Car repairs, urgent care visits, a leaky roof — unexpected situations such as these can create financial emergencies if you don’t have the money you need in the bank. All too often, these emergencies hit at the worst times, and you might find yourself needing extra cash quickly.
If you find yourself in this situation, Plain Green loans could be the answer you’re looking for.
Plain Green allows first-time borrowers to obtain loans up to $1,000. Repeat customers can borrow up to $3,000. You can get approved even with bad credit or no credit, and you could receive the money as early as the next business day after applying. This can be a welcome relief if you need money now.
Unfortunately, you pay for this convenience. Interest rates on loans from Plain Green are high, which means paying back your debt could cost you a lot of money. Before you decide that borrowing from Plain Green is right for you, be sure to explore all your options to make sure this source of funding is really the best one.
Plain Green loans review
Plain Green’s biggest selling point is convenience. You can apply online and get approved for a loan in seconds, and a low credit score won’t disqualify you. You’ll be told how much you can borrow and, if you apply before 6:00 p.m. ET, you’ll have the money the next business day after requesting a loan.
You’ll also benefit from flexible repayment options. You could pay off your loan all at once or make biweekly, monthly, or semi-monthly payments. There’s no prepayment penalty and loan repayment periods vary based on the amount borrowed. Plain Green also reports your payment history to “a major credit bureau,” so you could build credit by making on-time payments.
Plain Green promises there are no hidden fees. But interest rates could be up to 400% or higher, as of April 26, 2018. Visit the lender’s website to view the most up-to-date loan rates and terms.
Because of the astronomical cost of Plain Green loans, they should be a last resort. Review other funding options before committing to a loan with high interest rates.
Plain Green products
Plain Green offers one product: an installment loan with a maximum borrowing limit of $3,000 and a repayment period between 10 and 26 months.
These loans are not payday loans because you can take more than two years to repay them. However, Plain Green does indicate that it’ll link payment due dates to pay dates.
There’s one potential benefit to Plain Green loans: You can borrow smaller amounts of money than you could from many other personal loan lenders. If you only need a few hundred dollars, you can. Repayment terms as short as 10 months could also be a benefit.
However, because interest rates are so much higher than with other lenders, your loan will be harder to repay. When you borrow from Plain Green, you’re paying a premium for the convenience of instant approval, fast funding, and easy eligibility requirements.
Plain Green might not be the most affordable choice if you’re looking for a fast loan without good credit. Other options, such as these five ways to access quick cash, could be safer and less expensive.
Using the Plain Green online platform
The Plain Green online platform is simple and easy to use. Click on the big “Apply Now” button on the main page of the site. You’ll be able to enter in information to get your application underway. This includes your name, address, email, and Social Security number.
You’ll be required to provide bank account information and details about your sources of income. When you submit your application, you’ll receive a decision in seconds with how much you can borrow and the loan terms. You can move forward with the loan process if you’re happy with the terms.
Though Plain Green makes applying easy, finding the information you’re looking for on its site isn’t always simple. There’s an FAQ page where you can get basic questions about eligibility requirements and repayment answered. But when you try to find out how much your loan will cost, you’re referred to the Loan Cost & Terms page.
On this page, you won’t find details about specific fees, nor is there a range of interest rates listed. Instead, there’s a calculator to input different loan amounts and payment terms to see what the interest rate for that particular loan would be.
Use the calculator to find out how much you’ll pay so you can make an informed choice about whether the interest is reasonable and the payments affordable.
Plain Green interest rates and fees
The biggest downside of Plain Green is the interest you’ll pay. The total cost of your loan is based on how much you’re borrowing and your payment history.
However, the example they provide shows just how high that cost can be. For a $700 loan with 24 biweekly payments, Plain Green indicated you would be charged an APR of 413.00%. That’s more than 25 times the average credit card interest rate of 16.35% in early 2018.
Plain Green also indicated that if you pay late, you miss a payment, or a payment is returned, you’ll be charged additional fees. However, it doesn’t disclose what those fees are.
Plain Green eligibility requirements
The eligibility requirements for Plain Green loans are easy to meet. You must:
- Be 18 or older
- Have a job or other proven source of income
- Have an email address
- Own a valid checking account that’s active
- Reside in a state where Plain Green offers loans
In most cases, approval is instant when you apply online. Plain Green might ask for additional information in certain cases, however, such as proof of income.
Plain Green customer service
Plain Green has a Better Business Bureau rating of B-minus. Most of the complaints about the lender come from borrowers dissatisfied with the high costs of their loans.
“This is a predatory loan company — stay away!” wrote one borrower in March 2018. “You will never pay off your loan. Never. I’ve been paying on a $500 dollar loan for 3 months and I still owe $475! How is this legal?”
However, not all customers have had poor experiences with Plain Green.
“My experiences with Plain Green were always positive. I have dealt with them numerous times and have not had any negative or bad experiences; as they disclose everything up front and you choose to accept. Rates are very high, but if you are strapped for cash this is the place to go,” said a customer in August 2017.
If you’re interested in borrowing from Plain Green, you can reach the lender via phone at 866-420-7157. Hours of operation for customer service are Monday to Friday 8 a.m. to 10 p.m. ET and Saturday 9 a.m to 5 p.m. ET.
Note: Student Loan Hero has independently collected the above information related to Plain Green loans. Plain Green has neither provided nor reviewed the information shared in this article.
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