• Report: #746938

Complaint Review: Plain Green, LLC

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  • Submitted: Wed, June 29, 2011
  • Updated: Fri, March 16, 2012

  • Reported By: Anonymous — United States of America
Plain Green, LLC
93 mack road Elder, Montana United States of America

Plain Green, LLC plain green loans loan sharking Elder, Montana

*Consumer Comment: An Honest Extortion?

*Consumer Comment: You should read more often.

*Consumer Suggestion: That interest rate IS legal - not moral, but legal

*Consumer Comment: Contact your local Attorney General's Office

*Consumer Comment: Read before you buy

*Consumer Comment: Okay.

*Author of original report: Okay fine

*Consumer Comment: Just trying to impart some information.

*Author of original report: Missed the entire point.

*Consumer Comment: Interest.

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First off, we attempted to take this loan out with the full intention of paying it off early and ahead of schedule. We were told to contact them regarding our terms. Upon contacting plaingreenloans to submit a bank statement, we were told we were approved and would be paying a 59% interest rate. We are trying to build up our credit and agreed to this. After making several payments on-time, and as agreed, we found out the loan company was not charging us the afformentioned amount, but yet 359%! This was never agreed to. We even confirmed the percentage with the operator and she agreed when we said 59%. As my understanding of loans goes, this is loan sharking.

I also thought because it was illegal to charge over 60% for a loan, that 59% would be the highest they could charge. We would have NEVER EVER agreed on this loan if it was that much. This was supposed to be a nice way to get a cash advance for unexpected repairs, and also to build up credit at the same time. This loan is in one person's name but I am helping with managing it now as also I was the original one who recommended this. Now, the actual loan company, after only missing one payment, AND after trying to work something out with them which they declined to do, they weren't even interested in working things out with us, now they are making harassing calls to our employer.

I will be sending a certified letter to these people telling them its NOT OKAY to contact me at work. They have our cell number but still insist on contacting us at work to either shame us into paying or to embarrass us in some way otherwise they can simply call our phone. We also spoke with them and told them we would not pay for this loan as we were lied to about our rate. They do not care, they have stated that this is not loan sharking, and they have also stated that it was a miscommunication on their part. Why we should be liable for a miscommunication is beyond me. If you are an attourney and want to contact me, please feel free to do so as any help is welcome and appreciated. I've also noted in the profile that its OKAY for attorneys to contact me.

This report was posted on Ripoff Report on 06/29/2011 11:50 AM and is a permanent record located here: http://www.ripoffreport.com/r/Plain-Green-LLC/Elder-Montana-59521/Plain-Green-LLC-plain-green-loans-loan-sharking-Elder-Montana-746938. 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.

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REBUTTALS & REPLIES:
2Author 8Consumer 0Employee/Owner
Updates & Rebuttals

#1 Consumer Comment

An Honest Extortion?

AUTHOR: Ernest - (United States of America)

There is no such thing as an honest extortion. Extortion is extortion, period. The reason high extortion interest rates are allowed, is because the state feels that people with bad credit have dues to pay, and the loan companies that charge the high interest rates feel the same way. It doesn't make a difference to them how your credit got bad; for example: I lost my job due to a downsizing process in 1999 and was not able to pay back loans. I eventually filed bankruptcy. I have paid for those problems over and over with high interest rate loans. Even when I paid the loans off on my credit report, I didn't get much acknowledgment from banks because I settled with some of those account, rather than pay them off in full. If you want to extablish good credit, then pay loans off in full; dont settle. As far as circumstances that's hard to avoid-like job layoffs, death in the family (spouse was bread winner and died) or a bad economy; it is wise to make it the best way you can. These loan sharks know that people with bad credit (no matter how their misfortune came about) will be contacting them, so for that reason, their high interest rates are already set. I too, have ran into a couple of loan sharks that was deceptive. 500 Fast Cash quoted me six payments of 75.00. I missed one payment after making two payments and made a partial payment of 30.00. I asked how much I owed with the other two payments and was told the 75.00 payments were just interest and didn't count towards the loan, but from the beginning I was told the 6 payments of 75.00 were the loan payments. There are games that will be played but people with bad credit will still be forced to make loans, so do the best you can in paying back the loans. We have to survive one way or another. I hope this helps. Ernest (ernestivyii@yahoo.com)
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#2 Consumer Comment

You should read more often.

