Greenline Loans must be doing something right. It might be their customer service, perhaps they are exceptionally friendly over there. So few tribal lending customers get any degree of respect that a company that actually respects their clients might get an overwhelming response and/or good word of mouth reviews. Or maybe it's their very crisp, clean, easy to use website? It is very simple to use and it just seems 'corporate' in nature, by that I mean it feels like a truly secure, modern site. Perhaps it is the fact that people are finding this site easily and the costs aren't that high so they are just sticking with the firm. Maybe Greenline Loans isn't too mean or aggressive if their borrowers need a little extra time to repay the loan or need to restructure the loan for a new (revised) repayment date.
We will never know the exact reasons, maybe it's a combination of all the above factors. Either way, Greenline Loans is continuing to grow, which by itself is surprising to me. I have always leaned to the installment lending side of the Native American lending business.
And why not?
Installment loans provide more money, usually a lower APR and there is much more time to repay the loan which would seem to cause less stress. But something is wrong with that equation because Greenline Loans issues some very short-term (payday loans) that are not that cheap, and they are due to be repaid on the customer's next payday. I'm missing something here.
It's nothing personal against Greenline Loans, they are a well run company and everyone there is great. There is nothing hidden about the costs or structure of their loans.
The question I have is why are consumers flocking to what seems to be a mediocre loan product?
The answer might be found with the number of complaints that Greenline Loans has posted against them on the usual complaint boards, consumer websites and forums online. When you look around online for complaints, disappointment, frustration or angry messages about this tribal lender they simply are not to be found.
There are a few of course, there is practically no tribal lender out there (unless they are brand new) that doesn't have some level of complaints lodged against them. But Greenline Loans has really accomplished something that few other Native American lenders have done, and that is have many thousands of customers and yet have so few complaints written about them.
It's this little unscientific discovery that is the reason behind their success. I believe it's the combination of a very outgoing customer service team, a light touch when it comes to borrowers who are only a little behind in their repayment and can schedule a new date, an excellent website with an easy application process not to mention very good encryption and date protection, and when all of these facets of the company are added together it creates an environment where customers keep coming back. And they tell their friends, and their co-workers.
Greenline Loans shows just how far a lender can go even without a good loan product. That's not to say they have a bad loan product, because they don't, it is just a very pedestrian payday loan. It's very simple, very basic, no thrills or ingenuity. There is nothing special about a loan from Greenline. But just like McDonalds, this company offers a simple product at acceptable prices and it gets people through the day. Even though there are better options out there people will often opt for the convenience of a known quantity and the ease of returning to a friendly face.
And just like the thriving business of McDonalds, it doesn't hurt that the U.S. economy has been trending down for at least the last six years. People are still in need of debt products, just like they need food. People like simple and they like to go where they already know what they're getting, especially when times are tough.
There aren't many other ways to describe the success at Greenline Loans. It's not the great pricing or the great product. It's the intangibles of good service and the simple touch of not making anything in the process complicated. That's what Americans are looking for these days.
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