Understand Your Loan Options.
Learn What They Are and Which Might Be Right For You.
An online loan provides convenient, easier access to the cash you need, when you need it. When life’s little surprises catch you off-guard, a quick online loan can be a great option for getting cash to handle unexpected situations.
You can use an online loan to get cash for medical emergencies, unexpected home or vehicle repairs, emergency travel to take care of a family member, or even the occasional unusually high utility bill. You can apply safely and confidentially online, get an answer in seconds, and get from $200 to $1,000 in your checking account as soon as the next banking day.
Plain Green goes to extra lengths to ensure an exceptional online loan experience.
No Penalties for Early Payment
You can pay off your online loan in installments, or you can pay it off at any time with no penalties. Unlike many financial institutions, we allow and even encourage you to pay off your loan early to reduce your overall interest and finance charges. We charge no fees or penalties for early repayment — you pay interest only for the time that you have the loan.
Automatic Payments
You can enroll in Plain Green automatic payments to draft directly from your checking account or debit card, and never have to remember due dates, write checks or worry if your payments made it in time via mail. We’ll even send you a friendly reminder email before each payment due date.
Payments are Determined by the Amount You Borrow
Your payment will depend on your total loan amount, interest rate, and how quickly you choose to repay your loan. The loan amount, interest rate and charges associated with your loan are determined by a number of factors, such as your credit, information from your application, and your payment history.
Plain Speaking — Loan Words and Terms You Need to Know.
ACH
An ACH (Automated Clearing House) is a transaction processed through an automated clearinghouse network which facilitates many electronic interbank funds transfers. An automated clearinghouse is operated for the benefit of a number of banks in order to efficiently process the transfer of funds electronically. Since an ACH typically operates only on weekdays, you may notice disclaimers like “next business day.”
ACH AUTHORIZATION
This process allows you to make automatic payments and not miss a due date. You provide the bank with written permission for your lender to withdraw a specific dollar amount on specific dates directly from your account.
AGREEMENT
This legal document makes a loan official. The agreement formalizes the terms of the loan between you and the lender. When you sign a loan agreement, you enter into a contract that holds you responsible for paying back the money borrowed and any additional interest and fees.
APR
APR (Annual Percentage Rate) is the interest payable on the amount borrowed plus other fees expressed as an annual rate of charge.
ARREARS
If you’ve missed one or more loan installments, then you’re in arrears. Payment overdue? You’re in arrears. People in arrears can have trouble qualifying for future credit, so talk to your creditors before your situation deteriorates further. Seek alternatives for making payments if you fall behind.
ASSETS
Assets are anything you own that has financial value. Your cash, property, stocks and bonds, even your home electronics are considered assets.
BALANCE
A balance can be the amount of money in your bank account. It can also indicate how much you owe a lender to pay off your loan.
BANK LOAN
An alternative to a quick, easy, and convenient Plain Green loan. Bank loans can involve a meeting with your bank manager and are subject to approval.
BOUNCED CHECK
A check “bounces” when your bank account doesn’t have enough funds to cover payment. (See related NSF.) The bank returns the check to the payee — unpaid. Now, in addition to still owing money to the intended recipient, the bank will most likely charge you a substantial fee.
BUDGET
Preparing and keeping a simple budget is one of the best things you can do to stay on top of your finances. A budget tracks your cash inflows (paycheck, interest and other income) vs. outflows (rent, groceries, gas, utilities and other expenses), so you can see what, if anything, is left.
CHARGES
Financial Institutions provide various services and customers pay for the convenience and resources made available. Fees include interest charges and cash advance charges. Additionally, if their services are misused or terms are broken, many institutions assess penalties, including overdraft charges, bounced check fees, and late payment fees.
CLEARING CYCLE
Checks and electronic payments go through this process when paid into your account. The clearing cycle time can vary based upon the type of credit.
CREDIT BUREAU
A credit bureau, or credit reporting agency, collects data from numerous sources and provides information on individual consumers. Lenders use this information, sometimes in the form of a credit rating, to help them assess the credit worthiness and the likely ability of someone to pay back a loan. Examples of credit bureaus in the US are TransUnion, Experian, and Equifax.
