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Loans from Indian Tribes

Date: Wed, 09/11/2013 05:28
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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.




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 - 13:07

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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.

Sub: #2 posted on Wed, 09/11/2013 - 14:49

redrover redrover

(Posts: 9 | Credits: 0.93)

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.

Sub: #3 posted on Wed, 09/11/2013 - 15:46

SOAPLADY SOAPLADY
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(Posts: 17214 | Credits: 4746.7)

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