Are you thinking about taking out a payday loan from Plain Green Loans? Proceed with caution. The “plain and simple pricing” is straightforward enough, but while Plain Green might be better than, say, Western Sky, it’s still an incredibly expensive way to get fash cash to meet your financial needs. We’ll break down the costs of Plain Green Loans and suggest some alternatives that help you build credit without getting deeper into debt.
The cost of a personal loan
PG says that the typical first-time customer qualifies for a loan of $200-$1, 000, with an APR of 299.17% to 378.95%. That’s better than many of the lenders we’ve written about: Western Sky’s interest rates on small-dollar loans can be as high as 340%, while MoneyTree and Mobiloans can easily have APRs over 450%. Still, you can do much better than a 300% interest rate. For comparison:
**Assuming loan payments of $55 a week
***From PG’s loan calculator
Even if you need cash quickly, Plain Green loans aren’t the cheapest option. Moreover, Plain Green doesn’t report to credit bureaus unless you’re late on your payments. This means that you’re stuck in the land of bad credit, unable to build your way back up.
Not quite transparent
“Find an online lender who will be clear and up-front about the loan’s terms and conditions.”
Late fees and non-sufficient funds/returned item fees may apply as described in your Loan Agreement.”
You’ll be charged those fees if you miss a loan payment, or if PG tries to deduct money from your checking account and you don’t have the funds to cover the fee. For a company that claims to be upfront, it’s remarkably un-transparent about the extra fees it charges.
Alternatives high-APR loans
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Federal Emergency Relief Administration (FERA) was the new name given by the Roosevelt Administration to the Emergency Relief Administration (ERA) which President Herbert Hoover had created in 1932. FERA was established as a result of the Federal Emergency Relief Act and was replaced in 1935 by the Works Progress Administration (WPA).
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