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Report: #1173989

Complaint Review: Plain Green Loans - Internet

  • Submitted:
  • Updated:
  • Reported By: Candid — Eastpointe Michigan
  • Author Not Confirmed What's this?
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  • Plain Green Loans Internet USA

Plain Green Loans Plain Green Scam/Con Artists Box Elder Internet/ MT

*Consumer Comment: Interest rate

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I applied for a Loan with Plain Green, agreed to one set of terms as listed on the document. I was told I had to repay bi-weekly, so I made my first payment  on the due date as stated, and made two payments. My second pay period in the same month, wich would be my third payment towards repaying the loan. The two payments made barely reflected the balance at all. The third payment made, was as if I were making my very first payment.

The Finance charges changed repeatedly, it was never the same, as stated in the documentation as agreed. I continued to repay the loan, even though the finance charges changed, the amount to the principal was not even a fourth of what was repayed towards the loan. I questioned the reasoning of this, even the customer service Rep, did not understand. They wanted three times the amount that was borrowed, even though the loan was being repaid at a shorter term. It seems as though the more I paid, the less added to the principal.

 

I don't understand how consumers can be charged numerous rates, regardless of what was agreed to in the documentation. I don't see how that is even legal, to charge these outrageous rates. Rates that changes with each transaction, unknowingly to the consumers. This is a scam, that needs to be stopped!!

 

 

 

 

 

 

 

 

 

 

                                                                                       

This report was posted on Ripoff Report on 09/02/2014 05:13 PM and is a permanent record located here: https://www.ripoffreport.com/reports/plain-green-loans/internet/plain-green-loans-plain-green-scamcon-artists-box-elder-internet-mt-1173989. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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#1 Consumer Comment

Interest rate

AUTHOR: ramjet - ()

POSTED: Wednesday, September 03, 2014

What was your loan amount?

I went to their web site and there is a table that shows interest rates for different loan amounts.  The interest rate for a $250 loan is 378.95%, for a $3,000 loan it's 59.84%. 

Find a free loan calculator, plug in the loan and interest amounts and you will see exactly how much goes on interest and principal.

Their interest rates are ASTRONOMICAL to say the least.  That's why it's not getting paid off.

Then if you are ever late you will have additional fees. A real bad deal.

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