Mitig Capital Reviews (%countItem)
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Mitig Capital Rating
Address: PO Box 301, Lac du Flambeau, Wisconsin, United States, 54538-0301
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I applied for a loan for $750. Only thinking I would be making 2-3 payments and paying it off right away. Only to find out this company is charging me a ridiculous annual finance charge of 645.50%?????!!! so I borrowed $750 and will be paying back almost $5,000 at the end of it. To top it off the payments im making of $226 biweekly arent even going to my loan amount and my balance is going up more and more each day. Total rip off and I will pursue actions against this company!
Dear Ms. Martin:This responds to the above-referenced complaint. This inquiry related to a loan from Mitig LLC dba MitigCapital (the “Company”), which is owned by the Lac du Flambeau Band of Lake Superior Chippewa Indians (“Tribe”). The Company takes these types of inquiries very seriously. Nothing in this communication should be construed as a waiver of the Tribe’s or the Company’s sovereign immunity, all of which are expressly preserved.The Company is a wholly-owned and operated subsidiary of LDF Holdings, LLC (“LDF Holdings”). LDF Holdings is a wholly-owned and operated subsidiary of the L.D.F. Business Development Corporation, which is a wholly-owned and operated economic arm and instrumentality of the Tribe. The Tribe is a federally recognized Indian tribe, organized under a Constitution pursuant to the Indian Reorganization Act of 1934, 48 Stat. 984, 25 U.S.C. §§ 476, et seq., as amended, and is identified on the United States Department of Interior’s list of federally acknowledged Indian Tribes. 83 FR 34863-01 (July 23, 2018). The Company is an arm of the Tribe. As an arm of the Tribe, the Company possesses all of the privileges and immunities of the Tribe. The Tribe and the Company are entitled to tribal sovereign immunity and they are not subject to state law. Wells Fargo Bank, N.A. v. Lake of the Torches Econ. Dev. Corp., 677 F. Supp. 2d 1056, 1061 (W.D. Wis. 2010) (holding that entities acting as arms of a tribe are entitled to tribal sovereign immunity).The complaint took issue with the cost of the loan. The Company issues loans in accordance with the Tribe’s Tribal Consumer Financial Services Regulatory Code and it is licensed under Tribal law. The customer’s loan agreement provided that it would be governed by the laws of the Tribe, without regard to the laws of any state. The interest and fees applicable to the loan are permitted by Tribal law. They were accurately and clearly reflected in the loan agreement that the customer signed before receiving the loan. The customer also received the TILA Disclosure, listing the payment amounts and payment dates.Although not required to do so, as a courtesy, the Company would like to offer a discount to the customer. If the customer pays the sum of $945, the Company will close the account and waive any outstanding interest. The customer can either (1) call the Company at *** to set up a payment plan or (2) mail a cashier’s check or money order for the sum of $945.00 to the Company’s address below:***We would be happy to discuss these issues further, but, again, please be advised that nothing in this communication should be construed as a waiver of the Tribe’s or the Company’s sovereign immunity, all of which are expressly preserved. Please direct any future communications through our legal counsel: Shilee Mullin at *** Complaint #*** Page 2The Company trusts that the complainant will find this response satisfactory. However, if he/she is not satisfied with the Company’s resolution of this matter, pursuant to Section 10 of the Tribal Consumer Financial Services Regulatory Ordinance, which can be found at https://www.ldftribe.com/uploads/files/Court-Ordinances/***Consumer- Financial-Services-Reulatory-Ordinance.pdf, he/she may pursue formal dispute resolution with the Tribal Consumer Financial Services Regulatory Authority (“Authority”). To do so, he/she must send a written request to the Authority at***. The request must contain the information required by Section 10 of the Tribal Consumer Financial Services Regulatory Ordinance.Kindest regards,***, PresidentMitig LLC dba MitigCapital
I believe I was mislead into this contract. I didnt see the repayment and interest rate of a 750.00 loan until the loan was executed. This loan has an interest rate of 625%. How is this legal? They have been debiting my checking account $226.20 every 2 weeks for the last 3 months even though I specified I get paid on the 5th and 20th of each month. I have paid the amount of the loan and then some. The loan will end up costing over $4000.00. This seems highly unfair and taking advantage of people in financial crisis. I also suffer from Bi-Polar disorder that is treated by the VA and suffered a Traumatic Brain Injury which results in me making hasty decisions when in a financial crisis and I was preyed upon by this company. Mitig Capital hides behind tribal law practices that grant them immunity from litigation in a United States Court or so they say. I have heard President Trump is cracking down on these companies and putting forth laws to prevent them from financially harming US citizens.
