Are Plain Green Loans Legitimate?

Loans - Are Plain Green Loans Legitimate?

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The payday loan system is a relatively new type of lending that that allows people to borrow money on an emergency basis, without much reference to their credit history. One of the most recent payday loan companies to come on the scene is called Plain Green, and it has attracted a lot of attention. The question many people are asking is, are Plain Green loans legit?

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One reason people are asking this question is that the company is wholly owned by an Indian tribe, the Chippewa Cree, based at the Rocky Boy's Indian reservation in Montana. Because the reservation is a sovereign nation in its own right, the question is asked as to whether the company has a legal right to enforce or collect on their loans. Another reason people ask the question is that somecompanies like Plain Green Loans, such as CashCall and ThinkCash, have gained a bad reputation for unscrupulous methods of collecting loan.

It is certainly true that some payday loan companies similar to Plain Green have cause problems because of their extortionate interest rates. One reason however why this particular company have become popular so quickly is that they advertise rates at 40-60 percent below the average rate for similar companies. In addition, those coming back for a second and subsequent loan from the company can qualify for even lower rates, provided the initial repayment was made on time.

To qualify to borrow from this company you need to be at least 18 years of age, have a checking account with no negative points in the past month, a valid e-mailaddress and provide proof of earnings. The application is made, thus ensuring online privacy. If approved, the money is available within a couple of days.

Some Plain Green Loans reviews have certainly alleged that the company uses extortionate and unscrupulous methods to enforce repayment. However, in many cases these turn out to be from people who have defaulted on their loan and are unhappy about being pursued. Many other Plain Green Loans reviews emphasize the fact that the company are extremely open and up front about the full costs of borrowing from them, and in fact encourage people who are financially stretched to use them only as a last resort. With regard to their legality, it is pointed out that their website is compliant with US Federal law in providingfull disclosure.

Of course, it is essential to think very carefully before taking out any loan, especially a payday loan. However, if there is no alternative, it seems to make more sense to use a company which offers lower interest rates and is totally up-front about its terms and costs. There seems no reason to answer "No" to the question, are Plain Green loans legit? Thus this company could be a good choice.

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