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Sep 28, 2017 - 34 minute read

Are discover personal loans any good

The center told Taylor that the types of loans he had been given were illegal in Virginia, where state law says Internet payday lenders cant charge more than 12 percent annual interest without a license.

A lawyer for Silver Cloud Financial, which gave Taylor the first loan, said that the transaction did not break any laws. The lawyer, Robert Rosette, told HuffPost that Taylors loan originated on tribal lands and not in Virginia, and therefore was not subject to Virginia state law.

In a statement to HuffPost, Silver Cloud said it was a legal, licensed and regulated entity that follows all federal laws. The lender are discover personal loans any good under sovereign tribal law, it said, adding that Native American sovereignty predates the founding of the United States, is enshrined in the United States Constitution, and is further codified through federal statutes and hundreds of years of judicial precedent.

Some consumer attorneys have argued that even lenders based on tribal lands cannot flout state law. The legality of the issue still appears unsettled, with legal battles currently being waged over this very question in several states. Regulators in Connecticut on Tuesday fined the head of Oklahomas Otoe-Missouria tribe, John Shotton, and two payday loan companies the tribe owns a total of 1.

Are discover personal loans any good

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Are discover personal loans any good

This is an expensive form of credit. A short term loan should be used for short term financial needs only, not as a long term financial solution. Customers with credit difficulties should seek credit counseling or meet with a nonprofit financial counseling service in their community. You are encouraged to consult your states consumer information pages to learn more about the risks involved with cash advances. State laws and regulations may be applicable to your payday loan.

If you do not pay your loan according to its terms, your lender may: charge you late fees, send your account to a collection agency, report are discover personal loans any good information to a consumer reporting agency which may negatively affect your credit score, offer to renew, extend or refinance your loan, which may cause you to incur additional fees, charges and interest. We are not a lender.

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