A few days ago I just completed a long complaint against Green River Loans and now it turns out that Green River Loans is out of business. That's a strange coincidence but if you think about it the company never really stood much of a chance.
With so many tribal lenders pushing for a limited number of customers all the time, and the constant arrival of new Native American lenders, the concept of a small time operator making it in this industry with so many competitors is not just improbable, it's a surprise if they can stay in business.
When did Green River Loans go out of business? Now that specific question I don't have an answer for, except that I know they were still in business back on February 22, 2014 and I know they were out of business on April 27, 2014.
Somewhere in that two month window not only did this lender go out of business but it virtually vanished from any record of existence online. I couldn't find any record of the company at all, it's as if the firm never existed except for a few complaints and some bland reviews.
One note about the demise of Green River Loans was not only the fact that when you try to visit the website of the company you get a non-responsive page, but there is also another site that displays the last time the page was loading. So when I mentioned that I wasn't sure when the company fell apart there is actually a good hint the closing took place on or around April 4, 2014. That's the last time their website showed a response to a visitor.
What about the people who are current customers of this lender? What do you do with your Green River Loans outstanding loan? Do you keep paying on it, and a better question is are you even going to be asked to repay? Without knowing for sure I would say the answer is absolutely "yes" you will still be on the hook to repay. Why?
We know from past precedent that when a tribal lender goes out of business they curtail (cutoff) their website (and sometimes their phone number as well, but normally the phones will still be active for existing customers) but they will keep deducting the agreed to amount of money from your checking account.
Sorry to all those who were hoping that this news meant they would be free from repaying, that's not the case. When a tribal lender goes away they only take down their retail elements, which is the marketing campaign, the company website, the new application group, all the rest (like the collections people and the accountants) continue to work to make sure the remaining money is collected by the (now faltering) firm.
Green River Loans is definitely not a loss for anyone who was in the market for a bad credit loan. That's why most consumers turn to Native American lenders in the first place; since they can't get a loan anywhere else with any other company the final destination in the downward hunt for unsecured debt is the tribal lending industry.
That's not to say that all tribal lenders are bad operators because that's not true. There are several high quality tribal loan companies that I think are a good fit for people in certain difficult situations. But, and sorry to the former owners of the company, but Green River Loans was not one of those 'go to' companies. I didn't learn about Green River Loans until recently and just wrote about them a few days ago, but the education was more like a warning.
This lender had offered a small loan with high interest rates and a timeframe to repay that wasn't very enticing. There was simply nothing really good to write about the company and that's why I wondered in the last post as to why (or how) Green River Loans was going to survive. And I guess that line of thinking was about right because here we are a very short time later and now the Green River Loans site is not in operation.
Perhaps they glanced at the story that was written here and decided that it made perfect sense and that there was no way for them to compete with their far too simplistic business model. Let's say goodbye to Green River Loans as it almost a guarantee that they are permanently out of business now, and Native American lending will be just as good or bad as it was before they went out of business.
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