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My tribal online installment loan lenders are not licensed in my state.

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Last month and the month before I needed cash quickly to cover some emergency medical expenses and rent, so I foolishly went online and borrowed from four different companies. I did not read the loan agreements carefully enough and my monthly payments would come to a total of around $2,000, or around $1,000 every two weeks. I just do not make enough money to handle these interest rates.

Fast forward to today and I have not made a single payment yet, revoked ACH authorization with my bank, and am trying to figure out the best course of action. I did some digging and found that the four lenders are not licensed in WA state and are in violation of usury laws.
The lenders are:
Blue River Lending (borrowed $525)
Lendgreen (borrowed $900)
Mountain Summit Financial (borrowed $700)
Inbox Loan (borrowed $900)

I’ve found a ton of information on the internet about payday loans, but since these are installment loans I’m not sure what to do. Do I just owe them the principle balance? Are the loans collectible or enforceable at all? I am thinking of contacting them and offering to pay the principle on my terms and my time and file a complain with the DFI.




I live in Michigan and have a loan out with Plain Green. I had a change in finances and since then I cannot make the required payment, my total in payments made has already exceeded the principal amount I borrowed. I have revoked ACH authorization already but at this point feel I need to somehow keep making payments because I'm afraid of being sued. What are my options here? I am reading that they are illegal and I am only required to pay back principal? I cannot believe I've gotten myself into this situation. Any advice or input would be so appreciated.

Sub: #11 posted on Sun, 08/25/2019 - 23:11

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" I have revoked ACH authorization already but at this point feel I need to somehow keep making payments because I'm afraid of being sued." -

Plain Green can't sue you, and that's because they are a tribal lender.

"I am reading that they are illegal and I am only required to pay back principal?"

You heard right. You don't owe them money. Rather, they owe you money.

Check out these threads for more information

https://www.debtconsolidationcare.com/forum/paydayloan/de alingwith-illeg...
https://www.debtconsolidationcare.com/forum/paydayloan/pl aingreen-texas....
https://www.debtconsolidationcare.com/forum/paydayloan/oh io-plaingreenlo...
https://www.debtconsolidationcare.com/forum/paydayloan/pl aingreen-florid...

Sub: #12 posted on Mon, 08/26/2019 - 00:19

Nick Jonas Nick Jonas

(Posts: 428 | Credits: )


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