Hi, I saw your post and would like to get your advice on a Plain Green loan Iâ€™m currently paying back. Here are my answers to your questions:
1. The names of each of your lenders
04/20/10 First Bank of Delaware / Principal $600
05/06/10 1st pmt / $98.02 x 7 pmts = $686.14
08/12/10 Last pmt, pd in full $300.65 / Total paid $986.79 / Interest paid $386.79
08/25/10 First Bank of Delaware / Principal $500
09/10/10 1st pmt / $84.43 x 4 pmts = $337.72
11/5/2010 Last pmt, pd in full $454.67 / Total paid $792.39 / Interest paid $292.39
11/10/10 Think Cash / Principal $1000 (changed to Plain Green 5/2011)
12/02/10 1st pmt / $112.38 x 14 + $20 extra 12/15/10 pmt = $1593.32
06/30/10 Last pmt, pd in full $334.03 / Total paid $1927.35 / Interest paid $927.35
07/06/11 Plain Green / Principal $1600
07/15/11 1st pmt / $114.10 x 19 = $2167.90
05/15/12 Last pmt, pd in full $424.32 / Total paid $2592.22 / Interest paid $992.22
Loan 5/Current Loan:
05/30/12 Plain Green / Principal $2000
06/15/12 1st pmt / $146.61 x 2 = $293.22 pd so far (as of 6/30)
Leaves $1706.78 / $146.61 = 11.64 payments
What they want: $146.61 x 38 = $5571.18 / Interest $3571.18
2. How you obtained the loan (internet, storefront, etc.)
3 What state you live in
4. How much was deposited by each lender (if you've had and repaid multiple loans prior to this one, add them all together)
5 Loans for a total of $5700 since April of 2010.
5. How much you've been debited by each lender (again, if you've had multiple loans, do the math and give us a total)
On the current Plain Green loan, Iâ€™ve paid 2 payments so far, totaling $293.22 (as of 6/30) The first 4 Loans total $3700. I paid a total of $6298.75. Which means I paid $2598.75 in interest over the course of 2 years.
6. Details of any communication you've had with the lender
7. Any additional question(s) specific to your situation
I just found your site, and I would like to know what I can do at this point. As you can see, Iâ€™ve paid an astronomical amount of interest to this lender over the course of them changing hands twice, and staring down another 36 payments and over $3500 in interest when Iâ€™ve already paid almost $2600 over the past two years is sickening. Iâ€™ve always known payday loans were a horrible way to supplement my income, but Iâ€™m in a position now where I can actually start to rebuild my credit after having been laid off twice since 2008. I would absolutely agree to pay Plain Green back the principal remaining on my loan, which is $1706.78, but I do not want to pay the interest. I need to know if I can legitimately do this. I live in Oregon, but Iâ€™m not sure what our state-specific laws are. From this site I have gathered that Plain Green is not legally licensed to loan in any state, due to them being a tribal organization. Plain Greenâ€™s site states: â€œPlain Green, LLC is a tribal lending entity wholly owned by the Chippewa Cree Tribe of the Rocky Boy's Indian Reservation, Montana, a sovereign nation located within the United States of America, and is operating within the Tribe's Reservation.â€
Side note: Their site also states, â€œloyalty has its rewardsâ€¦with every increase in your loan amount, your rate decreases.â€ Before I took my current loan out, I called to ask them why my rate hadnâ€™t decreased. Since my very first loan in 2010 with First Bank of Delaware, I have never missed a payment or had any NSF. My payment history with them has always been stellar. The rep was pretty rude and couldnâ€™t give me an answer; she just stated thatâ€™s the best rate they could give me at this time. I didnâ€™t want to take the loan out, but unfortunately it made the best sense financially so that I could consolidate other bills so I did it anyway.
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