how plain green loans work
WHAT DO I NEED TO APPLY FOR A LOAN?
You must be at least 18 years old (19 if residing in AL or NE) and have:
- A job or proven source of income
- An email address
- A checking account in good standing — no returned checks, overdraft charges, negative account balances or nonsufficient fund transactions in the past 30 days.
All signed Loan Agreements are subject to verification of prior loan history and application information. Your online application will be either approved or declined based on our evaluation of the information you provide. In some cases, we may need to ask for additional information. But for most customers, it’s quick and hassle-free.
HOW MUCH MAY I BORROW?
If this is your first Plain Green loan, you could qualify for up to $1,000*. Returning customers that remain in good standing and after certain successful payments can qualify for future loans up to $3,000. See Loan Cost & Terms for additional information.
HOW SOON WILL I GET MY MONEY?
If your application is approved and verified by 6 p.m. ET, we can electronically deposit your loan proceeds into your account as early as the next business day. Alternatively, you can request that we send you a paper check via the USPS; however, please allow approximately 7-10 days for delivery.
HOW MUCH DOES MY LOAN COST?
Your loan’s total cost depends upon the amount that you’re approved for and your payment history. For example, the Annual Percentage Rate (APR) for a loan of $700 is 364.00% with 14 bi-weekly payments of $116.63. Returning customers with a successful payment history can qualify for even lower rates. See our Loan Cost & Terms page for more details.
DO YOU PROVIDE A LOAN MATCHING SERVICE?
Yes. If we are unable to provide you a loan, we can help find you another lender. You can opt-in to this free service by checking the appropriate box on your application.
payment options
WHAT HAPPENS IF I DON’T MAKE MY LOAN PAYMENT BY THE DUE DATE?
It is your responsibility to make your loan payment by the due date. The good news is we make it easy for you to avoid this situation. You can schedule automatic electronic payments from your checking account or provide payment in one of the following forms (check, Money Gram, money order, or credit card). If you do make a late payment, skip a payment, or a payment is returned to us, you may incur additional fees.
If you are unable to make your scheduled payment, please contact Customer Support.
WHAT ARE MY PAYMENT OPTIONS?
Unlike many traditional banks, at Plain Green Loans, you have the choice of paying off your loan over several installments, or all at once at any time - without penalties.
We structure our loans so that payments are typically around $100 (based on bi-weekly payments). For example, a $700 loan with an Annual Percentage Rate (APR) of 364.00% has 14 bi-weekly payments of $116.63. The actual number of payments required for your loan will be based on your loan amount and your pay schedule. For your convenience, we link your loan payment dates to your pay dates.
application
HOW WILL I KNOW WHEN MY APPLICATION IS APPROVED?
You won’t have to wait long. After you submit your online application, your results will be available in a matter of seconds.* If conditionally approved, subject to verification of your application information, you will be able to request how much you want to borrow up to your maximum approved amount. In the event we are unable to approve your application for credit, we’ll notify you with the reason for denial.
security
HOW DO YOU PROTECT MY PERSONAL INFORMATION?
We understand that you might have some reservations about providing us with your personal information in applying for a loan online. Keeping your financial and personal information secure and confidential is one of our most important responsibilities. Plain Green Loans has taken a number of measures to keep our process completely confidential and secure. Due to limited space, we won’t go into the details here, but we encourage you to review the details in our Security page. And, of course, if you have additional unanswered questions, please contact us.
© 2012 Plain Green Loans All Rights Reserved
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*Plain Green, LLC is a tribal lending entity wholly owned by the Chippewa Cree Tribe
of the Rocky Boy’s Indian Reservation, Montana, a sovereign nation located within the United States of America, and is
operating within the Tribe’s Reservation. Applications processed and
approved before 6 p.m. ET are typically funded the next business day. In some cases, we may not be able to verify
your application information and may ask you to provide certain documents. Maximum loan amount for initial loan is $1,000.00. Refer
to Loan Cost & Terms for additional details. Complete
disclosures of APR, fees and payment terms are provided within the Loan Agreement.
Please note: This is an expensive form of credit. Plain Green loans are designed to help you meet your short-term borrowing needs. Appropriate emergencies might be a car repair, medical care for you or your family, or travel expenses in connection with your job. This service is not intended to provide a solution for longer-term credit or other financial needs. Alternative forms of credit may be less expensive and more suitable for your financial needs. Alternative sources you could consider include: a credit card cash advance; personal loans; home equity line of credit; existing savings; or borrowing from a friend or relative.
1First time Plain Green Loans customers typically qualify for an installment loan of $250 to $800 with an APR of 359.01% to 378.96%, or 40% less than the average 603.84% APR for a payday loan. For example, a $700 loan from Plain Green Loans at 364.00% APR would require 14 bi-weekly installment payments of $116.63. After the 14th successful payment, your loan would be paid in full. A typical payday loan of $700 with an APR of 603.84% and a fourteen (14) day term would require one payment of $862.29. Typical payday loan pricing is based on Texas-originated loans facilitated by credit service organizations such as CashNet USA® (664.30%), ChecknGo® (661.77%) and MyCashNow (485.45%) as of February 13, 2012.
Please note: This is an expensive form of credit. Plain Green loans are designed to help you meet your short-term borrowing needs. Appropriate emergencies might be a car repair, medical care for you or your family, or travel expenses in connection with your job. This service is not intended to provide a solution for longer-term credit or other financial needs. Alternative forms of credit may be less expensive and more suitable for your financial needs. Alternative sources you could consider include: a credit card cash advance; personal loans; home equity line of credit; existing savings; or borrowing from a friend or relative.
1First time Plain Green Loans customers typically qualify for an installment loan of $250 to $800 with an APR of 359.01% to 378.96%, or 40% less than the average 603.84% APR for a payday loan. For example, a $700 loan from Plain Green Loans at 364.00% APR would require 14 bi-weekly installment payments of $116.63. After the 14th successful payment, your loan would be paid in full. A typical payday loan of $700 with an APR of 603.84% and a fourteen (14) day term would require one payment of $862.29. Typical payday loan pricing is based on Texas-originated loans facilitated by credit service organizations such as CashNet USA® (664.30%), ChecknGo® (661.77%) and MyCashNow (485.45%) as of February 13, 2012.