[This article on Great Plains Lending has been updated.]
When looking for a reliable and trustworthy lender, odds are you’ll stumble across a wide variety of options. So, how do you make a financially smart decision considering so many lending options? Is there a way you can know for sure whether a lender is worthy of your trust or not?
Your safest bet is to look for trustworthy reviews which indicate if a lender is reliable, provides decent loan terms, etc.
With that in mind, in today’s post, we would like to introduce you to Great Plains Lending.
Our Great Plains Lending review will answer the following questions:
- Is Great Plains Lending legit or a scam?
- What is the minimum and maximum loan amount?
- What is the average APR?
- What are the payment terms?
Let’s dig into it, shall we?
Introducing Great Plain Lending
First of all, we would like to mention that Great Plains Lending is part of the Otoe-Missouria Tribe of Indians, located in Oklahoma. The Otoe-Missouria Tribe of Indians is acknowledged as a sovereign nation within the United States. When you access the website, you’ll see that the information is presented very clearly. The website makes it easy to find what you’re looking for.
Something worth noting is that Great Plains Lending has been one of the first players in the world of installment loans, being founded in 2011.
They focus primarily on providing installment loans for people with bad credit, who have emergency expense needs. However, do bear in mind that installment loans aren’t the same as payday loans.
Great Plains Lending insists that it doesn’t provide payday loans. The payments for installment loans are completed over an extended timeframe. Simply put, it provides an expensive form of credit.
Nevertheless, in recent years, Great Plains Lending has been involved in a range of litigation over the years. The litigation has to do with the high interest fees charged by the lender. But we’ll get into more detail here shortly.
What Is the APR for Great Plains Lending?
APR stands for annual percentage rate and is a fee charged by a lender when one borrows money. The higher the APR, the less “sexy” the loan terms will be.. It’s as simple as this.
Their variety of loan products come at an APR ranging from 118.66% to 448.76%. We’re talking about a very high APR.
Compare this with other lenders and you’ll quickly see it’s an extremely high APR interest rate.
But how is this APR decided you ask? For the most part, a lender establishes the APR of a loan product depending on several factors. This includes your credit score, your employment record, etc. They want to see your reliability as a borrower.
As a rule of thumb, it makes sense to check your credit history for potential errors before applying for a loan. This way, you can maximize the chances of getting fair loan terms.
In case you do notice mistakes on your credit report, you should have them corrected and only afterward should you apply for financing. This will save you a lot of trouble and headaches.
On a different note, we found numerous Great Plains Lending reviews stating rather negative experiences with the company. Many outlined the fact that the APR is ridiculous. Many customers have reached out to the Consumer Financial Protection Bureau.
Another thing that is quite unusual: Great Plains Lending is regulated by the law of the Otoe-Missouria Tribe, as opposed to the borrower’s state law. Such conditions are, in most cases, unfavorable to the borrower.
Minimum and Maximum Loan Amounts
Let’s move on to another aspect that might interest you if you’re looking for Great Plains Lending reviews. The minimum and maximum loan amounts. We’ve already pointed out that the company focuses primarily on facilitating installment loans.
Therefore, this lender can only offer you small loans – ranging from $100 to $3,000.
It’s one of the reasons why many people confuse installment loans with payday loans.
If you’re in urgent need of cash, Great Plains Lending might be a good option – at least from this point of view.
However, the negative Great Plains Lending reviews we found, as well as litigations and the unbelievably high APR, perhaps it’s best to think of another lender.
Great Plains Lending Loan Terms
What other terms do the loans provided by Great Plains Lending include? You might wonder whether you have to pay a loan origination fee or other upfront costs.
The good news is, they don’t charge any upfront fees.. An origination fee is usually charged by a lender in order to cover the expenses associated with underwriting, processing and funding a loan.
As a rule of thumb, origination fees usually range from 0.5 percent to 5 percent out of the total amount of the loan. It’s best to choose a lender that doesn’t charge this type of fee.
What about other charges – does Great Plains Lending charge any other additional fees, aside from interest? Yes, actually, Great Plains Lending charges a late fee.
Late fees are charged when a borrower fails to make repayments within the timeframe agreed upon at the beginning of the loan. It’s commonplace for lenders to charge late fees – otherwise, borrowers wouldn’t pay their loans on time.
Does Great Plains Lending charge pre-payment fees? Prepayment fees are usually charged by payday or short-term lenders. This means if you pay the loan off early, a lender will charge you a fee. The good news is Great Plains Lending doesn’t charge pre-payment fees.
How Can You Qualify for a Loan with Great Plains Lending?
We’ve scoured the Internet and searched for Great Plains Lending reviews, and here’s what we’ve found.
