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According to one tribal leader with direct knowledge of the deal, Think Finance also made it clear to unsecured personal loans banks Chippewa Cree that if the tribe didn't accept Think Finance's terms, the company would be perfectly happy to find another tribe that would. Within two weeks of receiving Think Finances letter, the Chippewa Cree, who had tried for a year to run their own lending business, agreed to the arrangement.
The tribe partnered with Think Finance and renamed its lending company Plain Green. The tribe would own 51 percent of the company, and Think Finance would own 49 percent. The new venture would offer installment loans, a term the industry prefers to use instead of payday loans.
Like traditional payday loans, installment loans are small loans with high interest rates that often trap borrowers in a morass of debt.
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Co-Borrower: Any individual who will assume responsibility on the loan, take a title interest in the property and intends to occupy the property as their primary residence. Co-Signer: Any individual who will assume responsibility on the loan, but who unsecured personal loans banks not take a title interest in the property nor occupy the property.
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Deed of Trust : A security instrument, used in place of a mortgage, conveying title in trust to a third party covering a particular piece of property.