AUTHOR: MAW - (United States of America)

I have had a loan with plain green for 5 months now and have had no problems.  When I was approved I had to esign a loan agreement that specifically outlined MY interest rate.  In addition they gave me a schedule of every payment which included how much interest and principal would be paid with each payment.  If you would have taken the time to read the contract that you signed I guess you wouldn't have agreed to it.  There are no penalties for early pay off so if that is what you intended to do then just do it.  Also, they offer a 7 day extension if you can't pay on the due date.  They have never called my job. They do, however, call my cell phone the day before my payment is due.  They also send an email 3 days and 1 day before the payment is due so I can't see how you missed a payment.
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#3 Consumer Suggestion

That interest rate IS legal - not moral, but legal

AUTHOR: Chyna - (USA)

Moral and legal have nothing to do with each other. First lesson.


I have a Plain Green loan that I opened online. An applicant MUST GIVE every indication online to the loan company that the person Does Understand and AGREES TO The Contract Terms and Conditions before approval can even be given to write a check or fund a bank account.


You have to explicitly and clearly agree to receive all documentation online.


A phone call will never change the terms of ANY WRITTEN CONTRACT. If it's in writing, transcripts of 40 phone calls won't change a single item on the contract. Verbal communications cannot change a written contract.


So if the Plain Green employee told you it was even ''Five Percent Interest'' while standing in your living room being filmed, the conversation LEGALLY never happened, it doesn't exist.


***You have to ''electronically sign'' the Plain Green document to submit agreement to the loan and also have to type ''I agree'' as well.*** That constitutes a valid, written contract.


If you didn't read each item you were agreeing to, the fault is not with Plain Green, it is with the person who will sign binding contracts without reading all the fine print.


Maybe they are a bad company, they may have directed the employees to quote false information, etc. But the law requires explicit documentation be given to the consumer, and I guarantee that you DID receive those documents online, and agreed to them, and submitted them.


The interest rate is not hidden. It's shocking to believe it's right, but it's there.


You do have to make mistakes to learn, fair or not.


What you DON'T get to do is blame entities that offered you something you accepted, but didn't research enough to find out the actual terms and conditions (T&C).


I did learn as a young adult that you MUST READ ALL THE FINE PRINT. At a minimum, at least SCAN FOR DOLLAR SIGNS AND AMOUNTS WRITTEN INSTEAD OF NUMERIC.


Until the mid to late 1980s, banks of any sort didn't have provide APRs, fees, variable or fixed interest rate, etc. Thankfully a law was passed that benefits consumers by requiring this information to be plainly printed, in large type and bold print, disclosing the APR, etc.


There are great websites all over the internet who teach EXACTLY THE PROBLEMS OF PAY DAY LOANS as well as the Basics of Consumer Money Management such as how AND WHY YOU SHOULD BALANCE YOUR BANK ACCOUNT.


You got burned this time, I do understand that, but if it happens a second time, then it is really your own responsibility if the information is there but you don't think it HAS to be read.



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#4 Consumer Comment

Contact your local Attorney General's Office

AUTHOR: RenegadeChauffeur - (USA)

You may want to try your state Attorney General's office to see what kind of complaint might be filed. If your account has been sent to a third party debt collector, you may want to contact the FTC and the AG's office to see if a complaint can be filed against the debt collector as well.

I wish you good luck.
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#5 Consumer Comment

Read before you buy

AUTHOR: Terry - (U.S.A.)

A quick review of the website expressly reveals that they do indeed charge 359.01% interest.
Please do the research before commiting to anything.  It may be extortion on their part, but it is honest extortion.

From their website:
"With a Plain Green loan, you pay your loan back over time, not in 2 weeks! Our terms range from 4 to 20 months, depending on the size of your loan. For example, a $600 loan has an annual percentage rate (APR) of 359.01% with 12 bi-weekly payments of $105.11. "
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#6 Consumer Comment

Okay.

AUTHOR: Flynrider - (USA)

   You're obviously smart enough to know that the loan process you described means that you don't have to pay what they're asking.   I wish you the best of luck.
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#7 Author of original report

Okay fine

AUTHOR: Anonymous - (United States of America)

Since you are so smart, you could simply google the site and look at the page. Its varied. Like when you apply for a credit card and it says 19% - 29% or something similar. But spouting off about stuff you don't understand seems to be the way you do it around here. I know this because unlike you, I was actually NOT lazy, and didn't go off half cocked and googled your responses here on rip off report. I see you go around and just spout off about things you clearly don't understand. I actually had to stop reading after the first page cause your comments were so bad that they made me sick. I also responded to them in the other reports and the original posters agree with me.

