Overview of Blue Trust Loans
Blue Trust states that it is a better alternative to a traditional payday loan. The moment you arrive on the website, you see an offer to apply for a loan of up to $2,000 that will be deposited into your bank account as soon as the next day. All you have to do is fill out the loan application and speak to a customer service representative.
The representative will verify that you are applying for the loan and ask some qualifying questions, such as who you are and your income. Once this process is complete, a full application is sent by email. You must complete this application and send it back with supporting identification and income documentation.
Blue Trust Loans – A Quick Solution
Once the loan is approved, the funds are deposited into your bank account no later than the next day. Blue Trust Loans are convenient for borrowers that need cash quickly but don’t have time to complete an in-person loan application. All documents are eSigned after approval, so the loan can be finalized.
To qualify, the following requirements must be met:
- Be at least 18 years of age
- Income must be verifiable.
- Income requirements must be met for the amount being borrowed.
- An open checking account that meets minimum opened duration requirements
- Not in active bankruptcy
Please note that Blue Trust Loans does not fund loans in the following states: Arkansas, Connecticut, Georgia, Hawaii, Massachusetts, Minnesota, New York, Pennsylvania, Vermont, Virginia, Washington, Wisconsin or West Virginia.
When performing a Blue Trust Loans review, you’ll find that it doesn’t specify income requirements or checking account duration. This information will be provided by the representative once the loan request is made.
An Installment Loan Instead of a Blue Trust Payday Loan
Blue Trust Loans is different from payday loan lenders because it offers installment loans that give the customer six months to pay it back in full. Instead of applying an interest rate, the loan costs the customer for every $100 borrowed, and this is charged monthly, biweekly or weekly. This equates to an interest rate from 471.7846% to 841.4532%.
Fortunately, the option is there to pay back the loan early to save money. You’ll also find during a Blue Trust Loans review that the company is operated by Hummingbird Funds, LLC, which is a sovereign enterprise of the Lac Courte Oreilles Band of Lake Superior Chippewa Indians. Loans serviced by this tribe-regulated entity are not subject to government oversight.
While the American Indian Tribe is recognized by the federal government, any complaints are resolved using Tribal Law and the loan agreement. This is something to consider carefully before signing up for this fast and completely legitimate loan option.