CREDIT LIMIT
Your credit limit is the maximum amount of money that you can borrow. The lender typically determines this amount based on a number of factors.
CREDIT RATING
Credit ratings (or credit scores) are typically used by financial institutions to help them assess the credit worthiness of an individual, corporation, or even a country. They are typically derived from a number of factors including financial history and current assets and liabilities. Typically, a credit rating indicates the probability a subject will be able to pay back a loan.
CREDIT REPORT
This document summarizes your credit history, including information from credit bureaus, banks, retailers and collection agencies. It can also include details of your borrowing, applications for credit, court judgments and bill payment behavior. You can request a free copy of your credit report from the credit bureaus.
DEBIT CARD
A card issued by a bank or credit union that allows a checking account holder to transfer money from the account electronically with an immediate withdraw of funds.
DEBT
Debt is money owed to a person or company.
EARLY REPAYMENT
Paying back a loan before the arranged due date. Some banks charge fees for doing this. Not at Plain Green — you can pay your loan off in installments or all at once, at any time, without penalties.
FASTER FUNDING
Faster Funding is a funding choice for returning VIP Rewards members to choose funding to a debit card
. This reward benefit allows customers to obtain their loan funds to their debit card which can deliver funds in less than 30 minutes at any time, any day of the week.
FIXED-RATE INTEREST
A fixed-rate remains the same throughout the entire loan term.
GROSS INCOME
The larger of the two income numbers on your paycheck. Your gross income is the amount your employer pays you before taxes, insurance, retirement contributions, and other withholdings are deducted.
INTEREST
You can look at this in two ways. Interest can be the amount you earn on your savings and investments. Interest is also the amount you pay on money you borrow. Commonly expressed as a percentage, interest is often included in the total cost of a loan. (See related APR).
LOAN
A loan is money borrowed on condition that it’s paid back per the agreement. There are several types of loans, including a quick and convenient short-term installment loan from Plain Green.
LOAN PERIOD
The loan period is simply the length of time you borrow money. It can last any number of days, up to years, depending upon the terms of the agreement. In most cases, interest continues to accrue throughout this repayment period.
NET INCOME
The smaller of the two income numbers on your paycheck. This is your “take-home pay”, or the amount remaining after all deductions, such as taxes, insurance, and retirement contributions have been subtracted from your gross income.
NSF
Stands for Non-Sufficient Funds and means you didn’t have enough money in your account to cover your payment. Unfortunately, your financial institution will most likely assess you with additional fees or penalty charges.
ONLINE BANKING
Online banking (e-banking or internet banking), refers to banking services available via the web. These programs typically allow you to check your balance, order checks, pay bills, make a cash transfer, and perform other services.
OUTSTANDING BALANCE
This is the amount that remains to be paid back on a loan. For example, when you make regular payments on a Plain Green loan, your outstanding balance goes down with each installment.
PAYDAY ADVANCE
This is another term to describe a payday loan.
PAYDAY LOAN
A payday loan, or payday advance, is a short-term loan that's intended to cover expenses until you get paid. The lender typically charges a fixed fee based on the amount borrowed, and you have until your next payday to pay it off — regardless of when you apply. Payday loans often help people who can't get credit elsewhere. A Plain Green installment loan is typically a less costly and more flexible emergency cash alternative.
PENALTY CHARGES
These fees are typically assessed after you have broken the terms of your agreement for things like bounced checks or Non-Sufficient Funds (NSF).
PROMISE DATE
This is the date that you say you will repay your loan or make a payment on your loan.
RATE
Rate refers to the level of interest charged by a lender and is usually expressed as an Annual Percentage Rate (APR).
TRANSACTION
Basically, it’s the movement of money. When you withdraw cash from your account, that’s a transaction. Make a loan payment — that’s a transaction.
UNDERPAYMENT
A loan payment that is less than the amount you’re expected to pay on a specific date.
Last Updated: September 1, 2017.