block No longer operating

First Loan: What Happened

First Loan is no longer accepting new applications, per its own site. It was an Elem Pomo tribal lender whose own example showed a 778% APR.

What happened to First Loan

First Loan (FirstLoan) was a tribal lending program of the Elem Indian Colony of Pomo Indians in California. When active, it lent $200 to $5,000 (first-time borrowers up to $1,500) over roughly one-year plans, and its own website sample showed a 778% APR — well above California's rate cap, which was the basis of a 'rent-a-tribe' lawsuit. Its site now states that FirstLoan is no longer accepting new applications.

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First Loan FAQ

Is First Loan still operating? add

No — FirstLoan states on its own site that it is no longer accepting new applications. It was an Elem Indian Colony of Pomo tribal lender in California.

What APR did First Loan charge? add

First Loan's own website sample showed a 778% APR (reported range 600%–795%) — well above California's cap, which was the basis of a 'rent-a-tribe' lawsuit.

Sources

Independent & not affiliated. Tribal Installment Loans is an independent resource and is not affiliated with First Loan. Brand names are trademarks of their owners. Facts are summarized from the cited public sources.