What is Blue Trust Loans?
Having been started by Lac Courte Oreilles Band, it has emerged as a reliable tribal lender. Usually, it offers installments of up to $2000 though if you borrow for the first time, you are just limited to a maximum of $1200. Similar to short term loans, an installment loan from Blue trust comes with extremely high APR. In that case, the amount will include both interest and origination fees which you are entitled to pay so that you can be in a position to borrow.
In most cases, your loan will depend on your pay schedule, but at times they may extend up to six months.
What is the maximum loan term you can get from Blue Trust Loans?
For some time now, they have been offering personal loans ranging to 12 months. However, if you opt to take longer terms, the larger the loan amount you get. Additionally, you will keep your monthly payments much affordable. But it is good to know that the longer the term of your loan, the more interest you will have to pay.
What fees do they charge?
Do Blue Trust loans charge a late fee? If you had borrowed from them but you late in submitting your payment, you shall be deemed to receive a fine.
Do they charge prepayment fees? They have never charged prepayment fees since they came into operation. In that case, you will not pay any additional fees if you decide to pay your loan earlier.
Are they known to charge origination fee? Usually, an origination fee is what some lenders charge for processing, funding a loan and underwriting. Typically, these fees can exceed to 5% of the total amount. Since Blue trust loans do not charge such fees, you can go with them.
What are the qualifications for Blue trust Loans?
If you have a credit score of at least 300, your application will not be rejected. Usually, the minimum age to apply for this loan is 18 years. Also, so that you can qualify to borrow from them, you need to be earning a minimum of $11000 per year. Otherwise, they will still consider your application even if you are not employed. But this will only happen if you can pay the loan as requested.
What do you need to provide to qualify?
Credit score of 300.
Have a bank account.
18 years and above.
Why should you consider getting a Blue trust Loan?
1. Quick Approval.
After you apply, you will know the status of your application within some few minutes.
2. Fixed payments.
Your payment amount is the same throughout the year except for the first and last payments. Usually, they will create your schedule based on the interest, number of payments and of course principal balance.
3. No repayments penalties.
Interestingly, if you pay much earlier, they will not penalize you.
What to watch for?
You have limited first-time amount. At the first application, you are just limited to access $2000 loans until you borrow multiple times.
Extremely high APR. Similar to most short loans, an installment loan from these lenders will come with high APR.
Blue Trust Loans Review
- fast sameday approval
- dont need good credit