Sherry Treppa – Ransacking USA
Silver Cloud Financial, one of the four online lenders which is owned by Habematolel Pomo Indian Tribe charges triple digit interest for small loans. Sherry Treppa is the chairperson of this foundation.
I was looking for a small loan and Sherry Treppa’s Silver cloud offered me that loan. The representative told me that for every $100, they have fees of $30. I even asked if the company follows adjusting rates. I did not want my interest to go any higher at any given circumstance.
The representative assured that there won’t be any adjustable rate and neither there would be any hidden cost. He assured that the loan would never increase beyond $1300. According to our agreement, during my last installment, I had to pay $280 to close the loan.
But, they deducted extra amount. On this, I logged into my account to check my previous transactions. When I logged in to my system, I realized that they had taken $4000 till date. I was surprised to see that kind of deduction from my account.
I called the company and another representative replied. Her name was Tabitha. She told me that the loan with total of $1300 amount was valid, if I had paid the loan with one installation. However, as I chose to pay in an extension of 14 months, my plan was changed, and the interest rate was adjusted accordingly.
When I calculated the interest which I was paying for $1000 loan, it came out to be 750%. Are you kidding me? Have you ever noticed such a high interest rate for smaller loans? I have never come across such kind of rates. This is total scam.
The worst part is that they never shared any mailed copy of the contract for me to sign it by hand. I only received an email which asked me to click on accept. It did not clarify anything about the changes or the interest rate I would be paying.
Every promise that was made by the previous representative, was verbal. There was no written communication made, which left me with no choice. However, I tried to search for such crimes on internet as I knew I would find more.
And, I was able to locate three other financial institution owned by Habematolel Pomo Indian tribe which were under the same allegation.
There have been allegations that stated about the rates violating many state laws for high rates, as per the regulator. This allegation also stated that the costs weren’t truly disclosed which is a mandate as per truth in the lending laws.
Shery Treppa has disputed these allegations. However, the case is still pending, and people are being scammed. Sherry Treppa with other associates of the company are making people fool and are asking for unjustified rates which can only bring injustice to them.
Habematolel Pomo Indian tribe is a fraud foundation and should be banned from operating.