Plain Green Loans Review
Quick Review: Plain Green loans are extremely expensive short-term loans offered by the Chippewa Cree Tribe, a sovereign nation within the U.S. Their interest rates range from 210% to 438%, and must be paid back within 10 to 26 months. Though they don’t charge fees aside from a returned payment fee, they remain very costly and you should avoid applying for them. People with damaged credit who need an emergency loan should instead try less expensive lenders who will accept applicants with bad credit (such as Avant) or visit their local credit unions to see if any are willing to work with a low credit score.
The only real draw of Plain Green loans is a swift payout, as they provide funding within two business days. However, there are plenty of other online lenders that offer the same quick approval and funding without the sky-high interest rates. Plus, Plain Green only services 26 states. Some states they don’t do business in include New York, Illinois, Maryland, New Jersey, Ohio and Pennsylvania.
Below, you can read more about the major pros and cons of Plain Green personal loans. You can also see our comparison of Plain Green loans to offers from competing lenders.
Plain Green Loan Terms
|APRs||210% - 438%|
|Loan lengths||10 - 26 months|
|Loan amounts||$500 - $3,000 ($500 - $1,000 for first-time customers)|
|Approval time||1 business day|
|Funds delivery time||1 business day|
|Returned payment fee||$30|
|Credit score requirement||Not disclosed|
|Minimum income requirement||$1,000 per month|
(all must apply)
18+ years old
U.S. citizen or permanent resident
Live in a state PG services
Plain Green Loans Interest Rates & Fees
Plain Green loans are incredibly expensive, as they are designed to be “emergency” loans for people who have no other options. Plain Green loans’ interest rates range between 210% and 438% according to their online calculator. That’s a huge amount higher than the 6% - 36% range for most personal loan providers.
Plain Green loans don’t have origination fees to process the application or penalty fees for paying the loan off early. They also don’t have a late fee, but will charge a $30 fee for returned payments. Even though Plain Green’s fees are relatively low, they do not make up for the inflated interest rates.
Plain Green Loan Requirements & Application Info
Plain Green doesn’t disclose a minimum credit requirement, and third-party sources don’t have score estimates, either. However, Plain Green does say they cater to “subprime” customers, meaning people with damaged credit. Plain Green does have a minimum income requirement, which is $1,000 per month. That’s only the 15th percentile of individual income in the U.S., so 85 percent of American adults can meet that requirement.
In order to get a Plain Green loan, you will also have to live in one of the 26 states in which Plain Green does business. On top of that, you must be at least 18 years old and either a U.S. citizen or a permanent resident with a Social Security number. Lastly, you must have a checking account.
You can see your loan’s potential interest rate, number of payments and payment amount online by selecting the loan amount and how often you get paid. This is a simple calculator, not a true pre-qualification process. From there, you can apply online, if you wish. You should receive a decision within one business day and funds within one additional business day if approved.
Plain Green Loans Reviews & Transparency
Plain Green does not have the greatest reputation. It has a subpar Better Business Bureau rating and has undergone legal battles over whether its interest rates violate state usury laws.
- Better Business Bureau: Plain Green is not BBB accredited and only receives a B- rating.
- Consumer Financial Protection Bureau: The CFPB does not have Plain Green listed as a company in their database, but it does have 9 complaints registered that mention “Plain Green.” Most have to do with the high interest rates, which people believe are illegal in their state.
- WalletHub: WalletHub’s editors give Plain Green 0 out of 5 stars.
Plain Green is transparent about their high interest rates, and even says on their website that they are an “expensive” lending option. However, they do not disclose information about fees or certain requirements like having an SSN on their website. Representatives provided information about these details over the phone when asked, though.
Plain Green Loans vs. Popular Competitors
|APR||210% - 438%||9.95% - 35.99%||5.99% - 29.99%|
|Loan amounts||$500 - $3,000 ($500 - $1,000 for first-time customers)||$2,000 - $35,000||$7,500 - $40,000|
|Loan lengths||10 - 26 months||24 - 60 months||24 - 60 months|
|Credit score required||Not disclosed||600||620*|
When giving a rating to Plain Green loans, WalletHub examined Plain Green’s standing across 23 unique metrics in 7 major categories: loan requirements, APR, fees, the application process, loan amounts, customer satisfaction and transparency. We gave certain metrics higher priority than others, based on how much they impact the consumer.
- Requirements: WalletHub considered what credit score and income customers need to qualify. We also checked whether Plain Green requires U.S. citizenship and what types of identification they accept.
- APR: We looked at Plain Green’s minimum and maximum APRs. And we checked Plain Green has fixed or variable rates.
- Fees: We considered the fees involved with taking out a Plain Green loan. Our main concerns were fees for paying early, origination fees and late fees.
- Loan amounts: We looked at the minimum and maximum loan amounts offered. We also checked how long consumers have to pay the loans off.
- Application process: We considered the different ways to apply. We also checked on whether co-signers are accepted and whether Plain Green has pre-qualification. And we found out how long it takes to get a decision and to receive funds.
- Customer satisfaction: We looked at the number of complaints filed against Plain Green with the CFPB. We also checked Plain Green’s BBB rating and WalletHub user reviews.
- Transparency: Our editors checked how clear Plain Green is about the terms of their loans and what is required to get them.
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