Greenline Loans is an online lender that offers short-term installment loans to people with bad credit. They claim to provide a fast and easy solution to your cash needs without any paperwork and the need for any collateral. They do not report your payment history to any credit bureaus and may not be available in your state. Here are some facts you need to know before applying for Greenline Loans.
- Greenline Loans is not a licensed lender in any state. They operate under the sovereignty of the Fort Belknap Indian Community, a federally recognized Indian tribe in Montana.
- Payday Loans charge very high interest rates. The Annual Percentage Rate (APR) can range from 200% to 800% depending on the loan amount, term, and fees.
- They do NOT report your payment history to any credit bureaus. This means that paying your loan on time will not improve your credit score, but failing to pay your loan can lead to collection action and legal consequences.
- Greenline Loans may not be available in your state. Some states have laws that prohibit or limit the amount of interest online lenders can charge or require them to obtain a license before offering loans to their residents. You should check your state’s laws before applying for a loan from Greenline Loans.
Greenline Loans Review
|Loan Type||Greenline Payday Loans|
|Greenline Loans Amount||Min. Amount $100 and Max. Amount $300|
|Turnaround time||1 to 3 business days|
|Monthly Income Required||$1000+, Active bank Account|
|Age||18+ years old|
|Loan Security||Unsecured Loan|
|Greenline Loans Phone Number||(877) 596-1337|
What is Greenline Loans?
Greenline Loans was founded in 2011 and is headquartered on the Lac du Flambeau Indian Reservation in Lac du Flambeau, Wisconsin. They are a member of the Online Lenders Alliance (OLA), a trade association that sets best practices and standards for the online lending industry. They also have a customer service team that can be contacted by phone or email.
They have a mixed reputation among their customers. Some have praised its easy application process and fast funding, while others have complained about its high costs, poor customer service, and lack of transparency. Greenline Loans does not have a rating from the Better Business Bureau (BBB), but it has received several negative rating reviews and complaints on the BBB website.
Is Greenline Loans Licensed?
Operating from Wisconsin, Greenline Loans lacks a state lending license. It’s said that their operations are based within the Lac du Flambeau Reservation in Wisconsin. Functioning as a tribal lender, they’re an offshoot of a Native American tribe, conducting business under their specific guidelines. Greenline Loans is affiliated with the Lac du Flambeau Band of Chippewa Indians.
Greenline Loans, functioning as a business entity connected to a Native American tribe, takes advantage of tribal immunity. This effectively shields them from prosecution and negates the need to comply with state-level regulations. This advantageous position allows them to levy interest rates that often exceed the legally permissible rates in specific states.
Most tribal lenders opt not to highlight this extensively; hence, they communicate this information using distinct disclaimers and in inconspicuous text. Greenline Loans adopts a similar approach, encapsulating it within the following statement:
“Vavatsy LLC, dba GreenlineLoans, extends Greenline Loans. Wavatsee LLC stands as a Native American-owned enterprise established by and for the Lac du Flambeau Band of Chippewa Indians, a sovereign American Indian tribe with federal charter recognition.”
Pros & Cons of Greenline Loans Login
Greenline Loans is an online line lender that provides you with short-term loans. This is not a state-approved lender and charges you a high interest rate on taking the loan, so check all aspects thoroughly before taking the loan.
Availability Across 35 States: Greenline Loans asserts its lending presence in 35 US states, a broader reach compared to several of its tribal counterparts.
Manageable Small Installment Loans: They extend loans ranging from $100 to $300 tailored to first-time borrowers. These loans allow for gradual repayment over several weeks or months, potentially offering a more manageable approach than a single lump-sum payment.
Online Lender Alliance Membership: As a participant in the Online Lender Alliance (OLA), Greenline Loans adheres to the ethical and consumer protection standards set forth by this industry association.
Flexible Loan Cancellation: They permit loan cancellation within three business days of disbursement, allowing flexibility if circumstances change or better options emerge.
Rapid, Convenient, and Secure Application: Greenline Loans asserts a streamlined online application process that can be completed within minutes.
User-Centric Convenience: Through its website and mobile app, Greenline Loans provides a platform for account access, balance checks, payments, and fund requests anytime and anywhere.
Round-the-clock loan availability: Greenline Loans maintains 24/7, 365-day service, enabling loan applications to be processed as and when required.
