Sub: #7 posted on Tue, 07/18/2017 - 07:17

Tim Tim

(Posts: 11 | Credits: 1.65)

I am glad that your problem gets solved.

Sub: #8 posted on Wed, 07/19/2017 - 05:23

sanderspatricia29 sanderspatricia29

(Posts: 724 | Credits: 74.26)

Good News Tim.

Sub: #9 posted on Wed, 07/19/2017 - 21:11

SC SC
Moderators
(Posts: 3937 | Credits: 397.45)

Great news Tim!! Cheers for that :)

Sub: #10 posted on Thu, 07/20/2017 - 07:15

tiarajoseph11 tiarajoseph11

(Posts: 330 | Credits: 45.4)

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