Share post
member profile picture
Posts: 3
Credits: 0
[Donate]

Are all tribal loans illegal or does it depend on what state you live in? I am in Texas and I have three payday loans that are from tribal lenders; Spotloan, Majestic Lake Financial and Loan at Last. Are all of these loans illegal? If so how? I'd like to be able to explain that in my letters as I have already paid off the principal loan and then some on all three. Am I entitled to get some of my money back? Any help is appreciated!




Spoloan is part of a class action lawsuit for illegal intrest charges. When did you take out your loan with them

Sub: #1 posted on Tue, 05/12/2020 - 17:35

Unregistered


Hi KBD!

Welcome to the forums! Tribal lenders are not legal in all the states of Texas. It's not just in your state. Tribal lenders don't have the license to operate in the US. They don't follow the state and federal laws also. The loan agreement is not valid. So, you're only required to pay the principal amount. You can ask tor a refund for the extra amount paid on these loans.

Sub: #2 posted on Tue, 05/12/2020 - 21:28

David Martin David Martin

(Posts: 265 | Credits: )

Tribal loans are illegal in all of our states. So, if you have already paid the principal for all three of them, now just sit back and relax! They can't sue you, nor threaten you to pay anymore. As David suggests, you may ask for a refund, but I think your chances are very low to get one!

Sub: #3 posted on Tue, 05/12/2020 - 23:06

Barbara Delinsky Barbara Delinsky

(Posts: 432 | Credits: )

This particular loan I took out in December, but I've had loans with them before that I've paid in full dating as far back as early 2018.

Sub: #4 posted on Wed, 05/13/2020 - 13:45

KBD KBD

(Posts: 3 | Credits: )

Has anyone ever successfully gotten refunds from any Tribal lenders?

Sub: #5 posted on Wed, 05/13/2020 - 13:46

KBD KBD

(Posts: 3 | Credits: )

Hi KBD, you can send a written document to ask for a refund. I once heard a news that in 2017, CFPB filed a lawsuit in the US District of Chicago seeking restitution and refund for illegally collected money.

Sub: #6 posted on Fri, 05/15/2020 - 03:55

Good Nelly Good Nelly
Industry Expert
(Posts: 2788 | Credits: )

The are illegal lenders and you just need to repay the principam amount.

Sub: #7 posted on Fri, 05/15/2020 - 04:37

sanderspatricia29 sanderspatricia29

(Posts: 1216 | Credits: )

Attachment
More information
  • Files must be less than 500 MB.
  • Allowed file types: txt pdf jpg jpeg png.


Page loaded in 0.704 seconds.