The other day I went to get the mail, you know, something that you always have to do even if you don’t want to. Well there was a sweet little gem in the bundle of mail that peeked my interest. You see there was this envelope in there that said I was Pre-Qualified from GreatPlains Lending. It saids that there would be more information inside about this great offer that they had for me and not to worry since I was pre-qualified. So I opened it up and started to read, you can see scans of the information that they sent me at the bottom of the article.
Any way, it said that I could get up to $800 as soon as tomorrow, it has a little number 2 on it. That superscript means that there is more information at the bottom of the page. So looking at that area I found the following:
…The Annual Percentage Rate (APR) for an example loan of $800 is 398.91% with 18 bi-weekly payments of $132.92…
WOW… Imagine that! You can get a loan of $800 almost right away and you only have to pay back 2392.56 to get it! That’s right; you get 800 dollars and you have to pay back 2392 dollars and 56 cents! What a greed deal, I mean what a great deal that is especially in these tough economic times! I would lend anyone 800 dollars if they promised to pay me back $2392.56, especially since it is by a legally binding agreement that has the full force of pricey collection agencies behind it. Wouldn’t you?
The last time I saw percentages like that was when the mob and family type organizations were running loans and those were deemed illegal so why can these people at Great Plains Lending get away with this? Simple, they set up shop under the protection of a Native American Indian tribe. That bit is exposed in superscript 4:
…Great Plains Lending, LLC is a tribal lending entity wholly owned by the Otoe-Missouria Tribe of Indians, a sovereign nation located within the United States of America, and is operating within the boundaries of the Otoe-Missouria Reservation
You see, because they are a sovereign state and nation they are exempt from many of the federal laws that you and I have to live by. I know that the Indian nations have not had a good history of being fairly treated but this kind of thing give the term “Indian Giver” and whole new meaning. With this type of predatory lending it is just like the days of old when criminals would lend you money and then charge exorbitant interest fees and then really sock it to you when you can pay.
The way the loan is worded and the legaleze that is in it, if you get a loan from these individuals you are stuck with them for a very long time and may the gods protect you if you are unable to pay. They know that many people will not be able to pay, in my opinion, and will then go after them with every legal resource available to them. The worst part of it all is that you will be letting them do it to you and you will have no one to blame but yourself.
I will give them a little credit, if you want to call it that, they are cheaper then your average payday loan on the surface. The thing is most people pay off the payday loan on the next payday so the actual interest paid is not as high compared to the payment that you would make to Great Plains Lending.
I keep wanting to type Great Pains Lending. Somehow it seems appropriate that way.
I would also like to personally say to the Otoe-Missouria Tribe of Indians that is allowing this and to the GreatPlainsLending.com shame on you for these predatory loan practices. I know that you want to make money but isn’t there a better way that is not going to destroy family lives in the process?
Everything that I have written here is my personal opinions and information that has been garnered by their website and the information that has been sent to me in the mail from them. I am including screenshots so the viewer of this article can see for themselves just what it is that I am writing from. It is up to each individual person to decide for themselves if and when they would want to use a service like this.