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I have been reading a lot on here and decided to join. I have many payday loans out including tribal loans. I have sent one of the letters on here to one of the tribal lenders. I got a response from them shortly after. Here is what they said:


Thank you for your communication. Please be advised that Big Picture Loans, LLC is a wholly owned subsidiary of Tribal Economic Development Holdings, LLC, a wholly owned and operated economic arm and instrumentality of the Lac Vieux Desert Band of Lake Superior Chippewa Indians, a federally-recognized Indian tribe and sovereign government ("Tribe"). Because the Tribe regulates its own consumer financial services pursuant to Tribal law, state licensure and regulation is inapplicable to the Tribe, and, by extension, to Big Picture Loans, LLC.

Thank you,

Customer Support
Big Picture Loans
1-800-584-4880

I know they are illegal. I just want to know if I have anything to worry about. I did tell them I would pay them the principal which is now $175 since I already paid them $75 already.




There is nothing to worry about. This is the standard reply then send.

Sub: #1 posted on Thu, 08/10/2017 - 01:14

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

Don't worry, it's just a generic feedback. Stay focused and pay the principal amount only.

Sub: #2 posted on Thu, 08/10/2017 - 06:46

tiarajoseph11 tiarajoseph11

(Posts: 330 | Credits: 45.4)

Make sure you pay the principal amount; no need to pay the interest rate as they are illegal payday lenders. Remember, if you don't pay the principal amount you owe, they can take legal action.

Sub: #3 posted on Fri, 08/11/2017 - 05:58

sanderspatricia29 sanderspatricia29

(Posts: 724 | Credits: 74.26)

Sub: #4 posted on Fri, 08/11/2017 - 12:09

Debbie A Debbie A

(Posts: 4 | Credits: 0.89)

So if you have already paid over the principal amount on a loan that you have but they are still saying that you owe a lot more what do you do?

Sub: #5 posted on Tue, 08/15/2017 - 08:11

Unregistered


Actually, Tribal lenders and their loans are wholly unenforceable. f they give someone a loan, they truly are essentially under the eyes of the law giving them free money. We on this forum advise you to return the principal amount to all lenders even illegal ones as a matter of morality. You can find this info in the sticky topics from all of the moderators.

Once again, there is no legal action that can be taken by a tribal lender and enforced in a non-tribal court. This has been litigated already.

Sub: #6 posted on Tue, 08/15/2017 - 09:13

waffles waffles
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(Posts: 1697 | Credits: 307.99)

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