Who is Great Plains Lending?
Great Plains Lending is a tribal lending enterprise and financial services company that provides short-term, small-dollar loans to individuals. It is owned and operated by the Otoe-Missouria Tribe of Indians, a sovereign nation located in Oklahoma, United States. The company operates in several states across the US and offers both online and in-store loan options. The company is subject to the laws and regulations of the Otoe-Missouria Tribe and is not subject to state laws that may limit the interest rates and fees it can charge on loans.
Tribal Installment Loans
One nice thing about a tribal installment lender is the public face of the Native American lending industry. It's a little misleading in one sense because there are many more tribal payday loan outfits in the market while the installment lenders are much less common. But everyone realizes that a company like Great Plains Lending is a more appropriate representation of the Native American lending companies because they provide what more appropriately represents an actual loan.
These small tribal lenders that want to lend out $300 or $400 for a two week time frame are just hard to take seriously. If you are in need of someone else's capital (that's the definition of a loan) then getting $300 for 14 calendar days just doesn't really meet the definition of a "loan" for me personally.
Fortunately, when Great Plains Lending offers loans that last for several months and they offer $1,500 to $3,000 to an individual, then we are at least closer to what most people would remember back in 2005 (when banks actually provided loans) as a real loan.
How Great Plains Lending Work?
Great Plains Lending is a tribal lending enterprise that offers short-term, small-dollar loans to individuals. The company operates in several states across the United States and offers both online and in-store loan options.
The process of obtaining a loan from Great Plains Lending typically involves the following steps:
- 1. Application: You can apply for a loan online or in-store. You will need to provide some basic personal and financial information, including your name, address, income, and employment information.
- 2. Approval: Once your application is submitted, Great Plains Lending will review it and determine whether you are eligible for a loan. If approved, you will be presented with loan terms, including the loan amount, interest rate, and fees.
- 3. Funding: If you accept the loan terms, the loan amount will be deposited into your bank account.
- 4. Repayment: You will be required to repay the loan, along with any associated fees and interest, on the agreed upon due date. The company offers flexible repayment options and you can repay the loan early without penalty.
It's worth noting that the interest rates and fees charged by Great Plains Lending may be higher than those charged by traditional banks or other lending institutions, as the company operates under the laws and regulations of the Otoe-Missouria Tribe.
It's also important to keep in mind that short-term, small-dollar loans can be costly and can create a cycle of debt if not used responsibly. Before taking out a loan, make sure you understand the terms, fees and risks.
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