If you are out in search of a quick loan and are bugged with the question “is plain green loans is a pay day loan?” The answer is a big Yes! This plain green loan is said to be the US leading provider of online payday loan. The company has put in place measures to ensure that all the complications that go with getting a loan are reduced to a bare minimum.
Things to consider when deciding id plain green loans are payday loans?
For a loan to be considered a payday loan, there are a couple of criteria that it must meet. Let’s look at these criteria and see how plain green loans meet them.
With payday loans, cash is given to the borrower as quickly as the demand is made. This is exactly what happens with plain green loans. The borrower is sure to get the loan in as short a time as one hour. Financial emergencies are quickly taken care of with little or no paperwork involved. While other cash advance company will limit borrowing to at most $1000, plain green loans offer up to $1000 dollars for first timers and up to $2500 as a customer’s reputation grows.
Loans in Fresno Ca are affordable to everybody as they don’t require stringent collateral. All a person needs is to be able to guarantee there’ll be a paycheck at the end of the month. However, they come with a high price of up to 20% interest and the money is expected to be refunded on the next paycheck. It is true that plain green loans charge high-interest rates but unlike other payday loan options, the borrower can pay the loan in installment but does it disqualify it as a payday loan?
All cash advances are better if paid on time. The interest rate is already high and late payments that attract a fee make it worse. At plain green loans, the borrower may not be expected to pay all the money borrowed at pay check but any delays in agreed payments will attract a penalty.
A Word of Caution
Payday loans are meant for emergency situations like having to fix a broken down car or getting into the hospital. They should definitely not be used as a means of solving longer-term debt problems as it will only go to compound them. Irrespective of the company you are dealing with always apply caution when asking for cash advances. Remember you’ll have to pay back at the end of the month.
Plain green loans may function slightly differently from another traditional payday loan. It offers supposedly better terms and conditions and tries hard to maintain a free and fair policy. The ability to be able to ask for the loan online without having to go to the store is an added bonus. At the end of the day, it is still a payday loan and comes with its own disadvantages. It has received some good reviews and some bad ones too. Judging from the above discussion, it is easy for anyone to answer the question “is plain green loan a payday loan?”