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Dakota lending installment payday loans?

Discussion in 'Payday loans' started by FreeLoader, Jan 2, 2016.

  1. FreeLoader

    FreeLoader New Member

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    How would you rate Dakota Lending, on a scale from 1 to 10?
    I know the offer loans starting at $300 and go up to $950, their fees are pretty much the same as other tribal lenders' (from $20-$30 / $100), and I haven't found any negative reviews about them just yet.
    What do you think?
     
    Mike Dunbar likes this.
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  2. Lory76

    Lory76 New Member

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    I do recommend them, however if you need more money, you should probably apply elsewhere.
    Dakota lending is OK though. The 20% bi-weekly rate sounds great, seeing how most tribal lenders will charge a lot more than that
     
    Mike Dunbar likes this.
  3. david05

    david05 Guest

     
  4. david05

    david05 Guest

    Dakota lending is a rip off. They will not allow you to pay off the loan based on the anount you borrowed. They will offer you a payoff amount based on the duration of the loan. and give you a rate reduction. for example if you borrow $750 and you need to make payment arrangments on the loan. they will make you pay 60% of the loan as if you carry the loan out to full term including interest which would be $4400 they will give you a rate reduction of 60% which you will pay $2200 on a $750 loan. Even if you only owe them $900 including interest they will prorate the pay off through the end of the loan term.They take no other payment methods but ACH draft from your checking account. Please avoid them at all cost. They will not provide a physical location of their business. They avoid following federal regulations and correspondence with fedeal regulators.
     
  5. Kathy

    Kathy Guest

    I applied for a loan and wala! I was approved for $750.00 through My Loan Site. I did not see any agreement. Did not sign my name, but finally a form popped up with a font signature of my name agreeing to their terms. After I saw the payout amounts, 226. every two weeks for 20 weeks. A total of over $4700.00 for loaning me $750.00??? Outrageous!!! I don't know what to do as I didn't have a printer to print the form, now I can't find it on the website. I don't have a password so I can't see anything. I called and talked to a woman and told her they must have figured it on 3000 a month instead of 2,000. (that's the only choice they give, they don't ask any further questions). That's a big difference betwee 2000 and 3000! So now I won't be able to pay my car payment because their interest eats me up. I don't know what I will do now. Just stay away from Dakota Lending and My Loan Site. THey are both the same.
     
    Mike Dunbar likes this.
  6. Gracie

    Gracie Guest

    Hi there, I'm also struggling with Myloansite. Its like a never ending payment. It keeps adding up a adding up even if you pay them on due date, the balance is still the same. I'm just wondering did u pay them off already or did u stop paying them? I dont know what to do anymore either. The interest are so high.​
     
  7. SBG

    SBG Guest

    I’m dealing with them now. I wanted to pay off my loan and they said my loan balance is roughly $4000 for a $800 loan. I’ve never been late. They than said they can do a settlement for $2350. I think they are getting the $4000 balance for the whole term of the loan. Which doesn’t make sense? I thought there was no prepayment penalty for wanting to pay off early. I hired an a debt settlement law firm company to assist me with the settlement as they won’t budge. They are not licensed in my state so that’s why I think they feel they can charge us whatever they want. These people are horrible please stay away!!
     
  8. Gracie

    Gracie Guest

    Hi there, we're on the same page. But I haven't even try to make an agreement with them to just pay off what I can coz I can just remember how aggressive they talk when I called them about a different matter and I pretty much know how they get down. I made a complaint to them few hours Ago to consumer financial protection beareu, I'm waiting for their response. Tomorrow I will close my bank account so they won't be able to debited only account. For $500 I know I already paid them so much for that. I still have a balance of 2 grand something. I just dont know what to do anymore. Good luck to us.
     
  9. Gracie

    Gracie Guest

    When I found out they were not licensed and not allowed in my state, I reported them to Department of Consumer Protection Bureau. Having a whopping $3000 something balance, After a week of reporting them I had an email from Myloansite (Dakota Lending), they told me that they waived my balance and we had a good closure. Stay away from this lenders.
     
    Perry likes this.
  10. Arrowana

    Arrowana Guest

    Good on you for reporting them!

    I’m in a similar situation right now. I’ve taken out Tribal Loans before, and always paid them off earlier than their full maturation date. I like to think of myself as a little savvy about what I’m getting into as to what I’m signing up for.

    But I recently took out a small loan from a Tribal lender I have never used before. I have been paying $120 every 2 weeks on time for 3 months now. I called for my payoff last month and it was $385. Thinking I could pay it off with this month’s paycheck, I called a few days ago, and now the payoff was $510!!! How could it go up???

    That’s when they told me they add interest DAILY during the life of the loan. I originally borrowed $400 and I’ve already paid over $700 back. I expected high interest from experience with previous tribal lenders, but my payoff going UP is a new one on me.

    Thinking of reporting them too.
     

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