Please see attached for additional information.
Worst loan company ever, they take advantage of people in need of an emergency loans, the payback charges are ridiculous, I borrowed 800, so far I made payments in a total of almost 1000 dollars and I still own them 950!! WTF?? never again....
This company does not do a good job explaining the ridiculous interest rate of hundreds of % of loaned amount; so borrowing $800 becomes over $5000 in payments which are to made on a biweekly basis. I thought it was to be only 4 payments; deductions continued. After attempted to close the account as payments over $1000 had occurred the payment schedule was reviewed.
This responds to the above-referenced complaint. This inquiry related to a loan from Mitig LLC dba MitigCapital(the “Company”), which is owned by the Lac du Flambeau Band of Lake Superior Chippewa Indians (“Tribe”). The Companytakes these types of inquiries very seriously and would like to provide you with the below information. However, nothingin this communication should be construed as a waiver of the Tribe’s or the Company’s sovereign immunity, all of whichare expressly preserved.The Company is a wholly-owned and operated subsidiary of LDF Holdings, LLC (“LDF Holdings”). LDF Holdings is awholly-owned and operated subsidiary of the L.D.F. Business Development Corporation, which is a wholly-owned andoperated economic arm and instrumentality of the Tribe. The Tribe is a federally recognized Indian tribe, organized undera Constitution pursuant to the Indian Reorganization Act of 1934, 48 Stat. 984, 25 U.S.C. §§ 476, et seq., as amended, andis identified on the United States Department of Interior’s list of federally acknowledged Indian Tribes. 83 FR 34863-01(July 23, 2018). The Company is an arm of the Tribe. As an arm of the Tribe, the Company possesses all of the privilegesand immunities of the Tribe. The Tribe and the Company are entitled to tribal sovereign immunity and they are not subjectto state law. Wells Fargo Bank, N.A. v. Lake of the Torches Econ. Dev. Corp., 677 F. Supp. 2d 1053, 1061 (W.D. Wis. 2010)(holding that entities acting as arms of a tribe are entitled to tribal sovereign immunity).The complaint takes issue with the interest rate on the loan. The Company issues loans in accordance with theTribe’s Tribal Consumer Financial Services Regulatory Code and it is licensed under Tribal law. The customer’s loanagreement provided that it would be governed by the laws of the Tribe, without regard to the laws of any state. Theinterest and fees applicable to the loan were permitted by Tribal law and they were accurately and clearly reflected in theloan agreement that the customer signed before receiving the loan.Although not obligated to do so, as a courtesy, the Company has closed the subject account and waived theoutstanding balance.We would be happy to discuss these issues further, but, again, please be advised that nothing in thiscommunication should be construed as a waiver of the Tribe’s or the Company’s sovereign immunity, all of which areexpressly preserved. Please direct any future communications through our legal counsel: *** at ***
***The Company trusts that the complainant will find this letter of explanation satisfactory. However, if he is notsatisfied with the Company’s resolution of this matter, pursuant to Section 10 of the Tribal Consumer Financial ServicesRegulatory Ordinance, which can be found at ***he may pursue formal dispute resolution with the Tribal ConsumerFinancial Services Regulatory Authority (“Authority”). To do so, he must send a written request to the Authority at ***
***. The request must contain the information required by Section 10 of the TribalConsumer Financial Services Regulatory Ordinance.