PLAIN GREEN LOANS HAS LOW RATES FOR LARGE BORROWERS

It stands to reason that if a person borrowed more money from a company then they would pay more interest, right?  Not so with Plain Green Loans.  This company has a much lower APR on their loans to people that qualify for high dollar amounts. 

The lowest amount of money that Plain Green Loans is willing to lend is $250 and the shortest lending time period is eight weeks.  This is the least a new customer (or existing customer) can borrow.  This loan for $250 would carry the worst APR available, which is nearly 379% on the eight week loan.  Not very good, although it should be noted that a payday lender would have four loans in that same allotment of time and wouldn't do much better with their compound format for rolling an existing loan.

What gets interesting at Plain Green is the fact that at the opposite end of the spectrum, borrowers who can max out at the top $3,000 loan that the company offers, can have a much lower APR.  This seems contradictory in some way, the fact that a person who borrows so much more money could be that much more of a risk to the lender.  There is a 12 fold greater risk for a person that borrows $3,000 from Plain Green versus someone who takes out a $250 loan.  But the model here is a person's income and payment history, so the fact is the $3,000 loan would most likely go to a creditworthy individual.

Back to the APR on that $3,000 loan.  It's a mere 59% if the loan is taken for the maximum time which is 38 weeks.  Now I have to caveat that, because saying that 59% APR on a loan is a "small" interest rate is laughable.  However, when compared to other tribal lenders who offer short-term loans it is in fact one of the best rates available. 

Now if only other lenders would start to come down to some kind of reasonable rate.  An APR of less than 60% is not reasonable, but at least it's moving away from the ridiculous nature of 400% and beyond with some of the most outrageous loans out there.  And Plain Green Loans should work on their rates for their more intermediate borrowers.  For example a person who borrows $900 for a 20 week duration will be looking at an APR of 319% which is just not good.

How can the same company offer a loan of $3,000 to a customer for 38 weeks and then offer a $900 for 20 weeks, and charge an interest rate of over 500% more interest?  I know that I'm not a math wizard but this situation just seems very strange.

Having said that, everything else about Plain Green is pretty good.  Very courteous staff, very fast turn time to get the money over to your checking account.  Sometimes the transfer is completed by the next morning, but it's usually the following business day after the initial call. 

I've asked the company what their cut-off time is for a next day loan versus a loan the following day but they just said they "do their best" to make it happen the next day.  I don't blame them for not wanting to set a hard time because then they would be beholden to make it happen even if the customer's bank didn't allow the transaction to take place the next day.

The website for Plain Green is very intuitive and easy to use, and the terms of the contract you signed are very visible.  The company also will send you notifications (email updates) when a payment is coming due.

Overall this lender is above average in all aspects except the interest they charge to their customers.  But at the same time they offer a much lower rate to their better customers (or customers who both qualify and choose for a higher dollar loan) so that it makes more sense to borrow more money from Plain Green than it does to borrow small amounts. 

If you go for a loan with this company try to push for the largest amount of money borrowed and the longest length of time for the loan.  Even if you don't need all that money, use the portion that you don't need as a lump sum payment to knock down the principal amount owed.  Then you can maintain the lower rate you got on the front end, and have a smaller principal amount owed right at the start of the loan. 

Plain Green is an aggressive lender that advertises pretty frequently on the internet, so they might be willing to stretch a customer to higher dollar amounts on an initial loan.

Comments

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[Devan]

I agree that Plain Green is better than most online lenders. They didn't ask to see my credit score or history, so you were right about that. I like being able to get loans like this quickly without the stress of going into the loan stores, those places are ready to humiliate you at the drop of a hat.

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[Darrin]

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[Vern]

It's true Plain Green is lower than other tribe lenders. I know because I used Greenline which is tribal and they charged more than double what I got through Plain Green.

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[Tennis girl]

That's for the info on Plain Green, it's still going to be a question as to whether I use them or not.

