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Stuck in Payday Tribal loan debt traps in Texas and need advance

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I've honestly did not do my research on these places until now and was largely unaware of this predatory business. Too late now but I want to get out of this trap and have it affect my credit as little (or none) as possible. I am very confused on the status of "tribal loans" in Texas, as the places do not appear in the Texas Office of Consumer Credit Commision License Database, but when I called the consumer hotlines, they said it was tricky to tell since they are a tribal sovereign entity and could override federal and Texas laws in some aspects.

Keep in mind I pay these twice a month and this adds up.

Big Picture Loans - $600 loan, but made 4 payments of $192.31
Arrowhead Advance - $900 loan, but made 1 payment $268.21
Mobiloans - $800, but already made 2 payments of $118.85 (renewed loan twice already)

I've seen others report they have been successful in showing these tribal lenders they are illegal and only repaid the principle. I want to pay that back but not be stuck in debt hell. I also have loans with Speedy Cash and Rise, which I am working with them on payments, but are not illegal (as far as I know, since they show up as licensed).

Please advise. I am now taking financial lessons from my financial representative from my credit union to prevent issues like this in the future. Thank you so much for your time!

As per my suggestion, you shouldn't pay the interest on the loan. Just pay the principal.

See this page. You'll get more information.

Sub: #1 posted on Wed, 03/28/2018 - 00:49

(Posts: 3937 | Credits: )

They are tribal lenders, so pay the principal amount. If they ask for more money, make a complaint to your State's Attorney General.

Sub: #2 posted on Wed, 03/28/2018 - 21:03

Sanders Patricia Sanders Patricia

(Posts: 1234 | Credits: )

When it's an illegal loan, in case of a tribal loan, you're supposed to pay only the principal amount.

Sub: #3 posted on Thu, 03/29/2018 - 07:36

Good Nelly Good Nelly
Industry Expert
(Posts: 2825 | Credits: )

I agree, just pay the principal amount fully..that's it.

Sub: #4 posted on Fri, 03/30/2018 - 06:11

tiarajoseph11 tiarajoseph11

(Posts: 467 | Credits: )

Thank y'all so much! I am starting the steps outlined in the main sticky and will update y'all once I get rolling.

Sub: #5 posted on Fri, 03/30/2018 - 11:23

antmoren81 antmoren81

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