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!
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