Blue Trust Loans Review: High Rates For Emergency Cash

blue trust loans

If you run in an emergency and you need some cash instantly, it can be a little hard to look for it, if you don’t know what you are looking for in the first place. Fortunately for you, we have just the solution: Blue Trust Loans!

If you don’t know what Blue Trust Loans is, then let us explain it. Blue Trust Loans happens to be an online money lender which is owned and functioned by an American-Indian Tribe.

To save you the time, Blue Trust’s loans are rather small as they only go up to $3000.

These loans are usually going to be funded within the very day of the application or the next business day.

But, we think that its important that we mention that the fees and APRs of Blue Trust Loans are relatively higher.

All that you must know About Blue Trust Loans:Blue Trust Loans

As mentioned in the article above, Blue Trust loans happen to be an online money lender which is operated by a company that goes by the name Lac Courte Oreilles Band of Lake Superior Chippewa Indians.

If you apply for a loan with Blue Trust and your loan gets approved and you submit the signed documents to the company before 11.45 a.m. on the same day, then you are going to be eligible for receiving the loan the very same day of your application.

Blue trust loans sends the requested sum of money in your bank account through which you applied for the loan.

When you take loan from Blue trust loans the very first time, you will be able to fetch a loan of up to $1500 and if you are a repeated customer, then the amount gets doubled for you.

Blue trust loans markets its installments as an alternative to the payday loans since they do not ask you to pay the whole of it within your next paycheck. This happens to be the preferred strategy of payday loans.

The average timeframe provided by Blue trust loans in which the users will have to repay their debt would be a period of nine months.

With this timeframe, the lender will also be granting you a repayment schedule that aligns with the dates of your paycheck.

Depending on when you get paid, you are going to be making payments on either weekly, biweekly, semi-monthly, or a monthly schedule.

Fees Piling up to an Exceptionally High APR”

According to blue trust loans, they are going to be charging a fee for every $100 borrowed from them, with ghosts converting to an annual percentage rate (APR) of about 400-800%.

The higher end of this APR range is going to be double the APRs that are present with the usual payday loans.

Just to give you an idea how costly this can become, let’s assume that the National Consumer Law Center says that 36% is the highest interest rate for small loans as it happens to be the most reasonable amount for people to pay back.

But considering the rates of Blue trust loans, it may get a little hard for you to repay all of the loans.

Returning Customers might be eligible for a Fee discount:

If you have taken a loan previously from blue trust loans, then the company automatically makes you a member of Club Blue Rewards Program.

When you become a member of Club Blue Rewards Program, you are eligible for qualifying for discounted loan fees on any more loans that you are going to be taking.

 However, we must mention that this facility is only going to be available for you in the scenario that you make the payments of your loan with punctuality and you are able to pay your current loan off. 

Blue Trust Loans has no Prepayment Penalty:

This happens to be an advantage when you go with Blue Trust loans.

There are many lenders available on the market that are going to charge you if you are to pay off their loans before their specified amount of time. In the financial world, this is known as Prepayment penalty.

However, when you stick with Blue trust loans, there is no penalty if you decide to pay your loan off in an earlier time period.

If anything, Blue Trust loans openly encourages their customers to pay off their loans with a lump sum amount or to make additional payments so that they end up saving on loan fees.

An In-depth Look at a Personal Loan by Blue Trust Loans:

If you are considering trying Blue trust loans out, here are some important things that you must know about before you go ahead and apply:

You might end up paying up a little extra in terms of fees:

If you are not able to make due on all of your payments on time, it is important that you know that Blue Trust Loans may charge you an additional sum of money for not being punctual on payments or for paying in full.

Before application, make sure to thoroughly go through your loan agreement to determine the costs you will incur in terms of fees.

Blue Trust Loans has an application Restriction:

If you are interested in applying for a loan with Blue Trust loans, you must know that Blue trust loans have age restrictions.

You must be  at least 18 years and a Resident of the United states to be able to apply.

Other than that, the family members of active duty military as well as their spouses are not eligible for borrowing from Blue Trust loans.

Blue Trust loans may not be available in your state:

We think that it is important that we mention that Blue Trust loans only offer loans in a limited amount of states.

There are some states in which Blue Trust loans are not going to be offering their services.

These states include Arkansas, Connecticut, Georgia, Massachusetts, Minnesota, New York, Pennsylvania, Vermont, Virginia, Washington, Wisconsin or West Virginia.

Blue Trust Loans requires to submit Credit Check:

When you apply for a loan with Blue Trust loans, Blue trust loans may perform a credit check on you and your application. However, we are not sure upon the intensity of this inquiry.

Restrictions for bankruptcy:

If you are bankrupt or you intend to file for bankruptcy any time soon, Blue Trust loans are not going to be offering the loan for you.

You are not eligible if you are a debtor in a bankruptcy case.

Who is a Blue Trust Loans’ Personal Loan a Good option for?

If you only need a small sum of money to cover a very minimal expense, and you are out of all credible options, only in that scenario should you turn to Blue Trust loans.

Blue Trust loans Personal loan is a rather small and an expensive solution which makes it a bad choice for anyone looking to make a major purchase or debt consolidation.

As we have mentioned before already, the fees of Blue trust loans happens to be extremely high.

Even after knowing that you are going to be choosing Blue trust loans, then it would be best if you tried to pay off your loans as soon as possible. If you do that, you will be able to minimize the fees to as low as possible.

Before you apply for a loan with Blue Trust loans, ensure that you understand the terms of doing business with any kind of emergency lender. If anything, we would suggest that you consider other lenders such as Payday alternative loans.

These kinds of loans are small loans that are offered by a few federal credit unions. To be eligible for one, you would need to be a member of a Credit union for a month approximately.

The processing fees of these loans are considerably a lot lesser as compared to the loans offered by Blue trust loans and other emergency Lenders

The procedure of Application for Personal Loan with Blue Trust loans:

The application process for loans happens to be a simple one. After you have lodged the application, you will have to wait for them to approve your application.

Once your application is approved, you must review their loan terms and if you agree tto their loan terms, you will proceed to the next step where you are going to sign the documents electronically.

Once that is done, the requested sum of money is going to be deposited by the emergency lander right into your account.

Out of many different things that Blue trust loans may acquire from you, here are a few of them:

  • Your name and Address: 
  • Email and Phone Number
  • DOB. 
  • Social Security Number. 
  • Name of your employer and the information of your income.

Conclusion!

Here goes our review to help you understand what Blue Trust loans are, and whether or not you should apply for a loan with them.

Make sure to thoroughly go through this article so that you are able to make a wise decision for yourself.

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