Plain Green personal loans review: Short-term loans with high interest rates

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In a Nutshell

If you’re facing an emergency expense, Plain Green might be able to give you the cash you need within one business day. But there’s a catch — the interest rates on these personal loans are staggering.

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Pros Cons
Quick application and funding possible within one business day Triple-digit interest rates
No prepayment penalty Limited loan amounts
Flexible repayment terms Not available in all states


What you need to know about Plain Green personal loans

Plain Green is an online lender that offers short-term installment loans for people with less-than-perfect credit who need cash quickly. While Plain Green loans aren’t technically payday loans, they’re similar. Like payday loans, they’re offered in relatively small amounts — $500 to $3,000 — and have sky-high interest rates. But with Plain Green, you have months to pay back the loan, rather than just weeks.

Installment loans for bad credit: Worth considering?

Quick application and funding

After you submit your online application, you’ll know within seconds whether you’re conditionally approved, after which you’ll need to verify your information to find out if you’re formally approved. If approved, your loan funds can be available to you in as little as one business day.

High interest rates

The speed and convenience of a Plain Green loan comes with a hefty price tag. The lender charges triple-digit interest rates, which can cause you to pay back far more than you originally borrowed. Its maximum interest rate is more than 400%.

The high interest rate may seem worth it to get the money you need right away. But let’s put it into perspective. Imagine you borrowed $1,000 and qualified for a 378% annual percentage rate, or APR, and a 15-month loan term. Your monthly payment would be $320.27, and you’d end up paying more than $4,800 total over the length of the loan — more than four times your original loan amount.

Plain Green personal loan details

Plain Green is a company owned by the Chippewa Cree Tribe of Rocky Boy’s Reservation in Montana.

Here are a few other details to keep in mind.

  • To qualify for a Plain Green loan, you must be at least 18 years old (19 if you live in Alabama, Nebraska or Virginia) and have a source of income, email address, active checking account and reside in a state where the company does business.
  • If it’s your first time borrowing from Plain Green, you may only apply for a loan up to $1,000.
  • If you’re returning, you may qualify for loans of up to $3,000.
  • Plain Green offers loan terms of 10 to 26 months, depending on your loan amount.
  • Plain Green doesn’t charge a prepayment penalty for paying off your loan early or making extra payments, but it does charge fees for missed, returned or late payments.

Who a Plain Green personal loan is good for

Plain Green loans are expensive, so we recommend looking into them only if you’ve exhausted all other options to pay for an emergency. Be sure to shop around and compare offers from other lenders to ensure you get the best loan for your financial situation.

A Plain Green loan could also work for you if you want a longer loan term or more-flexible repayment terms than you’d get with a payday loan. Plain Green offers biweekly, semimonthly or monthly payments, based on when you receive your paycheck. You can also pay off your loan all at once without a penalty fee.

How to apply with Plain Green

Applying for a loan with Plain Green is quick and easy. According to the company, the application takes just a few minutes to complete, and you’ll get an approval or rejection within seconds.

To apply for a loan, you’ll need to provide your personal identifying information including your name, address and social security number. You’ll also want to have your desired loan amount and preferred funding method ready.

Keep in mind that applying with Plain Green will result in a hard credit inquiry, which may negatively impact your credit score.

If your application is approved, the company will work to disburse your loan by the next business day. If your application is rejected, Plain Green should give you a reason for its decision.

Not sure if Plain Green is right for you? Consider these alternatives.

Before applying for a Plain Green loan, shop around and consider other possible options. Here are two alternatives to check out.

  • OppLoans: OppLoans may be an option for someone who wants a lower-interest installment loan.
  • LendingPoint: LendingPoint could work for people who want a longer loan term or larger loan amount.

About the author: Kat Tretina is a personal finance writer with a master’s degree in communication studies from West Chester University of Pennsylvania. Obsessed with her many side hustles, she focuses on… Read more.