I totally f$&@ up! Help! I accidentally took out a tribal loan. I wanted a small short-term loan for $1,200. The loan I got is $1,200, but you pay over $5,000 to cover the insane APR. I didn’t know something like this was legal. I want to cancel the loan, or pay it back same day. Anyone have experience with this? This is probably one of the dumbest things I’ve ever done. They have my bank account info and everything.

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Fake your own death.

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Take out cheaper loan to pay this one off right away

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Many tribal loans have penalty for early payoff. Check that first OP

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Thank you, all! Here’s is what I did. The terms of the loan were not easily found during the process of applying. The website said it charges an APR of 35%, which is still high, but I was going to pay it back quickly. Once the approval went through I was able to see the terms. It had a APR of over 500% and they would be pulling out over $600 out of my account every month for 10 months. I tried calling customer service last night but they were closed. The good news is there was no penalty for paying off the loan early and there was a clause to rescind it. I sent an email last night rescinding the loan and called this morning. The funds were being sent, but they were able to cancel it before the funds hit my account. So I think I dodged a bullet. Be careful out there. I consider myself to be a pretty smart person and I got suckered. The loan company is Uprova. It is actually hard to even find info on these types of loans on the internet.

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Thank you for this information. I fell into this same trap with Uprova trying to find last minute funding and was able to cancel it before funds were sent. Thank you for helping me dodge a bullet.

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Talk to a lawyer or company that does debt settlement. Your credit score will likely take a hit, but I'm assuming it's already low if you're using a tribal loan.

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Umm none of these are logical. I actually was part of a class action lawsuit against one of these loan service providers. They are illegal and I won thousands of dollars (I was named in the lawsuit). Anyways there are a few things you can do. But first you need to check your states laws. The Supreme Court has ruled that these businesses are not totally exempt from usury lending. Once you do that make the decision to not pay. It’ll go on your credit. Then file tk have it removed if it is considered an illegal loan in your state and you won’t have to pay it back. Fight that a few months and you’re good. Unless you need your credit right now. Nevertheless it’ll come off and you’ll be fine.

Or you can go back and say you signed under duress or mental health issues and again they HAVE to cancel it.

There’s many other options. You can Dm me and we can discuss your situation. But yea it’s sucks to be in this predicament and I totally feel for u. But I did it too and can possibly provide some advice

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Yes. You should also note it to your attorney general. I forgot to mention that’s how mine started. I sent a letter to them about it. Again the premise is you want to have illegal loans well you can’t use legal entities to collect them (such as credit reports debt collection agencies etc). They can’t have it both ways. I’m glad you got your loan to go away

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File for bankruptcy or pay it off. It’s a good lesson, u will read next time

Good to hear! It is crazy that these types of loans exist!

I just fell into this trap. They are closed over the weekend. What is the best way to cancel my request before funds hit my account? I emailed their general customer service email requesting to cancel. Is that all I need to do? I want to cancel before I’m stuck with paying $4,000+ in interest on a $1,200 loan

I would just like to thank everyone here for just potentially getting me out of a very predatory and shady loan, also from Uprova, as others here have mentioned. I created an account just to share with you that you guys sharing your experiences and insight allowed me to realize there might be a recission clause in the agreement, and sure enough there was. Like someone else said, as long as it's within 2 business days (in my particular case) and you email the listed business email in the agreement with a few key pieces of information/consent, you can rescind the loan/have it debited back from your account. Huge breath of fresh air, even if my immediate money problems aren't solved they aren't going to get 564% APR worse.

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