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- Tribal Lender. Line of credit product
- Rates similar to payday loans
- Tribe based. Since 2006
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Mobiloans offers a line of credit instead of a traditional installment loan. Once you are approved you can draw down on your line of credit. The fees are based on an initial fee and then if you don't pay it off fully a fee based on the remaining balance. This is still a very expensive loan and the effective interest rate is very similar to payday loans.
Mobiloans exports tribal law in order to offer its loans in all states. MobiLoans, LLC, is the lending entity and is a tribal lending entity wholly owned by the Tunica-Biloxi Tribe of Louisiana. The Payday Hound prefers lenders that are state licensed. State licensed lenders are regulated by the each state they operate in. Most lenders are now state licensed. Mobiloans is not.