Makwa Finance Makwa, LLC d/b/a Makwa Finance ("Makwa”), is a wholly owned subsidiary of LDF Holdings, LLC, Overcharged over $500 on a 52-day loan. Lac du Flambeau Wisconsin
A wholly owned subsidiary of the Lac du Flambeau Business Development Corporation, a wholly owned and operated economic arm and instrumentality of the Lac du Flambeau Band of Lake Superior Chippewa Indians ("Tribe”), a federally recognized Indian tribe. Makwa, LLC dba Makwa Finance is organized and in good standing under the laws of the Tribe. Makwa, LLC dba Makwa Finance is a duly licensed Financial Services Licensee of the Lac du Flambeau Tribal Licensing and Regulatory Authority, an independent regulatory body of the Tribe.
Before I made a $700 loan with Makwa I asked the man that called to finalize the application if I paid off the loan in 60 days, how much total would I have to pay. I was told approximately $900. That seemed high but fair since it is a high interest loan, so I finalized the transaction.
I paid three payments of $208 ($624) and then called to pay off the balance. I was told the balance to pay off the loan was $780, which would make the total paid on a $700 loan $1,404 for a loan for 52 days. I told them that was not what I was told by the man who finalized the application with me and they said sorry for the inconvenience, but did not offer to make the situation right.
6 Updates & Rebuttals
LKR
Garland,Texas,
United States
Smear tactics will not make me remove my post..
#7Author of original report
Tue, February 25, 2020
Smear tactics will not make me remove my post..
Momo
United StatesYou Just Can't Stand The Truth!
#7Consumer Comment
Tue, February 25, 2020
The previous poster told you EXACTLY how it is and pointed out YOUR mistakes. There was NOTHING wrong with what he wrote but the poor little baby just can't stand to be corrected. Isn't that such a shame. Maybe if you go stomp your feet some more, you'll feel a lot better!
LKR
Garland,Texas,
United States
Bottom Line - The Interest Charged was Higher than Listed in the Contract
#7Author of original report
Sun, February 23, 2020
And you sir, are very rude!
Jim
Anaheim,United States
Stop Being a Moron
#7Consumer Comment
Sat, February 22, 2020
First, I am not the person who provided you the loan. Second, you were stupid enough to take a loan signing an application, but not getting the documents for it. Third, it is not illegal to charge that must interest since usury laws were struck down by the US Supreme Court in the 1970's. Fourth, it is more than likely that since you borrowed from a soverign indian nation, even if there were usury laws in your state - those laws would not apply in a soverign indian nation.
Many loans like this will have interest rates anywhere from 500%-1500% or more, so yes a loan of just under 700% might be about right. It's too late now, but next time you should ask for documents related to any loan you take that list down the interest rate on the loan. Never take anyone's word for anything since none of whatever they tell you is binding on them.
LKR
Garland,Texas,
United States
The loan documents do not list anything of what you speak.
#7Author of original report
Sat, February 22, 2020
$700 repaid in 2 months at 700% per annum APR has a total interest of $162.32. Not $700. What you do is illegal. You are crooks.
Jim
Anaheim,California,
United States
Oral Conversation Irrelevant
#7Consumer Comment
Fri, February 21, 2020
Before I made a $700 loan with Makwa I asked the man that called to finalize the application if I paid off the loan in 60 days, how much total would I have to pay. I was told approximately $900. It doesn't matter what you were told; it only matters what the document you signed says. You need to look at your loan agreement and find out what the % rate on the loan was. You also have to include loan fees and other sorts of things that might be a part of your loan.
Now, had you asked what the loan's interest rate was, then that might be something you could hold the person you spoke with to. If the % was correct, then whatever you owe is whatever you owe. At this point, there is no obligation to make anything right because what you paid is probably correct based on the loan doc you signed.