Green Trust Cash practices predatory lending! Hays MT Montana

I was in a rough spot in February and took out a $400 loan from Green Trust. I was starting a job shortly after taking out the loan, and thought I would be able to quickly pay the principal down, as the $57 weekly payment over the course of six months is extremely excessive.

I reached a point where I thought I was comfortable making a large payment on the principal (hoping to either pay it off or get close). When I called and finally connected with someone I was informed my principal amount was still almost $300, and this was just a few weeks ago! I couldn't believe that after four months the principal balance was still so high, so I started doing research.

My loan claims to have an APR of 697% if the loan repayment is carried out over the full six months. The reason the loan cannot be paid off early (at least not comfortably) is that the interest compounds weekly. After figuring out the amortization schedule, the payment towards the principal balance doesn't even reach $10 until the 14th week of the loan. Furthermore, the interest actually calculates out closer to %712. That is a finance charge of nearly $1,077!!!

Please, PLEASE, do NOT accept a loan or do business with this lender! It may seem like a good short-term solution, but it bears long-term consequences. The loan will trap you into paying nearly three times the amount you borrowed. Had I known then what I do now, I would have pawned personal items rather than accepted this loan.