Great Plains Lending is an online lender that offers installment loans to borrowers with poor credit. The rates are high: similar to the rates charged by payday lenders. The difference with Great Plains Lending is that borrowers can choose longer repayment terms than those provided by payday lenders, which makes their monthly or bi-monthly payments more affordable.
Great Plains Lending is a privately held lending company that is wholly owned by the Otoe-Missouria Tribe. It has its headquarters in Red Rock, Oklahoma, and also does business as American Web Loan and Clear Creek Lending.
Great Plains has an easy to complete online application form that only takes a few minutes to complete. Borrowers receive a loan decision within seconds, and cash can be deposited within 24 hours.
Rates are fixed for the duration of the loan and vary depending on the size of the loan and whether you pay monthly or Bi-weekly. They range from 448.76% APR for a $100 loan to 118.66% APR for a $3,000 loan. All borrowers receive the same rates regardless of their credit profile.
There are no penalty fees for borrowers who pay their loan early. You only pay interest for the time you have the loan, so paying early can save you money.
Great Plains Lending provides first-time borrowers loans ranging from $100 to $1,000. Returning customers can apply for loans of up to $3,000.
To illustrate the cost of Great Plains Lending, consider this example. A $1,000 loan with a six-month term and bi-weekly payments will have 30 payments of $139.91, a total payback amount of $4,107.17.
The application form only requires a minute to complete. Funds can be deposited within 24 hours. Loans that are approved on Friday will be deposited in the borrowers’ account by Monday and loans approved on Saturday or Sunday will be available on Tuesday.