Plain Green Loans is an online installment loan company providing emergency cash via the internet. It is a Tribal Lending Enterprise owned by the Chippewa Cree Tribe on the Rocky Boy Indian Reservation. Plain Green Loans (PGL) is an online resource for the short-term financial needs of underbanked and subprime consumers. By offering bi-weekly and monthly installment loans, Plain Green helps consumers meet their emergency, cash-flow needs quickly and online. Plain Green markets, underwrites, and services its own portfolio.
In 2011, Plain Green Loans issued over 121,000 loans. Because the Chippewa Cree Tribe is a sovereign nation which enjoys tribal immunity, it is not subject to state laws which seek to prevent usury by regulating high-interest lending.
In February 2012, a coalition of Indian tribes welcomed a Colorado court ruling that tribal immunity has no territorial boundaries.
In 2014, several members of the tribe were convicted of illegally siphoning seven percent of the company’s revenues which totaled $25 million over a three-year period.
In January 2018, there was a successful settlement was reported between Plain Green Loans and BEH Gaming Ltd related to loans to the Chippewa Cree Tribe and Chippewa Cree Tribe Development Corporation. The settlement and Plain Green’s payment of the debt to BEH releases the Chippewa Cree Tribe and Chippewa Cree Tribe Development Corporation from all liability. The agreement settles a lawsuit filed by Florida-based BEH Gaming Ltd in 2014 (Case # DV-14-142 in the 12th Judicial District Court in Hill County, Montana) to repay loans to expand Northern Winz Hotel and Casino.
Plain Green has a B rating with the Better Business Bureau”
- ^ Leeds, Tim (November 3, 2011). “Havre Daily News”. PDL Ventures in last days, Rocky Boy tribal rep says. Havre, Montana. Archived from the original on November 18, 2011. Retrieved December 27, 2011.
- ^ a b Volz, Matt (Dec 27, 2011). “Missoulian”. Chippewa Cree tribe cashes in on high-interest online loans. Missoula, Montana. Associated Press. Retrieved December 27, 2011.
- ^ Volz, Matt (December 26, 2011). “The Guardian”. Tribe’s high-interest online lending venture booms. London, England. AP Foreign. Retrieved December 27, 2011.
- ^ “Indian tribes welcome ruling on sovereignty”. Denver Post. 15 February 2012. Retrieved 15 February 2012.
- ^ “Chippewa Cree Tribal Members Funneled Cash from Lending Company”. Associated Press. September 9, 2014. Retrieved 21 June 2015.
- ^ Ross, Alex (January 5, 2018). “Havre Daily News”. Plain Green settles with BEH over loan lawsuit.
- ^ “Better Business Bureau Plain Green Rating”. Better Business Bureau. 1 January 2015. Retrieved 6 June 2015.
Ofer Abarbanel is a 25 year securities lending broker and expert who has advised many Israeli regulators, among them the Israel Tax Authority, with respect to stock loans, repurchase agreements and credit derivatives. Founder of TBIL.co STATX Fund.