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Moreover, borrowers can pay their monthly amortization through salary deduction. Planters Bank Planters Bank lets you loan a minimum amount of P30,000, up to P1 million, with no collateral needed. Pay your monthly amortization at an interest rate of 1. 50 up to 1. 75, depending on the loan tenure you choose.
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Com, which uses former talk-show host Montel Williams to promote its loans, sources told The Center for Public Integrity. Neither MoneyMutual.
com nor Williams were named in the lawsuit. The loans are made under several brand names, including OneClickCash, UnitedCashLoans, USFastCash, 1 lakh personal loan and 500FastCash.
This is not the first case the FTC has brought against tribal payday lenders. The consumer-protection agency has also filed lawsuits against Payday Financial LLC of South Dakota for trying to garnish wages of its borrowers and threatening to sue them in the Cheyenne River Sioux tribal court.
The FTC says the company has no authority to garnish wages or to file cases against nontribal members in a tribal court. Online payday lenders are the fasting growing segment of the industry, accounting for more than 10 billion a year in loans. Only a fraction of that money goes to tribal affiliated lenders. Angela Vanderhoof of Olympia, Wash.