[Jenny Rebel]

Thanks for the info on Plain Green Loans, it's nice to know that there are at least a few companies left that will give a decent size loan because most lenders these days only want to give peanuts, trying to hand out small $300 loans.

[Sam]

Plain Green is better than my local payday loan store I know that because I took a loan from each one in 2013 and the Plain Green loan was much cheaper. Stay away from payday loans.

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[Dilip Patel]

Sorry but the low rates are not what most people would consider "low" - very, very expensive no matter who you are or what your credit score is.

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[brad]

Plain Green wouldn't even work with me. And I make $1600 A MONTH

[Cameron]

Took a loan from Plain Green a few years ago and deeply regretted the decision. Didn't help only made things worse and I wish I had it to do over again. Ultimately I couldn't even pay it off but they made a lot of money off of me while I kept trying to pay it down.

[Verified Crazy Land]

Plain Green loans doesn't have low rates if you call a 60% apr a low rate. If that's a low rate then we are all screwed because that rate will put just about anyone into the poor house. I don't understand why these tribe lenders can't just put some loans out there that charge 17% or maybe a little more but not too much more? That's how the credit card companies made a killing over the last 20 some years with that 17% apr and sometimes it was like 21%, but still you get the idea, not 60% and definitely not 700% and all this nonsense that a bunch of these tribal lenders are pushing at us. It's just crazy that this is even happening.

[Max Fotopoulos]

Hi great job, I borrowed from these guys. Cost was a little higher than what you wrote but still not bad considering the other options out there.

[Louis Montello]

Large borrowers have to turn elsewhere from native loan lenders if they ever hope to get any good loan. I asked 4 different companies for a loan that was for $5,000 and the closest I got was one company said they would do $800 it was the Spotloan company you always talk about good luck to anyone trying to get a true loan like they used to have out there. Not anymore and no way are tribal guys going to get it done.

[Not Entirely True]

Good review on the company but still very high rates

[Jason]

You've made some really good points there. I almost went with Plain Green about a year ago and glad I didn't thanks again.

[Candace]

My problem is that I can't do business with Plain Green Loans at this point, and I'm looking for a company similar to Plain Green Loans.

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you're really a good writer. The site speed is incredible. It kind of feels that you're doing some unique trick. It's good that somebody is writing about these companies and letting the world.

[Mr Oxbow]

This is a good site keep up the good work, somebody needs to talk about how these companies are way too expensive.

[John]

Plain Green Loans is good at giving you a loan but they are not so good if you have to ask for a skipped payment. Let me tell you I thought these guys were going to lose their minds when I told them they would have to wait until another pay period arrived for me to keep paying. They talked about an additional fee but that wasn't even the issue it was the fact that customer service at Plain Green Loans just needs to stay calm if an issue comes up with one of their customers. Stay calm guys.

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[David Melton]

I agree with you to an extent about Plain Green, they do have much lower rates than what you'll find from American Web Loan. I borrowed from both of them and Plain Green loans was easily much cheaper. But I do have a problem with referring to Plain Green's lending as "cheap" or "low cost" because it is anyway but low cost. There are other installment lenders that are not Native American registered or whatever the set-up is to have a tribal loan license, but they are registered in Illinois and they have much lower rates than Plain Green. So don't think that just because they are cheaper for tribal lending means that they are cheap period, because the state licensed lenders can't charge over a certain amount.

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[Mike Webber]

This is a good lender, which is weird for me to say. I normally don't like any banks or lenders because I think they are vampires. But I have to say that Plain Green loans helped me when I needed help and they did everything they said they would do on time and just how they spelled it out.

[Just stop already]

I wouldn't call $3000 a large amount, not compared with what can be borrowed elsewhere.

[social media kid]

It's hard to find knowledgeable people talking about this topic, but you seem like you know what you're talking about! Thanks for the info. By the way I wouldn't use most of these companies, I'm surprised so many people do. Is it because of the hard times out there? Must be.

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