Secondly, I don't want to get into an argument over something you clearly don't understand.

If you were a smart person, you would know that mistakes are a part of the learning process. I never claimed to be a financial advisor, i'm just a dude who was trying to help my girlfriend get a loan by googling loan companies. I post this because the first thing I did was google 'plain green loans rip off' and 'scam'. I also came here to see if there were any postings about the company and after finding out there weren't I decided to go with them.

There was no contract that was signed. We faxed them a bank statement cause they requested we do so and we weren't approved until a phone conversation where they told us the rate. There was no rate listing anywhere and we never signed a rate. If you actually want to help you could see the process in action and pay it off immediately without owing interest. But I wouldn't recommend it as they also told me paying it off immediately would result in no fees or interest. But this could be a lie as well.

Anyways, you have no interest in helping people, just trolling and posting your bile. So I don't expect anything positive to come from you. You didn't tell me anything I don't know. your advice was inflammatory and demeaning. I bid you adieu
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#8 Consumer Comment

Just trying to impart some information.

AUTHOR: Flynrider - (USA)

The entire point was that we were TOLD WHEN WE SIGNED UP that the interest rate would be 59%, then confirming this they told us we could pay it off early. Upon calling them back when discovering the 359% they ADMITTED it was a miscommunication on their part and they would NOT BE WILLING TO WORK WITH ME."

   My point was that what you are told means nothing.    There has to be a contract that says you agree to borrow the money at xxx% interest.  That supercedes anything you are told.    Does it say 59% or 359%.  A lender cannot decide to change the terms whenever they want to.  That's why terms are specified in the contract.   If you're saying there is no contract, then I'm having a hard time imagining how they can make you pay back anything at all.  If there is a contract at 59%, there is no way they can charge you 359%.  If there is a contract and it says 359%, then you're screwed.

The comment about being a financial advisor is astounding... what made you say that, no one will ever know."

  This is what made me say that :

This loan is in one person's name but I am helping with managing it now as also I was the original one who recommended this."

   Short term, high interest payday type loans are the worst thing you can do to try and build your credit.  They are financially risky (as you have found out), and you did this person a huge disservice by recommending it.  Most do not even report to credit agencies unless you are late or default.  There is virtually no upside to taking out a loan like this to improve your credit.   Given your assumptions about interest rates and how these loans work, my point was that you should probably refrain from these types of recommendations in the future.  
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#9 Author of original report

Missed the entire point.

AUTHOR: Anonymous - (United States of America)

First off, there was no documentation that was clear. There was an approximation for new customers with a varying rate... since you are so smart you can figure out what that means.

Secondly, like I said I was not sure.

Thirdly, I have no intention to become a financial advisor, so your comment was trite and demeaning in your own way which is meant to embarrass someone. This is fine but just be aware that I know what you are attempting to accomplish.

So after all that being said, you missed the entire point. Which seems typical for a person in your position whatever that may be. The entire point was that we were TOLD WHEN WE SIGNED UP that the interest rate would be 59%, then confirming this they told us we could pay it off early. Upon calling them back when discovering the 359% they ADMITTED it was a miscommunication on their part and they would NOT BE WILLING TO WORK WITH ME.

I don't know why you are coming at me like this, all I did was post the truth about my thoughts, situation, and opinions. If this upsets you, take an anger management class. If you don't have any valid points to provide then don't respond. The comment about being a financial advisor is astounding... what made you say that, no one will ever know. It seems like you are working for the company and litigating damage control. If they have to have someone do that obviously they are up to something.

Go buy a punching bag. And for you sir, don't ever become a fighter, because you will get beat each time.
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#10 Consumer Comment

Interest.

AUTHOR: Flynrider - (USA)

 
  I've never heard of a loan that didn't have a written contract attached.  That's where the actual interest rate will be.  What does your contract say?

". I also thought because it was illegal to charge over 60% for a loan, that 59% would be the highest they could charge. "

   You seem pretty sure about this, but it's not even remotely true.  There is virtually no limit to the amount of interest that can be charged on a loan if the borrower is willing to agree to it.  Usury laws went out the window decades ago when the Supreme Court ruled that laws in the lender's state would apply.  Since then, it's unlikely to find high interest lenders headquartered in a state that still has usury laws. 

"This loan is in one person's name but I am helping with managing it now as also I was the original one who recommended this. "

  Please don't ever consider becoming a financial advisor.   Anyone who thinks even 59% interest is a good idea is not thinking rationally. 
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