Personal loans have become increasingly popular, especially with the rise of online lenders. One such lender is Plain Green, a company that has been providing short-term personal loans since 2011. With its user-friendly website and quick approval process, Plain Green has gained popularity among borrowers in need of quick cash.
However, like any financial service, there are concerns about the legitimacy and trustworthiness of Plain Green. In this blog post, we will take a closer look at Plain Green, examine customer reviews, discuss the pros and cons, and help you make an informed decision about whether Plain Green is a scam or a legitimate lending option.
What is Plain Green?
Plain Green LLC is an online lender that offers short-term, unsecured personal loans. The company is a tribal lending entity wholly owned by the Chippewa Cree Tribe of the Rocky Boy’s Reservation, a federally recognized American Indian Tribe.
Operating entirely online, it provides loans ranging from $500 to $3,000, with repayment terms varying from 10 to 26 months. The application process is straightforward, and borrowers can receive funds as quickly as the same day they apply. However, it’s essential to note that the interest rates charged by Plain Green can be high, making borrowing from them more expensive than other lenders.
Pros and Cons of Plain Green
Before considering any financial service, it’s crucial to evaluate the pros and cons. Let’s take a look at the advantages and disadvantages of choosing Plain Green loans.
- Fast approval: It offers a quick and easy application process, with the potential for same-day approval.
- Online application: Applying for a loan online is convenient and can save time compared to in-person applications.
- Flexibility: It provides loans with a range of repayment terms, allowing borrowers to choose the option that works best for them.
- No prepayment penalty: Borrowers can pay off their loan early without incurring additional fees or penalties.
- No collateral required: It offers unsecured personal loans, eliminating the need for collateral to get approved.
- High-interest rates: The interest rates offered can be quite high, making the cost of borrowing money more expensive than other lenders.
- Limited availability: It does not offer loans in all states, limiting the accessibility of its services depending on the borrower’s location.
- Limited loan amounts: The maximum loan amount available is $3,000, which may not be sufficient for some borrowers’ needs.
- Limited customer service: Some customers have reported difficulties reaching customer service representatives or resolving issues with their loans.
- Negative reviews: It has received negative reviews and complaints from some customers, suggesting potential issues with its services.
It’s crucial to carefully consider these pros and cons before deciding whether it is the right personal loan company for you. Take into account your financial situation, needs, and explore alternative options to ensure you are making an informed decision.
Qualifying for a Plain Green Loan
To qualify for Plain Green personal loans, borrowers generally need to meet specific eligibility criteria. These include being at least 18 years old, being a U.S. citizen or permanent resident residing in a state where Plain Green operates, having a steady source of income, and holding a valid checking account in their name.
It does not require a minimum credit score, making their loans accessible to individuals with limited or poor credit history. However, meeting these eligibility criteria does not guarantee loan approval, as the company considers additional factors such as debt-to-income ratio and recent payment history.
Interest Rates and Repayment
One of the significant concerns is its high-interest rates. Plain Green personal loan interest rates can be as high as 599%, making it one of the highest personal loan rates in the market. This high-interest rate can significantly increase the cost of borrowing and make repayment challenging for some borrowers. Before committing to a payday loan, it’s essential to carefully consider the interest rates and associated fees to ensure affordability and explore alternative lenders offering more competitive rates.
Repayment options vary depending on the borrower’s loan agreement. Payments can be made weekly, bi-weekly, or monthly, and failure to make timely payments may result in additional fees and penalties. It’s crucial to prioritize loan repayments and reach out to them if facing difficulties to discuss possible solutions.
Plain Green and Credit Impact
Taking out a loan from Plain Green can impact your credit score, both positively and negatively. As with any lender, Plain Green reports borrowers’ information to credit reporting agencies. Making on-time payments and paying off the loan according to the agreed terms can have a positive impact on your credit score, demonstrating responsible borrowing.
On the other hand, missed payments or defaulting on the loan can negatively affect your credit score, making it more challenging to obtain credit in the future. Additionally, applying for a loan may result in a temporary dip in your credit score due to a hard credit check. However, this impact should be minor and recover over time with responsible repayment.
