Consumer complaint received 2016-09-13
Product: Payday loan — 
Issue: Charged fees or interest I didn't expect — 
Company: Green Trust Cash, LLC (MN)

I took out a small loan of {$300.00} from the company Green Trust Cash on XXXX XXXX 2016. When the loan was originally taken out I was in need of a small amount to cover my rent charges. I had every intention of paying off the loan in full with my next paycheck, but other circumstances came about and I was unable. I figured that I would be charged the fee amount and would see a significant reduction in my remaining loan balance. Since originally receiving the loan I have made payments of the following amounts on the following dates : XXXX/XXXX/2016 = ( {$100.00} ), XXXX/XXXX/2016 = ( {$97.00} ), XXXX/XXXX/2016 = ( {$94.00} ), XXXX/XXXX/2016 = ( {$91.00} ), XXXX/XXXX/2016 = ( {$85.00} ), XXXX/XXXX/2016 = ( {$82.00} ) & XXXX/XXXX/2016 = ( {$79.00} ) these amounts totalled {$710.00} debited from my account on a loan that was originally {$300.00}. Mind you that my principal balance has only dropped to {$280.00} due. The reason I havent paid of the loan sooner is because of the high fees and other circumstances I have been forced to take out other payday loans to stay affloat which has landed me in a huge financial crisis. I am a resident of Minnesota and Minnesota 's laws state that a loan between {$250.00} & {$350.00} payday lenders can not charge more than 6 % annual interest ( minimum {$17.00} ) plus a {$5.00} fee. Green Trust Cash 's loan was an annual percentage of 667.41 % with total payments coming out to {$1600.00} on a {$300.00} loan. THAT IS RIDICULOUS! I contacted the company Green Trust Cash about their extremely high fees and not reducing my principal balance as well as asked them for a refund of {$210.00} ( the amount in fees already paid compared to Minnesota 's Payday Lending Laws ) because I paid this company {$710.00} on a {$300.00} loan. They promptly responded stating that they are a Tribal Lender based out of Montana and that they do not need to adhere to local State laws. They stated the following : " Clearly stated on our website and in the contract you executed it states Green Trust Cash, LLC ( the " Company '' ) is a wholly owned and operated entity of the XXXX XXXX XXXX XXXX ( the " Tribe '' ) on the XXXX XXXX XXXX XXXX Montana ( the " Reservation '' ). 

The Company is wholly owned by the Tribe, was established for the Tribe 's economic benefit, and is organized under and operates pursuant to Tribal law. As an economic arm of the tribe, the Company shares the Tribe 's sovereign immunity and, therefore, is not subject to state enforcement actions described in your XXXX mail. 

The XXXX XXXX XXXX XXXX is a federally-recognized Indian tribe and a sovereign nation, as expressly recognized under federal law. See 75 FED. REG. 60,810, 60,811. As such, Green Trust Cash, LLC, follows the applicable principals of Federal financial consumer laws and the laws of the XXXX XXXX XXXX. 

We take these matters seriously and diligently work with our customers to answer any inquiries and resolve any issues that have been brought to our attention in a timely manner. We hope that the response above answers your question regarding the legality of Green Trust Cash providing loans to consumers in your state. '' I have asked this company to stop their ACH withdrawals from my bank account and that they refund me the amount of {$210.00} as well as send me a confirmation email stating that my account has been paid in full and that my account is now closed with their company. 

Because of this companies fees and continued withdrawal without decreasing my principle amount I have had to take out other payday loans and have been in a serious financial crisis for the past month and a half. I contacted the company, stated my state laws, told them that I had every intent to pay off their loan ( which in the long run I did plus some ) and asked them to cease all direct contact and cease ACH withdrawl from my bank account.