Article Title: How Does This Lender Stack Up?
Short Description: They are a bad credit installment loan provider, wholly-owned and controlled by the Sokaogon Chippewa Community of Mole Lake, a federally-recognized sovereign Indian. They offer tribal loans for people with bad credit. But is their loan product worth it in the end? We investigate...
Cost of Loan
This lender offers installment loans to customers that can’t obtain traditional financing. This type of loan is meant for emergency purposes only, and for small amounts. The APR and interest rates that come with this type of loan are exceptionally high and should be used as a last resort. Additionally, you should compare rates and terms with other tribal lenders that offer short term loans.
User Review( votes)
- Good option for people with bad credit
- Good option for small, unexpected emergency costs/expenses
- Application process is simple and straightforward
- Can provide funds within 24 business hours
- Offers a rewards program
- Reports to credit bureaus. Can help you rebuild credit if you repay on time
- Not a good option if you have good credit
- Not a good option if you need to finance a larger purchase
- Interest rates are exceptionally high, even compared to other tribal lenders
Tribal loans are an option if you are looking for cover an unexpected expense or need it for an emergency. What sets tribal loans apart from payday lenders are they offer you flexible payment options because they are an installment loan. Furthermore, you typically receive funds within 24-hours of being approved, giving you the time to cover your expenses.
Green Pine Lending does just that, in providing you with a tribal loan that can be applied towards unexpected costs. Obtaining of these notes is to help your short-term financial needs and is not intended to be a long-term financial solution. This article will an in-depth review of Green Pine Lending, allowing you to see if they’d be a good fit for your financial needs.
Overview of Green Pine Lending
Right away you will see Green Pine’s three main points, convenience, flexibility and transparency. These certainly are three important points you should be looking for when shopping around for the right lender.
The convenience portion is letting you know that the process is quick and secure, allowing for a quick decision. This is important, especially if this loan is being taken out during a time of emergency.
Flexibility is important because you want the loan to fit within your budget. Being an installment loan you have set payments that you can plan for. Also, you can pay your loan automatically, ensuring you don’t miss a payment.
Last is transparency, which gives you the peace of mind your information is securely being transmitted through the system. With cybersecurity a must, knowing the place you do business is secure is a must.
Loan Rates and Terms: How Much Will it Cost?
The product offered by Green Pine is an unsecured installment loan, that ranges from $300 to $1,000, with returning customers having the ability to borrow up to $1,500.
Your interest rate could be as high as 780% but will likely vary depending on certain information. Note:
(You should research tribal lenders that have better terms. APR rates this high is borderline loan shark usury rates.)
However, before you can apply for a loan you must meet the following criteria:
- Be at least 18 years of age and a citizen of the United States.
- Have a job or proven source of income.
- Have a valid email address.
- Have a working and valid checking account.
With Green Pine, you are not charged an application fee and they make mention that any place that charges an upfront fee you should be cautious of.
The Application Process
One of the items you’ll notice is there isn’t a place to begin the application process. Their how it works page states you will need to speak directly with one of their customer service representatives for verification purposes. However, what they don’t say is if this is how you begin the application process.
When applying for a tribal loan, you will likely need the following information:
- Name, Address, Phone Number and Social Security Number.
- Employment information including payments and frequency of income.
- Potentially references.
- Your banking information including bank account and routing number.
Green Pine does state that their application process is quick, but it may need to completed over the phone. This would indicate you must apply for a loan during normal business hours.
What Happens After I Submit My Application?
After you’ve been approved for your loan, proceeds are typically put into your account the next day. One of the important items to consider is paying back your loan as early as possible. These interest rates are high and if you hold the note for the full length, you will pay the full interest expense, potentially costing you hundreds.
Another topic that is missing from their website is the ability to cancel a loan. Some of the lenders in this space have that information readily available, others do not. If you want to know this information, you will find it in the loan agreement. Ensure that you take a close look at the information within that loan document. Specifically for loan cancellations, look for rescission language.
The Bottom Line
Other item to consider include tribal lending follows different rules than traditional lending in the United States. At the bottom of their website, they state,
“If you are not comfortable doing business with a sovereign entity that is immune from a lawsuit in State court, you should discontinue use of this website.”
While these business entities are likely to follow the law, they do operate under different rules than financial institutions not part of a Native American tribe.
Overall, the presentation of the information is clean and precise. However, there does appear to be a fair amount missing that you might find valuable. Also, there is no apply now button, indicating you will need to call in to start the application process. If you are in an emergency situation this may not be the most ideal option.
Take a look at Green Pine Lending and see for yourself if it’s a good fit. While it does have some shortfalls, it does put itself in the running to be a reputable tribal lender.