Is it true that when you get a payday loan from an Indian Tribe they are exempt from the laws in the state that you live in? I live in NYS and have a loan from 500 Fast Cash and this is what they told me via email.
No,
Indian tribes are NOT exempt from your state laws...they loaned to you
in violation of your state law. They will continually argue differently
just to confuse you. In NYS, ALL payday loans are prohibited. Follow
the link in my signature line for full information on how to deal with
them.
In
most states you have to be licensed by that state to lend money to
residents of that state, or if you're not licensed there is a limit on
the amount of interest a lender can charge. Most payday lenders and or
Indian tribe loans violate one if not both of those tenants.
Payday
lending is prohibited in NYS. All lenders in this state are illegal. You
owe them nothing more than the principal balance i.e $500 only. Simply
close down your old bank account and open a new one to stop debiting
money from your account.
Sub: #1 posted on Wed, 09/11/2013 - 15:46
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Sub: #2 posted on Wed, 09/11/2013 - 14:49
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Sub: #3 posted on Wed, 09/11/2013 - 13:07