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In some cases, you may be given the option of obtaining a loan from a tribal lender. Tribal lenders are subject to tribal and certain federal laws while being immune from state law including usury caps. If you are connected to a tribal lender, please understand that the tribal lenders rates and fees may be higher than state-licensed lenders. Additionally, tribal lenders may require you to agree to resolve any disputes in a tribal jurisdiction.
You are urged to read and understand the terms of any loan offered by any lender, whether tribal or state-licensed, and to reject any particular loan offer that you cannot afford to repay or that includes terms that are not acceptable to you. The purpose of shorter duration loans is to provide the borrower temporary financial relief.
Personal Loans. These types of loans are usually in the thousands, are repaid over a few years, and take into account your credit rating and history. Consumers seek out personal loans to fund expenses that a traditional loan may not cover. They use personal loans to consolidate debt, including credit card and medical debt; to fund a new business venture or as a small business loan; or to cover home repairs.
Some even use loans to fund events such as a wedding or vacation. To the lender, your ability to repay the loan is more important than what you plan to use the loan for. Personal loans are often unsecured and require no collateral. Loan seekers with marginal credit may be able to obtain this type of loan with the help of a cosigner.