Plain Green Loans Reviews, Are They Positive?
There is a new payday lending operation in the industry, and their name is Plain Green (PG.) Based out of the sovereign nation of the Rocky Boy’s Indian Reservation in Montana, the lending establishment is owned by the Chippewa Cree Tribe. This fact has led many online commentators to state that this renders PG’s loans obsolete. However, the legality of the company’s short-term borrowing contracts is not the subject of this article. Rather, the terms, products, and disclosure policies of PG and businesses like plain green loans are.
Just Another Payday Lender?
Payday lending is an industry that allows people from all financial backgrounds but especially those with poor or unestablished credit, to borrow small sums of cash. The companies like plain green do not require credit checks or collateral and will wire money to approved applicants in as little as twenty four hours.
The catch? The initial sum is subject to an interest charge (sometimes referred to as a ‘fee’) that is often over 20%, and must be paid back by the next payday. If the borrower fails to meet their contract terms, they will be charged again. When amortized over several months, the interest rates begin to climb into the hundreds. Because of this, payday lenders have weathered harsh criticism, and most states have enacted legislation to limit interest accumulation.
Plain Green has attempted to differentiate itself as a cheaper alternative, claiming their rates are 40 to 60 percent lower than the average. But PG is not cheap credit, as it states on their website, and it will cost a borrower 23% interest to take out a loan, recurring bi-weekly until repaid. New borrowers can qualify for up to $1000, and the money can be paid off over installments or as a lump sum without penalties.
With rates like these, who would be willing to apply for a loan? To their credit, PG’s website emphasizes the emergency nature of installment loans like Plain Green provide and also outline appropriate situations for seeking their assistance. Their list includes unexpected car repairs, medical emergencies or job related issues.
Qualifying for These Loans
A PG loan is not difficult to get. Specifically, the applicant must be 18 or older, have proof of reliable income, a valid e-mail address and a checking account. The checking account must be free of negative marks within the previous 30 days. These include excessive overdraft fees, returned checks and insufficient funds notices. If approved, the borrower will know how much they qualify for in minutes, and the plain green website states the money will appear in their account as early as the next day. According to the plain green website, borrowers who pay on time will qualify for lower rates on future loans.
Are PGLoans Legit Lending?
Former and current customers of PG often ask if the company has a legitimate right to collect on the money they lent out. Since the question indicates that these people received the money they applied for, it is safe to say they are not just collecting applicant’s personal information for some sinister purpose. Assuming the applicant reads through the fee disclosures, terms and warnings before signing for the loan, the applicant has all the information they need to make an educated decision.
Determining whether or not a tribal business can collect on loans made outside reservation lands is a confusing topic best left to expert legal minds. However, they provide full disclosure in compliance with U.S. federal law on their website. Perhaps the real question is, if an individual borrows money and signs off on the contract, is it legal to default on the money owed?
Finding Loans Like Plain Green Loans
Initially, these plain green loans reviews would compare several payday lending companies and their former and current customers. These included payday loans like cashcall and loans like thinkcash. Research on thinkcash led back to plain green. As it turns out, they are the same company. Type in www.thinkcash.com to your browser and you will be redirected to the PG website homepage.
To add to the confusion, one can find press releases on the internet stating that thinkcash has changed their name to thinkfinance. This information is dubious at best, as the thinkfinance website is nothing more than a collection of articles with a positive viewpoint on payday lenders, and doesn’t sell any financial products. It does link to a blog at thinkcashfinancial.com, which suggests they may be linked to thinkcash and thus PG.
Will Plain Green loans Complaints Follow in the footsteps of Think Cash Complaints?
Perhaps they will if the companies really are connected, it is something we will have to wait and find out about. In the meantime we need to ask ourselves if the previously mentioned practices are deceitful before we start to make decisions. Reading think cash reviews you might think so. However, the majority of complaints come from customers who are angry that the company is enforcing the terms of the original contract. Others complain that the company refuses to give them additional time to make a scheduled payment, or that they failed to send them e-mail reminders about the upcoming installment. These complaints do not demonstrate deceitful business practices, but a lack of personal responsibility.
While cashcall reviews reveal similar complaints for similar reasons, there are several differences that set them apart. First, they are only allowed to lend to California residents. Second, they offer limited interest rate (fee) information on their website. More like a traditional lender, Cashcall claims that each customer may receive different rates based on their individual credit situation. They have different product offerings as well, including home mortgages for those who qualify.
Cashcall does offer personal loans, but that is where the similarities stop. A thorough application must be filled out before approval. Applicants must provide a social security number, current and past addresses, employment information and other data used by traditional institutions.
Smart Personal Finance
PG points out that the short-term lending industry gets unfair criticism, backed by larger banking and financial institutions. They claim that the APR standard is not a good barometer for their products, and the press should be emphasizing the growing public need they serve. In fact, they do represent one of the few choices available for the growing number of people who are not credit worthy, but should not be a first choice.
Using PG or any other short-term lender should be a last resort. Interest rates are so high that even small sums can multiply exponentially in months. This is an ideal emergency cash source when there are no friends or relatives to call on, no cash advances on your credit cards and no valuables to sell.
To ensure there are no surprises after the documents are signed, read everything about this or any other similar company before accepting their terms. When all is said and done, once the loan docs have been signed, the borrower has a legal responsibility to pay the money back to Plain Green Loans regardless of what you may read elsewhere.