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Within two weeks of receiving Think Finances letter, the Chippewa Cree, who had tried for a year to run their own lending business, agreed to the arrangement. The tribe partnered with Think Finance and renamed its lending company Plain Green. The tribe would own 51 percent of the who offers the lowest apr for personal loans, and Think Finance would own 49 percent. The new venture would offer installment loans, a term the industry prefers to use instead of payday loans.
Like traditional payday loans, installment loans are small loans with high interest rates that often trap borrowers in a morass of debt. Unlike traditional payday loans, they are paid back over time periods longer than a single pay cycle.
Plain Green says its minimum repayment cycle is four months. Ten months after Plain Green started making loans, Think Finance lauded the venture in a blog post as a big win for both consumers and the Chippewa Cree. Dozens of tribal members are employed by Plain Green and every tribal member has already received a payment based on the success of the product.
The tribe has even been able to rebuild a baseball field with revenues generated by Plain Green, usa cash loan company post said.
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You're after a loan for 1,000 for medical or dental bills. Your are looking to repay the loan back after 6 months and are happy to make fortnightly payments. Here's what a medium loan might look like. You're after a loan for car repairs for 2,500 and are looking to make payments back on a weekly basis over 2 years.