Tribal Installment Loan Help in MA
Date: Mon, 03/26/2018 - 06:28
Last fall I had to resort to Installment/pdl to make endsmeet after an unexpected bill. Now I'm getting trapped into another debt spiral because of the repayment terms of these loans.
I have two loans:
1. Inbox Loan
Loan amount: $475
Interest: 640%
Loan date: 9/25/17
Loan repayment date: 9/21/18
Amount paid back to date: $1824.01
2. Lendgreen/Niiwin, LLC
Loan amount: $1200
Interest: 780%
Loan date: 11/6/17
Loan repayment date: 8/13/18
Amount paid back to date: $3612.88
I live in Massachusetts and it looks like neither of these companies are licensed to lend in my state (can't find them on the NMLS either).
In reading through the forums it appears that the loans are in violation of MA usury laws and otherwise unenforceable due to the lack of lending license in MA. Do I have any recourse to either get these interest rates lowered or get out from under these loans? I'm not one to not repay debts, but these are killing me.
Thanks. I'm going to the
Thanks. I'm going to the bank this afternoon to revoke ach authorization, close the account, and open a new one. I'll post back with updates from the lenders.
Listen, there is no need to
Listen, there is no need to pay off these debts. They are illegal lenders. So you only have to pay the principal amount. Ask for a refund from Lendgreen and Inbox loan.
I sent emails to both
I sent emails to both companies today revoking ACH and wage assignments, asking to have my accounts marked as PIF and get a refund of over payment to the principal. I also closed by checking account and opened a new one.
Lendgreen has emailed me back, twice. The first email was trying to get me to pay $1567 in a lump sum. I replied back that they have no license to lend in Massachusetts and their contact is unenforceable. They replied to that stating that my account is now marked as paid in full. I threatened them with a complaint to the state AG and FTC. They didn't say anything about a refund though, is it worth pursuing since I can't really afford a lawyer to go after them?
I'm still waiting to hear back from inboxloans.
Quick update: got an official
Quick update: got an official email from Lendgreen stating my account is paid in full. Still no response from inboxloans.
I'd love to get a refund too, but I'm not going to bet on it.
You got one good new after
You got one good new after all...still one more to go, but don't lose hope, send a reminder if needed.
I have a tribal company paid
I have a tribal company paid in full letter and can not find a way to contact them I have tried number is blocked and emails won't go through they are still taking money our of my account. Do i need to close my account down and open a new one
Register in forums.
Register in forums.
Do i need to close my account down and open a new one
Yes. Immediately.
I'd love to get a refund too,
I'd love to get a refund too, but I'm not going to bet on it.
True. It's tough to get a refund from these people.
Finally got a response from
Finally got a response from Inboxloans, they are trying to get me to pay the balance. I'll send them a final email and then file a complaint with the Mass AG.
Decided to forgo that email
Decided to forgo that email and instead filed a complaint with AG. I did email inboxloans back to inform them of my actions (politely).