Great Plains Lending Review

Great Plains Lending ReviewIs Great Plains Lending a cut above other payday loan companies? When you get in a bad financial position in which you do not have enough money to make it to the next paycheck for a variety of reasons, it can be a very scary and dark time in your life.

Oftentimes, those of us who live from paycheck to paycheck can’t afford life’s surprises that are sure to pop up on us, such as medical bills, car trouble or a surprise utility bill that is much more that you are able to pay. Payday loans from Great Plains Lending offer an option to help to get you through these tough times.

Payday loans are appealing to many people because of the speed at which the money is deposited into your account and because you don’t have to borrow large sums of money. The ease of the application process is also appealing to many people looking for loans.

Payday loans can be very dangerous because of their high rates and the fast paced amount of time that you have to pay it back. Often times if you are in serious financial straights, you can not afford to pay back almost three times the amount of the money that you borrowed in such a short amount of time and still make enough money to survive. However, if you are stuck without any other option, Great Plains Lending can help aid in the way of fast cash in your pocket.

Review of Great Plains Lending

Great Plains Lending advances small amounts of money to their customers for a high interest rate to be paid back in about two weeks or when you receive your next paycheck. They have an easy three step application process which requires filling out the application, finding out quickly whether or not you are approved for the loan and having the fund be transferred into your account as soon as the next business day.

Great Plains Lending boasts great customer service and the fact that they are transparent with the amount you will be paying even before you fill out the application. They provide spreadsheets and charts on their website which show how much you will borrow, pay eventually and how much you will pay in installments so there won’t be any surprises once the transaction is completed.

Who is Accepted?
When it comes to payday loans, the requirements are not very extensive as to who gets them, because such small amounts of money are being lent. Great Plains Lending is no exception to this. You have to be at least 18 years old, 19 if you live in Alabama or Nebraska, in order to receive a loan from them. You have to have a job or some other proven source of steady income and a valid e-mail address so you can set up an online account with them as well as have a means to contact them should there be any problems.

Finally, you must have a checking account that is in good standing, meaning that there can be no returned checks, overdraft charges, negative account balances or non-sufficient fund transactions within the last 30 days, in order to ensure that you can handle your money well enough to pay back a loan on time. All the information that you give to Great Plains Lending is secure and is not for sale by the company to other providers.

The Loan Process
When the money is transferred into your account, you will deal with the company and settle on a date as to when your loan will be due. The terms of this agreement can range from 4 months to 15 months or to as little as two weeks. When you have settles on a date you will be also set up with some kind of payment plan that fits your lifestyle the best. You can choose to either pay back your loan in bi-weekly installments or you can pay your loan in one large lump sum.

Paying your loan in one large sum can be tricky sometimes because if for some reason you don’t remember the date that your loan is do, you may miss it, not be able to pay and have your loan default, making you subject to other fees.

If you are unable to make your payment, you contact customer service in order to explain why and set another due date for your loan. If you do this, you are subject to late fees and possibly a higher interest rate depending on the state that you live in.

Rates
The rates for payday loans are generally much higher than the rates you will receive on a credit card or a bank loan, but they loans themselves are more appealing because you can borrow less and pay it back more quickly, meaning there is less commitment on the part of the borrower.

At Great Plain Lending you can borrow anywhere from $200 to $1000. After you first loan, you can then borrow $1500. The terms of your loan vary from state to state as well as on the amount of money that you want to borrow. The rates are claimed to be 27% lower than average on other payday loans and you will pay about $20 for every $100. This is the lowest rate I have found in the payday market, but the interest rate is still very high in the general world of loans.

Great Plains Lending is also a better choice because of the customer service that they provide, which gives you multiple ways to contact the representatives of the company through chat, e-mail and phone. They are there virtually 24/7 to help you with your loan and answer any questions that you may have.

Our Recommendation
Payday loans are generally not a good idea. They charge very high interest rates and ask you to pay them back in a short amount of time. If you are truly in financial trouble and decide to get a payday loan, you will generally not be able to pay the loan back in the amount of time that you were given, digging yourself a bigger financial hole than the one you originally were in to begin with. However, if you do find yourself in the position that you have to take out a payday loan, Great Plains Lending is the best choice.

The fact that Great Plains Lending has lower interest rates that most of the other competitors is their biggest selling point. They also provide good customer service as well as payment options, making them the best choice for a lender of a payday loan.

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