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

Date: Fri, 08/02/2019 - 14:27
Submitted by Chloe Johnson on Fri, 08/02/2019 - 14:27
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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.


Yes, you owe them only the principal balance since they are not licensed in the WA state. A lot of illegal lenders give payday loans in the name of installment loans. This is nothing but a strategy to fool borrowers and manipulate state laws. Okay. They will claim that the loan agreement is valid. But it isn't. So chill.

Inform them that you'll pay only the principal amount and file a complaint with the DFI.


Submitted by Nick Jonas on Mon, 08/05/2019 - 02:00

Nick Jonas

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I got a loan through a tribal lender and all the paperwork is for the wrong amount. It says one amount and I actually got a differet amount? Does that make the paperwork no good since its inaccurate ?


Submitted by on Sun, 08/18/2019 - 20:25

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I was contacted by Crestwood Capital on 8/9/2019 by a unknown number and the guy said it Hey were taken legal action for what? I was victim of fraud awhile back.I did my research called the Federal Trade Commission they searched for Crestwood and Rushmore THEY are not license in FL... the representative told me to call the FL Department of Financial. They search for both names Crestwood and Rushmore nothing legal in the state of Florida they are a tribal loan company out of South Dakota and they cannot take you to court what you can do is get a stop and cease letter certified to them they are stationed out of Buffalo New York and they will only give you the post office box not the physical address.
So start with the Federal Trade Commission and then call your state of Department of Finance regulations and give them their name and see if they're legal to do any payday loan transactions in your state


Submitted by on Mon, 08/12/2019 - 18:37

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Can't agree with you more. That's what we tell time and again. If someone is a victim of fraud, then he should report it to the FTC. They do take steps against the illegal companies.


Submitted by Nick Jonas on Tue, 08/13/2019 - 00:10

Nick Jonas

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What happens if I cannot pay back the principal as I currently have no income? Can they take legal action against me?


Submitted by on Tue, 08/13/2019 - 23:06

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Even if you don't pay back the principal amount, they can do nothing. The reason is, the loan is illegal. They can't file a lawsuit against you. However, on moral grounds, you should pay back the principal amount.


Submitted by Nick Jonas on Wed, 08/14/2019 - 05:08

Nick Jonas

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How do you find out if these tribal lenders are legal? I’m In Iowa and the 3 are:
Mypaydayloan, Lakeshore Loans, and MaxLend.
Idk what to do besides the stop pay through my bank it’s constant harassment, calling work ,and non helpful regarding arrangements. :(


Submitted by on Wed, 08/21/2019 - 01:32

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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/dealingwith-illegallenders.html
https://www.debtconsolidationcare.com/forum/paydayloan/plaingreen-texas.html
https://www.debtconsolidationcare.com/forum/paydayloan/ohio-plaingreenloan-default.html
https://www.debtconsolidationcare.com/forum/paydayloan/plaingreen-florida.html


Submitted by Nick Jonas on Mon, 08/26/2019 - 00:19

Nick Jonas

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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.


Submitted by on Sun, 08/25/2019 - 23:11

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