Alert updated: 04/10/2017
Originally posted: 11/01/2012
The Washington State Department of Financial Institutions (DFI) has received a complaint from Washington State consumers against Tunica-Biloxi Tribe of Louisiana d/b/a MobiLoans d/b/a MobiLoans, LLC (MobiLoans). One consumer reported that he was not provided a copy of the loan agreement after receiving a loan. Another consumer reported receiving a loan and being charged excessive fees and interest on the loan.
MobiLoans operates its website at [www.mobiloans.com]. MobiLoans lists its contact information as:
151 Melacon Drive
Marksville, LA 71351
If you have a complaint against MobiLoans, you can contact MobiLoans at:
PO Box 1409
Marksville, LA 71351
It appears that MobiLoans may be operating as an online tribal lender. MobiLoans claims to be a tribal lending entity wholly owned by the Tunica-Biloxi Tribe of Louisiana, a federally recognized Indian tribe.
MobiLoans is not licensed by the DFI and is not registered to conduct business in Washington State by the Department of Licensing, the Department of Revenue, or the Secretary of State.
The DFI warns Washington State consumers that before doing business with a financial service provider the consumer should:
- Make sure that the entity is licensed. Consumers can use the “Verify a License” feature on DFI’s website at www.dfi.wa.gov to check whether a payday or consumer loan company is licensed to conduct business in the state of Washington.
- Not provide any personal information, such as social security number or bank account number or access if the company is not licensed or authorized to conduct business.
Important Information for Washington State Consumers
Washington State residents with loans exceeding $700 are informed that Washington State law provides in RCW 31.04.035 that fees or interest charged in the making of a nonresidential loan by an unlicensed lender must be refunded to the borrower.
Report Unlicensed Lending Activity or Fraud
Washington State residents only: If you suspect unlicensed activity by a payday lender or consumer loan company, please contact the Department at 1-877-RING-DFI (746-4334), or online at www.dfi.wa.gov. Even if your activity involves a loan over the internet, a license may still be required.
If You Live In Another State
If you live in another state, find the regulator in your home state.