Plain Green BBB Reviews
When evaluating the legitimacy of a company, it’s valuable to consider customer reviews and ratings. Plain Green has a Better Business Bureau (BBB) rating of “B,” indicating some level of customer satisfaction. However, it’s important to note that there are over 100 complaints against the company.
Common complaints involve issues with customer service, loan terms, repayment problems, and allegations that the interest rates violate state laws. There are also reports of consumers being harassed by collection agencies. It’s crucial to consider these complaints and assess whether the reported issues align with your comfort level before choosing them as your lender.
1. How does Plain Green ensure the security of my personal and financial information?
Answer: It employs robust security measures, including encryption protocols, firewalls, and secure servers, to protect the confidentiality and integrity of your information. They adhere to industry standard practices to safeguard your data from unauthorized access or misuse.
2. Are there any hidden fees associated with a Plain Green loan?
Answer: It does not charge hidden fees that are not fully disclosed in the loan agreement or loan cost and terms. However, they may apply fees for missed, returned, or late payments. It’s essential to review the loan terms and conditions thoroughly to understand any applicable fees.
3. How does Plain Green determine the loan amount I am eligible for?
Answer: It considers various factors, including your income, employment status, and creditworthiness, to determine the loan amount you are eligible for. While there is a maximum loan limit of $3,000, the actual loan amount approved may vary based on individual circumstances.
4. Can I extend the repayment term of my Plain Green loan if I need more time?
Answer: It does not offer explicit loan term extensions. However, they may consider alternative repayment arrangements on a case-by-case basis. It’s important to contact their customer service team to discuss your situation and explore possible options.
5. Can I repay my Plain Green loan early without incurring any additional charges?
Answer: Yes, you can pay off your Plain Green loan early without facing any prepayment penalties or additional fees. Early repayment is encouraged and can help you save on interest costs.
6. How long does it typically take for Plain Green to deposit approved funds into my bank account?
Answer: Once your loan is approved, Plain Green strives to deposit the funds into your bank account within one business day. However, the exact timing may vary depending on your bank’s processing times.
7. What happens if I am unable to make a scheduled payment on my Plain Green loan?
Answer: If you anticipate difficulties in making a scheduled payment, it’s crucial to contact Plain Green’s customer service as soon as possible. They may be able to provide assistance, such as alternative payment arrangements or hardship programs, to help you navigate through temporary financial challenges.
8. Can I cancel my Plain Green loan after it has been approved and disbursed?
Answer: Yes, you can cancel your Plain Green loan, but it’s essential to act promptly. You can contact their customer service or log into your account to initiate the cancellation process. However, keep in mind that any outstanding balance must be paid in full before canceling the loan.
9. What options are available for making loan repayments with Plain Green?
Answer: Plain Green offers multiple repayment options, including automatic payments, online payments, and payments by phone. They provide flexibility to accommodate different borrower preferences and ensure convenient repayment methods.
10. How does Plain Green handle loan defaults or late payments?
Answer: In the event of a loan default or late payment, Plain Green may take actions to collect the outstanding amount, which could include engaging third-party collection agencies or pursuing legal measures. It’s crucial to make timely payments and communicate with Plain Green if you encounter difficulties to explore potential solutions and avoid negative consequences.
Is Plain Green Legit or a Scam?
The question of whether Plain Green is a scam or a legitimate lending option is a complex one. While Plain Green is a legitimate online lender, there are concerns regarding its high-interest rates, limited customer service, and negative customer reviews.
The company’s affiliation with a tribal lending entity and its exemption from state or federal regulation also raises questions about the terms and conditions of the loans. Prospective borrowers should carefully evaluate their financial needs, explore alternative lenders, and thoroughly review the terms and conditions before deciding whether Plain Green is the right choice for their personal loan needs.
In conclusion, Plain Green is a personal loan company that has been in operation since 2011, providing short-term, unsecured loans to borrowers in need. While the company offers a user-friendly website, a fast approval process, and flexibility in loan terms, concerns about high-interest rates, limited customer service, and negative customer reviews should be taken into account.
To determine whether Plain Green is the right lending option for you, it’s crucial to weigh the pros and cons, evaluate your financial situation, and consider alternative lenders with more competitive rates. Making an informed decision will ensure that you choose the lending option that best suits your needs while minimizing financial risks.