We received this unsolicited pre-qualified loan offer from Plain Green for a simple solution to life’s little surprises in the mail today. First impression before opening envelope was this had to be something environmentally beneficial! I would soon discover we were dealing with native American Indian loan sharks.
Upon opening the envelope, we found that Plain Green LLC is a tribal lending entity wholly owned by the Chippewa Cree tribe in Montana. At least these Injuns were honest enough to admit they were charging 360 per cent on an $800 loan! Yes you read the annual interest rate (APR) correctly. 360% is more than three and one-half times the 800 dollar loan amount.
So to be clear if you borrowed $800 dollars from Plain Green, you would owe them over $2800 dollars in annual interest! To be fair, most people do not hold the loan for a year, but you would owe 2800 dollars if you did. Even more insulting is how the letter opens with “There are times when all of us face financial emergencies”. Borrowing money from these loan sharks would only be the beginning of your financial hardships! These Indians may not legally be guilty of Usury, but practically speaking they are tearing you a new poop chute.
This type of exploitative lending only widens the gap between the haves and the have-nots. Income inequality in the United States will only get worse if folks are NOT disciplined enough to NOT borrow money at unfair rates from this tribe of the Rocky Boy’s Indian Reservation. If you want to opt out of receiving these loan offers in the mail, you must place a phone call to Plain Green……Arghhhhhh! Lenders who lend at such high rates only exacerbate poverty levels while, at the same time , take advantage of rising prices.
From Casino ownership to marginally fraudulent lending practices, you have to admire the patience of these Indians whose ancestors were slaughtered by the White Man a few hundred years ago. Their revenge is exact and enduring. Oh yeah, and guess what happens to your already low credit score when you are unable to pay back the loan??
Finally however you slice this, these native American Indians are using the protection of their sovereign nation status to engage in predatory lending!