Greenline Loans Reviews

Read This Before You Apply for a Loan

Our Review of Greenline Loans

Reviewer: Brian Allen

Greenline Loans offers loans to people with bad credit — and approval is dangerously easy.  In fact, it doesn’t matter what your credit score is. The question is:  how much will it cost?

Loan Amount

Loan Cost

Funding Time

Customer Support

Application Process

Review Summary

Greenline Loans offers short term installment loans, they are very quick to approve many borrowers. That isn’t necessarily a good thing.  Many customers have credit issues and their likelihood of becoming trapped in a cycle of debt is a real possibility. That said, they offer installment loans with interest rates starting at 762.33% APR.  It’s one of the highest interest rate lender’s we’ve come across. If you decide this lender is for you, proceed with caution.

PROS
– Decent option if you’ve exhausted all possible resources
– Funds are deposited within 24 business hours

CONS
– Very expensive.  One of the highest tribal loan interest rates we’ve come across.  A whopping 762.33% APR
– Not a good solution for large financial purchases

2.8

What is Greenline Loans?

Greenline Loans offers fast access to short term loans, completely online.  One of the key benefits of installment loans is the fact that you have more flexibility with repayment terms. Instead of paying off the loan on your next pay period, like many payday loan companies require, you have the flexibility to repay over a longer period of time. The major drawback of a short term installment loan, however, is you’ll end up paying more in interest and fees the longer you owe a balance. Plus, there are many disadvantages that go hand-in-hand (see below for a list of full disadvantages).

In simple terms, here’s how the loan process works:

Note:  You cannot apply for a Greenline loan if you reside in the following states:

The next question is:  how much can you borrow?

How Much Can I Borrow?

Greenline not only makes it easy to borrow money (they don’t check your credit score to determine eligibility),  they also offer decent loan amounts for first-time and returning customers.  The minimum and maximum amounts should be more than enough to cover your emergency expense. Just keep this in mind:  no matter how much you borrow, you should pay the loan back sooner rather than later.  By doing so, you will avoid paying back most of the excessive interest rates.

• The minimum loan amount is $300
• First time borrowers are limited to a maximum loan of $300
• Returning customers can apply for a loan up to $1,000.

How Much Will a Loan Cost?

This is the most important question that should be going through your head right now.  Because the fact is, it’s wicked expensive.  The lender doesn’t list a breakdown of the interest rates on their website…only a maximum APR you likely could be charged. It would be helpful if they listed a minimum APR, but it doesn’t appear they publicly state that.  However, it is helpful that they tell you the maximum APR you might have to pay.

• APR can reach as high a 762%
• There are zero origination fees
• There are zero pre-payment penalties

Here’s how much a typical Greenline loan could cost you:

Total Payback on a $300 Loan (Paid Back Every Two Weeks)

• Amount Financed: $300.00
• Payment Every Two Weeks: $77.34
• Total of 19 Payments: $1,508.17
• Total Interest: $1,208.17
• All Payments and Fees: $1,508.17

Total Payback on a $1,000 Loan (Paid Back Every Two Weeks)

• Amount Financed: $300.00
• Payment Every Two Weeks: $77.34
• Total of 19 Payments: $1,508.17
• Total Interest: $1,208.17
• All Payments and Fees: $1,508.17

Based on this example, 80% of your payments will be applied to interest alone.

How to Apply for a Loan

If you still think Greenline is the right lender (or the only option), here’s a breakdown of how you can apply for a loan online from their website.

Step 1
Are You a New or Existing Customer? On step 1, click the button that describes you:  a new customer or existing customers.  Note:  the rest of this application tutorial will focus on new customers only.

Step 2
Complete Your Personal Details. Here’s what you need to do on step 2.

• Select Your Desired Loan Amount ($300 up to $1,000)
• First Name
• Last Name
• Email Address
• Physical Address

Step 3
Complete Your Employment, Income and Banking Details. Now, you need to enter your employment, income and banking information.  This includes:

• Employer Name
• Income Type: (employed, un-employed, retirement, social security, disability, etc)
• Monthly Income
• Months Employed
• Do You Have Direct Deposit?
• Are You Active Military?
• Bank Name
• Bank Account Type
• Bank Routing #
• Bank Account #

Step 4
Review Terms and Conditions and Submit. After you enter your personal information, employment, income and banking details, you’ll need to review the terms.  Please read this section carefully.

The Loan Terms

Try not to fall behind on your payments because they will not offer a loan extension or rollover.  However, you can call the lender and request a repayment schedule that better suits your needs if it comes to that. If you do fall short on your payments, you will be charged a late payment fee.  The late payment fee will not exceed 10% of the payment if received within 5 days of the due date. Payments can be made via ACH (electronic check), debit card, or you can send a cashier’s check or money order to their PO Box. The repayment terms are bi-weekly payments for the term of the loan.

The Advantages of Greenline Loans

Short term lenders mostly have a laundry list of disadvantages, but they do have their benefits if you have a bad credit.  While Greenline has astronomical interest rates, you should know about the advantages this lender has to offer.  While interest rates can be high, customers that have left Greenline Loans reviews often are ok with it. One of the key benefits is access to fast cash for emergency bills, regardless of your credit history.  The downside to this is you will pay a much higher interest rate than a traditional loan from a bank or credit union.

The Disadvantages of Greenline Loans

Now for the most important part:  the disadvantages of Greenline (as mentioned by quite a few Greenline Loans reviews).  By now, you already know the interest rates are enough to choke a horse.  With a maximum APR of 762%, you will pay back nearly 3x what you borrowed (see payment examples above). Not only that, but there are a few other disadvantages you should be aware of.  The thing thaqt gets most borrowers into trouble is they fail to read or acknowledge the loan terms.  By the end of the loan term, borrowers are often left confused and angry that they paid 3x what they borrowed.