So you recently heard about this tribal lending institution called Lendgreen and therefore would like to learn more about the institution before giving it a try? Fair enough, keep reading my unbiased Lendgreen review through which I am going to share some important details about this native American lender. My goal is to help you;
1. Find out if you qualify for any type of loan from this tribal lender.
2. Decide whether they are worth giving a try or not.
So, without further ado, here is a brief overview of the company;
Lendgreen is a native American Indian tribe lending company that is based in Wisconsin, US. This fully owned subsidiary of two sister companies LDF Holdings and Lac du Flambeau Business Development Corporation is a duly licensed lending institution that operates under the regulations of the Lac du Flambeau Tribal Financial Services Regulatory Authority, which is an independent financial regulatory body of the tribe. It should also be noted that all loans are governed by applicable federal regulations too.
Who Can Borrow from Lendgreen?
Their loans are available to all US citizens and legal residents with a social security number. Borrowers can borrow between $400 and $1200. These amounts are repayable in three to eighteen months. If your loan application is approved, it will be governed by Tribal law, applicable federal law, and the terms as well as conditions of your loan agreement.
When to Borrow from Lendgreen
Many Lendgreen reviews deliberately omit this important fact about this tribal lender. The fact is their rates can be very high for long-term borrowers, reaching up to 795%, depending on the amount of your loan, your payment schedule & pay frequency as well as the type of loan borrowed. But that is not all, late payments and non-payment may result in penalties as per your loan agreement, Tribal regulations and applicable federal regulations.
These loans are best for short-term borrowers, who are looking to borrow and repay faster like in a few weeks’ time or so. Maybe you have run out of money before end month and you need some cash for groceries and other items for the house. For such borrowers, Lendgreen can be a great option that provides quick loans at reasonable rates.
Types of Loans Offered By Lendgreen
Lengreen offers four different types of loans;
• Secured loans.• Unsecured loans.• Open-end loans.• Closed-end loans.
The difference between secured loans and unsecured loans is that the former requires some form of collateral whereas the latter requires none of that. Collaterals could be certain assets you possess, such as a car, property, and land.
On the other hand, open-end loans are types of loans that let you continue borrowing cash on an ongoing basis. A credit limit is set for you to borrow against, and as you repay, the credit limit is replenished accordingly. Finally, closed-end loans are the opposite of open-end loans.
It is my hope that this quick Lendgreen review provided you with some valuable insights you are going to use to decide whether or not this is the best lender for your borrowing needs. If you are going to borrow from Lendgreen, feel free to share with us how it went down plus your borrowing experience.