Lack of State Regulation: Greenline Loans lacks a license in any state and operates under the sovereignty of the federally recognized Fort Belknap Indian Community in Montana. As a result, they circumvent state laws that impose interest and fee limits, as well as the requirement to be licensed to make loans within resident states.
Elevated Interest Rates: They enforce significantly high interest rates for their loans, with annual percentage rates (APRs) spanning from 200% to 800%, contingent upon factors like loan amount, term, and fees.
Non-Reporting to Credit Bureaus: They refrain from sharing payment history with credit bureaus, meaning timely repayments won’t contribute to an improved credit score. Conversely, failure to repay can lead to collection actions and legal consequences.
Ambiguity Regarding Costs: Greenline Loans lacks transparency concerning its loan costs. They withhold details about APRs, fees, and terms on their website. The precise loan cost only becomes clear post-application and receipt of a loan agreement. This opacity complicates the effective comparison of alternatives and informed decision-making.
How to Apply to Greenline Loans
We have already explained how simple it is to get a loan from Greenline, which you can do online through their website. However, it’s essential to be aware that the interest rate associated with their loans is notably high.
To be eligible for a Greenline loan, individuals must meet the following criteria:
- Maintain employment or regular source of income.
- Earn at least $1000 per month.
- Attain a minimum of 18 years of age and hold US citizenship.
- Have an active checking account.
- Reside in states where Greenline operates.
For most employed adults, meeting these conditions should not be a challenge. Earning $1,000 per month equates to an annual income of $12,000, which is below the poverty line ($12,880).
If you meet these qualifications, the application process is straightforward. The details they will ask for from applicants include:
- Profile Information: Name, contact details, and social security number.
- Income Statement: Explanation of employment or alternative income source.
- Banking details: Routing and account number for transaction purposes.
Use caution when sharing this information with Greenline Loans. Applying for any of their loan products entitles them to substantial entitlements even before signing the official loan agreement. At the very least, expect an increase in email communication and phone calls from them.
Greenline Loan FAQs
What is the interest rate of Greenline loans?
Greenline Loans does not disclose the specific range of its interest rates on its website. GreenLine is a tribal lender that offers installment loans with high interest rates. The exact APR for your loan will depend on how much you borrow and how long you keep the loan. You can lower the total cost of your loan by paying it off early or making extra payments.
What is Greenline loans legit?
You should investigate carefully and be prudent before entering into a deal with any loan provider or financial institution. You can follow some steps to assess the legitimacy of the loan provider, such as looking into the company’s background, verifying its license and registration, reading its terms and conditions, checking its customer feedback and issues, reaching out to its customer service, and seeking advice from financial experts. You should be careful while handling any financial transaction and deal only with well-known and trusted institutions.
How much can I borrow with a Greenline loan?
If you are a first-time borrower, you may qualify for up to $300. If you are a returning customer, you may be eligible for a higher loan amount depending on your payment history and financial position.
How do I apply for a Greenline loan?
You can apply for a Greenline loan online by filling out a simple application form on its website. You will need to provide some personal and financial information, such as your name, address, phone number, email, income sources, bank account details, and social security number. You may also be required to fax certain documents to verify your identity and income.
How long does it take for a Greenline loan to be approved and receive funds?
Greenline Loans claims to process and approve loan applications within one business day. If your loan is approved before 5 PM MST Monday-Friday, you can expect to receive the funds in your bank account the next business day. The actual time may vary based on your bank’s policies and procedures.
What are the repayment terms and options for Greenline loans?
Greenline loans offer installment loans, that are repaid in fixed monthly payments over a specified period. The exact repayment terms will depend on the amount you borrow, the interest rate you are charged, and the loan tenure you agree to. You can pay off your loan early without any penalty, but if you miss or make a payment late, you may have to pay late fees. You cannot renew or extend your loan with Greenline Loan.
Greenline Loans is a legitimate lender that provides a quick and easy way to access cash when you need it. However, it is also a very expensive lender that may charge you exorbitant interest rates and fees. Therefore, you should only consider borrowing from Greenline Loans as a last resort, and only if you are confident that you can repay the loan on time. You should also compare other options before applying for a loan with Greenline Loans, such as personal loans, credit cards, or payday alternative loans from credit unions.