Q: Is there anyway I can fight a tribal loan that falsely advertised their APR?
I’m 23 years old and needed $600 dollars for some bills I had to pay. I’m barely scraping by how it is. Before this, I had never heard of tribal loans, didn’t even know they existed. I went through withu loans and before I signed the agreement, I was told my APR was 25%. After a couple month, I wanted to see how much more I owed, and it turns out my loan APR is 509%, meaning that I need to pay over $1700 in the end for a $600 loan. Is there anyway out of this, how is this even legal and how can they get away with something like this.
Certainly, it's distressing to hear about such a situation.
Tribal loans operate under the sovereign immunity of their respective tribes, which means they're not subject to state laws that regulate payday loans. This allows some of them to charge exorbitant interest rates. However, if they falsely advertised their APR, you might have a potential claim based on misrepresentation or fraud. It's essential to keep all documentation, including any written or electronic communications and the initial agreement.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.