To begin with, your credit score should be 300 at a minimum. This is the very first requirement you have to consider prior to applying for Great Plains Lending loans.
Tip: If you’re unsure about your credit score, we put together a guide on checking your credit score here. You can also check out our guide on repairing your credit here.
In addition to that, similar to most lenders, Great Plains Lending requires borrowers to be at least 18 years old. It’s worth pointing out that, in the position of an active duty serviceman, you cannot apply for a loan with this lender. Aside from that, any covered dependents of active duty servicemen cannot apply for a loan either.
This is due to the Military Lending Act, which states lenders are prohibited from charging servicemen an APR that is higher than 36%. Considering that Great Plains Lending has a very high APR, you can understand why servicemen (and women) cannot get a loan.
You are also expected to provide various documentation, including recent pay stubs, proof of citizenship or, alternatively, a residence permit. Of course, in order to get financing with any lender, not just with Great Plains Lending, you need an active and valid checking account.
Furthermore, as it is the case with the majority of providers of short-term loans, Great Plains Lending will most likely approve or deny an application within one hour after it is completed. In the event the application is approved, the funds will become available in the borrower’s checking account within 3 business days.
What Do Customer Reviews Point Out?
After reading the details, the odds are you don’t have a very good opinion regarding the activity of this lender – and for a good reason.
Most Great Plains Lending reviews we found were, indeed, on the negative side.
This is a good reason to stay away from this lender. There are many other lenders that offer much more favorable rates, not to mention their reviews are far better.
But let’s have a closer look at the main ideas we’ve found in the majority of Great Plains Lending reviews. People have pointed out that the amount of money they ended up paying to the lender was astronomical. And that is not the worst part – some scenarios are even worse.
Great Plains Lending has previously been sued by the Attorney General’s office, due to astronomical interest rate fees. This left many customers in a never-ending cycle of debt.
On a different note, a borrower that wanted to make larger payments on a loan ended up being scammed. Supposedly, the agent assured him that there would be no issues whatsoever if he made larger payments.
Nevertheless, what happened afterward is merely disastrous, as the client ended up paying over $6,000 for a loan worth $3,000 – over the course of a year. At the same time, he had negative listings on his credit report, not to mention that the bank account had been debited on several occasions for the wrong amount.
The majority of borrowers end up paying more than double in comparison with what they originally requested.
Aside from this, the company doesn’t seem to deal with such situations in a professional manner. To that end, if you’re asking whether Great Plains Lending is a scam, the answer is: most likely yes.
This is far from being a company you can trust in, considering all the Great Plains Lending reviews we’ve read. Most people had a negative experience with the lender, and they wouldn’t advise anyone to consider them when in need of financing.
Evidently, the firm claims that it aims to supply excellent customer service and assistance even in unexpected scenarios. Nevertheless, such claims aren’t backed up by the Great Plains Lending reviews, which are overly negative.
If you do some quick research on the web, you will see that for yourself. In fact, we advise you to look up this lender on the Better Business Bureau site for more information.
The Bottom Line
All in all, it’s safe to say that Great Plains Lending is far from being a trustworthy lender that we recommend.. Considering the litigations it has been involved in recently, you should definitely direct your attention towards a more reliable lender, who is more interested in building relationships with borrowers, as opposed to scamming them.
For one thing, the APR is very high, which means that you’ll end up paying a lot more than you originally borrowed.
While Great Plains Lending will likely give you financing, the question is: will it be worth it?
Our Review of Great Plains Lending
Article Title: How Does Great Plains Lending Stack Up?
Short Description: Great Plains Lending is an installment loan provider that should only be used for emergency financial expenses. They are a tribal lender owned by the Otoe-Missouria Tribe of Indians, a sovereign tribal nation. Is a loan from Great Plains Lending worth it in the end? We investigate...
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Summary of Great Plains Lending
Great Plains Lending offers installment loans to consumers with bad credit. Compared to other tribal lenders, their interest rates are actually fairly reasonable. You can expect to pay interest rates between 118.66% 448.76% APR. While still considerably high, they offer rates much lower than other tribal loan providers. You can borrow as little as $100 up to a maximum of $3,000. Note: We never recommend borrowing as much as $3,000 for a short term installment loan. You should only borrow what you need and pay back as quickly as possible.
User Review
( votes)Pros
- Provides tribal installment loans with reasonable interest rates of 118.66% 448.76% APR, which is lower than your average tribal lender
- Application process is simple and fast
- Typically funds borrowers bank account within 24 business hours
- Good option for bad credit borrowers that can’t obtain traditional financing
Cons
- Although the APR is reasonable compared to other tribal lenders, it’s still an expensive form of financing
- Not a good option for people with average to excellent credit
