I got a loan with an online tribal lender and have paid the principal. Can they collect on the interest?

Asked over 1 year ago - Joplin, MO

I was in a desperate situation and saw an ad on TV for this lender. They are tribal and not licensed in MO. They have another company that is licensed in MO "servicing" the loan. I have paid the entire principal plus some, can they collect on the interest for the loan? I'm not a deadbeat and I know I agreed to the interest rate, but if they're not legal, they are also in the wrong.

Attorney answers (1)

  1. Renee Mayerson Cannella

    Contributor Level 13

    Answered . I do not practice in MO so cannot advise you specifically as to how this debt may or may not be pursued but here are a few things for you to consider. You do not come to the table with clean hands since you were aware that this was not a licensed lender and yet you availed yourself of their services when as you described you were in a "desperate situation". Lenders are never in the business of loaning money out of the goodness of their hearts- it is always a business deal designed to make them money, whether its a bank or otherwise. That is where interest comes in. Perhaps family will lend money to you interest free but in this case clearly you were not able to go that route. They provided a service to you when you were "desperate" they should be paid what they and you bargained for.

    Disclaimer: The foregoing answer does not create an attorney-client relationship with Attorney Cannella or her... more

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