Originally posted on https://bonsaifinance.com/payday-loan-lender-review-blue-trust-loans/
Have you ever needed urgent cash but didn’t have friends or relatives to borrow the money from?
And to top it all up, you have a bad credit score, meaning the bank can’t lend you the money.
Well, more than 10 million Americans each year find themselves in the same situation. Circumstances force them to use services from online lenders as the only means to access the finances they desperately need.
If you’re thinking of taking a short term online loan, you may first want to research on the best one for your needs. One of the popular online lenders is Blue Trust Loans.
Learn all you need to know here with our Blue Trust Loans review.
What is a Blue Trust Loan?
Blue Trust Loan is a direct tribal lender offering quick finances of up to $2500 to their customers. It has an easy application process that’s done online. But, as opposed to other direct payday loans lenders, Blue Trust Loans lets the borrowers pay back their loans in installments rather than paying the full amount at once when they receive their paychecks.
To apply, Blue Trust Loans ask applicants for their; personal information (name, security number, DOB, etc.), bank account details (account number, etc.) and income information (amount per paycheck, employer name, etc.)
How Do Blue Trust Loans Work?
To get a loan, you need to meet the minimum loan applicant requirements.
Then, fill out their online application with your correct details. This should take you just a few minutes. If you’re approved, you’ll have to eSign the loan documents.
Next, a Blue Trust Loans representative will get in touch with you in order to verify your information. Once verified, a copy of your loan application will be sent to your email. It’s recommended to print and save this document for record-keeping purposes.
Blue Trust Loans then sends the loan to your account. You’ll receive the cash on the same day.
How Much Does Blue Trust Loans Charge?
Blue Trust Loans charges interest per every $100 borrowed according to the pay period. For a new customer, the rates are as follows for every $100 borrowed:
- Weekly pay period: $12.25
- Bi-weekly pay period: $24.50
- Semi-monthly pay period: $24.50
- Monthly pay period: $49.00
Make sure you pay on time to avoid any penalties. Even better, prepaying the loan may reduce the charges you pay.
Benefits Associated With Blue Trust Loans
Blue Trust Loans offer a variety of benefits, including:
- You get to know about your loan approval status within a few minutes after applying.
- If you have fully repaid a previous loan, the system will allow you to borrow future loans at lower rates over longer periods.
- You’ll receive your loan as soon as the same day.
Though the advantages seem fair to you, you’ll need to consider other alternatives. Opt for side jobs or asking for a payment extension before applying for a Blue Trust Loan.
Blue Trust Loans: Verdict
If you need quick cash for an emergency, Blue Trust Loans may really come in handy. You only need to meet their minimum loan applicant requirements to apply.
For more information about this loan, feel free to contact us.