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I am sorry to hear about this. If you look at your contract closely, you will see that it includes the following (or close to it):
"All borrowers must consent to be bound to the jurisdiction of the _____ Tribal Court, and further agree that no other state or federal law or regulation shall apply to this Loan Agreement, its enforcement or interpretation."
(Or, something like this.)
This means that the jurisdiction for this contract lies within the Tribal Court. Their law applies, which may and does differ from other US jurisdictions. Wherein other jurisdictions have usury laws that find that interest rate illicit, the Tribal Court does not. And by signing the contract, you have agreed to bind yourself to that jurisdiction - a contractual clause which is valid.
Okay, we know that they have this crazy interest rate because they are operating under Tribal laws and your contract binds you to Tribal jurisdiction.
So do I have any hope?
If this was challenged in a Florida Court, you could potentially have the interest adjusted by the Court if/when the Court found the interest to be substantively unconscionable, and thus, void.
The Court in Florida would then substitute its own lawful interest under Florida law. But this is not in FL Court.
Many states including California, Maryland, South Dakota and West Virginia have had their Attorney General offices sue tribal lenders and/or request a stay in Court, that would have the business be halted in the state due to the unreasonable interest rate. You may file a complaint with your state's Attorney General t the following url...
...and let the the lender know of this and hope that the AG acts fast to help you. Good luck.
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