When you’re looking for a online payday loan, it’s can be hard to distinguish between the direct lenders and the scams. So we’ve put together a review of a direct lender –Greenline loans.
Now, if you need cash in a hurry, there are other options available to you. But if you’ve exhausted those options, and are considering a payday loan, Greenline Loans is a direct lender which will itself offer you a decision instead of routing you to other lenders.
About Greenline Loans
Greenline loans is a United States based company which operates from within the Fort Belknap Indian Tribe reservation in Montana. The company operates under Federal law despite being located in a sovereign nation.
As with any payday loan lender, Greenline won’t lend to residents of several states. However, the restrictions aren’t as tight as some other lenders. For a list of states that Greenline won’t serve, see the end of this article.
The application process at Greenline is simple, and similar to most other payday loan apps. You’ll input your name, social security number and a few other details about yourself, and enter your checking account information. Confirm that you’ve read the terms and agree to them, and your application is submitted. If Greenline needs any additional information about you, you can call them or you can fax the paperwork.
What’s unique about Greenline Loans is that the loan amounts range from $50 to $300 for a first time loan. Most other lenders will require that you borrow in excess of $300, which leads to huge interest charges at the end of the term. So if you just need quick cash for a small purchase, Greenline Loans may be a good option for you.
Greenline Loan Fees
While Greenline Loans does offer smaller loan amounts than some lenders, the interest rates are still high. Your interest rate may depend on your income and eligibility, but the example that Greenline provides as a guideline in their FAQs is a full 405% APR. That means that if you were to borrow $300 from the company, you’d owe an additional 90 bucks in two weeks’ time. So again, we encourage you to look at other options if you need money in a hurry.
One option that Greenline offers, though, is the ability to pay your loan in installments. This is uncommon for a payday lender, and while it will certainly cost more in the long run, it may ensure that you’re actually able to repay the debt.
The company will work with you to create up to six installments for repayment. But do your math before you decide on an option. By the time you make 6 payments to Greenline Loans, you’ve paid more than $350 in interest in addition to the $300 principal.
Greenline Loans Process
To qualify for a loan with Greenline Loans, you’ve got to meet certain criteria. First, you’ve got to be at least 18 years old, so that you’re legally able to sign a contract. Your income must be at least $1,000 each month, but that can be from employment income, disability, SSI, or other sources. You also must have a checking account.
Once you’ve given Greenline Loans your information, the company will verify your income, They may do this by contacting your employer, or by asking you to send copies of your bank statements via fax. Once that information is confirmed, you’ll receive a loan offer. The maximum loan amount that you can get through Greenline loans is $500, or $300 as a first time borrower.
Your cash is deposited into your bank account the following day, provided it’s not a weekend or a bank holiday. You can use the money any way you like. There aren’t any restrictions to the loan – it’s treated as cash.
When it’s time to repay your loan, you’ll have three options. By default, the installment amount will be deducted from the checking account into which it was originally deposited. But you can also pay by debit card. A third option is to send Greenline Loans a certified check – just make sure that it reaches the company by the scheduled due date.
Greenline Loans Review
As things go, Greenline Loans isn’t too different from other payday loan lenders. They do what they say, which is to lend money and to make sure you repay it. But the company is registered with the Better Business Bureau, (though not accredited), which is unusual for such a lender. Even more surprisingly, the BBB rates them A-. If you’re not familiar, the BBB rates business based on the number and resolution of complaints by consumers, the length of time the company’s been in business and a few other factors.
When researching any business, you’ll see a fair number of reviews, both positive and negative. The same is true for Greenline Loans reviews. The majority of customers have been satisfied with their experience. Those who were not satisfied seem to have had other issues, such as not properly understanding the terms of their loan before signing.
Customers who did have trouble with Greenline loans gave very positive reviews of the customer service. The company has a main customer service line, and reps were very helpful and extremely friendly when we called. If the representatives at the call center are unable to resolve your issues, the company suggests that you call the Ft. Belknap Tribal Hotline to assist further.
As with any loan product, be sure that you understand the terms of your loan before signing any documents. As we mentioned, the majority of concerns with Greenline were with people who didn’t “read the instructions” and in cases such as those, there’s little the company can do to actually help them.
Also, be sure that you’re in a state that Greenline serves before applying in order to save frustration. At this time, Greenline does not offer loans to residents of the following states:
* New Hampshire
* New York
* Puerto Rico
* Washington State
* West Virginia