Like Think Cash before it, Plain Green makes small, short-term, high-interest loans to people all over the country who have no other source of credit. Although the company is nominally owned by the Chippewa Cree, the tribe has little actual involvement in its operations and receives a tiny fraction of the revenue generated by the business.
The tribe has received an estimated 28 million to 32 million from Plain Green since it was created, according to documents obtained by HuffPost that were filed in tribal court as part of a case between the tribe's former chairman and other tribal leaders that involves the agreement with Think Finance.
A March 11, 2011, agreement between the tribe and Think Finance submitted as an exhibit in that case says that Plain Green had received 4. 5 to 5. 5 percent of the revenues collected by the operation, meaning Think Finance and other third parties received an estimated 500 million to 700 million. T he huge most common personal loans for profit in this industry has caught the attention of Silicon Valley investors, who look at the people most common personal loans the fringes of the banking system and see a huge potential customer base.
Almost 10 million American households have no bank account.
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