Green Trust Cash Review

Green Trust Cash ReviewGreen Trust Cash is a payday lender that is a bit different from other lenders that you might be used to. They will let you make payments on your payday loan, similar to an installment loan, which could help prevent you from getting caught in the payday loan cycle.

The reason they’re able to offer payday loans like this is because they’re owned by a Native American tribe, and therefore are not subjected to the same rules and regulations that other lenders are. In many states payday lenders are forced to abide by the loan limits set in place by the state, and that’s why you’ll see the same loan amounts and fees being charged by all payday lenders doing business in that state. A tribal lender can offer you terms and conditions without worrying about those laws, which is why you’ll often see special loans like these that are set up differently than a traditional payday loan.

Green Trust Cash Review – How It Works

You can treat this just like a normal payday loan if you want, since technically the loan is due on your next payday. You can pay it back in full plus the fee, which would make this the exact same as a payday loan you can get anywhere. But here’s where the similarities end: if you want you can only pay the interest payment, and leave the principal balance untouched. This is where you’ll see the most benefit to a service like that, since you won’t have to come up with all the money on your next payday.

Paying Back Over Time
This ability to pay back the loan over time is pretty special. Since most financial crises don’t simply blow over in a matter of a few weeks, it’s often hard to pay back the loan in full, and most borrowers end up taking it all back out again, and subjecting themselves to more fees, and another trip to the payday lender to pay it all back two weeks later. But what if you could use the money from the loan, and two weeks later all you had to do was come back and pay the fee? That would be a big help in juggling your different obligations, and would be much more convenient than taking a big chunk of your next paycheck and using it to pay off the loan.

Running the Numbers
So it seems that Green Trust Cash would make sense in many cases, but the numbers have to work in order for it to be recommended. They give an example of borrowing $200. The fees are that you pay $30 per $100 borrowed if you take the money out two weeks at a time. So all that’s due on your first payment date is $60. This does nothing to your balance and you still owe them the original $200. After 24 payments you are done, and you’ve spent a total of $1070 over the year. The $200 is included in that, so it boils down to $870 in fees.

Compared to taking out $200 in the state of Michigan, for example, you’ll be paying a fee of $29.45 each time you take out that $200. State laws say that you can’t rollover your loan, which means you have to pay the entire loan off and then take it out again. So in essence you are still paying $30 for every two weeks that you have the money. If you borrowed and paid back the loan every two weeks for a year you’d end up spending $720 in fees.

So it looks like by getting a traditional payday loan, you’ll end up saving more if you have to take a year to pay it off. However, when you think of the real world, it becomes clear that it would be much easier on your pocketbook to simply be able to make smaller payments to Green Trust Cash over time rather than continually having to produce that $200 again and again.

Our Recommendation
It’s kind of a six in one half dozen in the other proposition here, so be sure to check what the rates and fees are in your state and run the numbers, and also consider whether it would be feasible for you to come up with the principal each payday, or just to pay a little bit on it.

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