Majestic lake financial loans?

R

RonBking39

New Member
This is a rather new tribal lender, so I can't find much about it online. Can someone please tell me if they're worth looking into? They offer payday installment loans, to be paid over a 40 week period, which sounds awesome! I just need to know if there's a catch or anything that might make this sound too good to be true.
 
They will offer you a loan over 40 installments, but unless it is an emergency, it's not worth it. I took out a loan for $1,000. They were pulling 250 from my account every other week. When I called them after 7 payments of 250, I had paid over $1,500 on this loan. I still had 13 payments to go! I still owed over $3,000 on the loan. I set up a payment plan and I'm still paying a lot of interest but at least I almost have it paid off.
 
They are crooks. They readily give u money but charge 150% interest! That should be illegal. $1600 for a $400 loan? That's insane! Never again would I borrow money from them unless I literally had no choice
 
They aren't federally licensed. They are taking out over $300 dollars every two weeks for a $900 short term loan. The last payment is due in October 2017. It doesn't make sense how they approved me. I looked at my file and it shows that I make $7,000 a month.Which I don't. I am a student. Students don't make that money. This company should be taken down. I get that it works for those who make a sufficient amount to cover the fee's, but when they claim "no hidden fee's" I think they should be called out. Something about the company isn't right. Just don't know how to find evidence.
 
To be honest I think loan shark is better then money lender. Money lender is really suck us dry. Ahlong at most scream and shout
 
RonBking39 said:
This is a rather new tribal lender, so I can't find much about it online. Can someone please tell me if they're worth looking into? They offer payday installment loans, to be paid over a 40 week period, which sounds awesome! I just need to know if there's a catch or anything that might make this sound too good to be true.
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Erica said:
They are crooks. They readily give u money but charge 150% interest! That should be illegal. $1600 for a $400 loan? That's insane! Never again would I borrow money from them unless I literally had no choice
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It is illegal they're not even licensed search on the web for Majestic Lake financial licensed and you'll see what I'm talking about
 
They are Crooks and they are not license it is illegal for them to charge that amount Google search Majestic Lake financial license and you will find what it has to say about this interest rate beanie legal and how they are not licensed you need to report them as I am doing
 
They are crooks. They readily give u money but charge 150% interest! That should be illegal. $1600 for a $400 loan? That's insane! Never again would I borrow money from them unless I literally had no choice
 
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RonBking39 said:
This is a rather new tribal lender, so I can't find much about it online. Can someone please tell me if they're worth looking into? They offer payday installment loans, to be paid over a 40 week period, which sounds awesome! I just need to know if there's a catch or anything that might make this sound too good to be true.
Click to expand...
 
If you don't pay them back its just going to go on your credit. However they are not licensed so they dont HAVE to play by the rules
 
Well they have placed my account in a collections agency, but it hasn't affected my credit score at all. The people they go through are pretty rude on the emails they continue to spam me with though. They make it sounds as though I'm being yelled at since I'm not paying the bill.
 
Cory said:
Well they have placed my account in a collections agency, but it hasn't affected my credit score at all. The people they go through are pretty rude on the emails they continue to spam me with though. They make it sounds as though I'm being yelled at since I'm not paying the bill.
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If they are illegal and not licensed in your state, they legally cannot collect on the loan. Close your bank account immediately.
 
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Perry said:
Thanks for sharing your experience Dee.
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I am Dealing with the same dilemma ,..They want to give me 900.00 and I saw the projected payments and I'm on hold with them now! I have NOT signed anything but I wanted to see if I could take a lesser amount or work out longer lower payments,..I MOST CERTAINLY AM NOT GOING TO PAY 250.00 EVERY TWO WEEKS LOL.. thanks for sharing your experience!
 
RonBking39 said:
This is a rather new tribal lender, so I can't find much about it online. Can someone please tell me if they're worth looking into? They offer payday installment loans, to be paid over a 40 week period, which sounds awesome! I just need to know if there's a catch or anything that might make this sound too good to be true.
Click to expand...
 
The loan insterest is base over a year and the payment are withdrawns are every pay period. I borrowed a 1000.00 and have been paying 320.00 twice a month for three months. It appears the rate is over 500%. I if I knew this I would have never taken the loan!!!! This company is a thief!!!
 
RonBking39 said:
This is a rather new tribal lender, so I can't find much about it online. Can someone please tell me if they're worth looking into? They offer payday installment loans, to be paid over a 40 week period, which sounds awesome! I just need to know if there's a catch or anything that might make this sound too good to be true.
Click to expand...
 
RonBking39 said:
This is a rather new tribal lender, so I can't find much about it online. Can someone please tell me if they're worth looking into? They offer payday installment loans, to be paid over a 40 week period, which sounds awesome! I just need to know if there's a catch or anything that might make this sound too good to be true.
Click to expand...
 
I just took out a loan with them. Never would I have agreed to pay almost 300 a pymt and it not go towards the principal of the loan. They're crooks. I'm not paying
 
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