Blue Trust Loans Reviews: Compare Top Lenders of 2023
If you happen to be in a rush to pay for a service or expense that doesn’t require a lot of money, then you might be struggling to find the right lender that will give you such a small amount of money. This is due to the fact that many give loans that start from $1,000.
However, Blue Trusts Loans is here to save you. It offers loans for installment and payday loans that start from $100 and go up to $3,000. And the best part is that you only have to pay a loan origination fee and you’re good to go.
In this Blue Trust Loans review, we will take a look at what this lender is all about and why you should choose it.
Table of Contents
- Overview: Blue Trust Loans Review
- What is Blue Trust Loans?
- What are the Types of Loans Offered by Blue Trust Loans?
- How do Blue Trust Loans work?
- What are the Features of Blue Trust Loans?
- Blue Trust Loans Requirement?
- How to Apply for Blue Trust Loans?
- How much do Blue Trust Loans Cost?
- Who is Blue Trust Loans Best For?
- Blue Trust Loans Pros and Cons
- Blue Trust Loans Compare to other Lenders
- Final Verdict
- Blue Trust Loans FAQs
Overview: Blue Trust Loans Review
|Card||Best For||Fee & Credit||More Details|
Best For Short Term Loan Agreements
|Loan Amount: $100 - $3,000 • Loan Term: 6 - 10 months|
What is Blue Trust Loans?
Blue Trust Loans is an online lender company created and owned by an American Indian Tribe also known as lake superior Chippewa Indians. Blue Trust like many offers fund loans that are typically small by their amount. You can take loans that go up to $3,000 which is perfect if you’re looking for personal Hummingbird Funds installment loans.
Not only that but you can repay these loans within 10 months most. Although it has short-term loans, you can set the payment term to match with your paycheck date, which can be a bankruptcy relief.
It has a high-interest rate that ranges from 471.78 % – 841.45 % APR, which can be a lot higher than other lenders. However, this is due to fees building up with each money you borrow.
What are the Types of Loans Offered by Blue Trust Loans?
Payday Loans Alternatives
Although there are no payday loans, it offers Hummingbird Funds installment loans which are payday alternative loans. These loans are easy to apply to, which means that you can do the whole process completely online. Not only that but you can even verify them through your phone.
The only difference these loans come with is that you have to use installments as a way upon your next payroll check.
And, once you’ve been approved for short-term installment loans, you will have it deposited into your checking account or any financial institution.
And, depending on how much money you borrow in these alternatives to payday loans, you will be calculated the APR interest rate and loan payment term.
How do Blue Trust Loans work?
Blue Trust Loans works relatively simple. It is quite similar to other lending institutions. You go to the website and apply for a loan by providing some relevant information. And, after you’ve been approved, you can call the customer service department and review the loan again.
You will receive the loan within one business day. You can call the service via their phone number, physical address, email address, and even an online form. Once you’ve sent the email, a customer service representative will take a look at your request.
The offer loans can be paid within 10 months, sometimes even more if you happen to struggle with payments. However, to avoid that, you have to have a stable source of income that proves that you can and will pay off the lump sum.
What are the Features of Blue Trust Loans?
The Trust Funds offers several unbelievable features and options that make it stand out from other personal loan lenders. These features are:
Club Blue Rewards Program
The Club Blue Rewards Program is meant for people to borrow more money for much lower rates. This is due to their previous loan repayments. Not only that but these same people can borrow the money for longer periods of time.
When you apply for personal installment loans, the process typically goes through the online application system. The fact that it is online, makes the waiting lists much lower and you can find out your rate within several minutes of applying for a loan.
Fast turnaround terms
Once your loans have been approved, you will receive $3,000 in your bank account as fast as one business day. And, once you begin with the payments, you can adjust the payment terms depending on your income, payment amount, and interest rates.
Blue Trust Loans Requirement?
To be eligible for this loan, you have to meet several requirements. These are:
- Have an already opened checking account,
- Minimum 18 years old
- Be a US resident
- Meet the minimum income requirements
- Don’t have a bankruptcy case
- Follow the lending laws
How to Apply for Blue Trust Loans?
If you want to apply for Blue Trust Loans, there are several things you need to do. You have to first submit a personal online application on the website.
You will be asked to provide your name, email address, date of birth, and home address. Then you have to specify the Blue Trust loan amount you want.
It is also important to provide information about your source of income, as one of the criteria for qualification is a stable income. You also need to give information on whether you have filed for bankruptcy or if you’re planning to.
You also have to specify the name of your employer, and contact number. Not only that but it is also important to provide bank account information and whether you want to have a direct deposit income through a credit card or electronic funds transfer.
After you’ve put in all of the necessary information, the next step is to click on the “Next Step” button and wait to see whether you’ve been approved. If you’ve been approved, you will be asked to review the loan documents and sign them through an electronic dashboard.
Once all of that is finished, you have to call a customer service representative of the Blue Trust Loans team. The person will take the time to review the document with you on the same day.
How much do Blue Trust Loans Cost?
The tricky part about Blue Trust Loans is that it charges additional fees. For example, for every $100 you borrow, you will be charged a fee. The costs are mostly translated to APR rates. the interest rates then go from around 400% to 800%.
It goes by the fact that the National Consumer Law Center states that 36% of the payday loan is good for people with average loans to meet the repayment terms. However, there isn’t a prepayment penalty if you happen to pay off your loan earlier.
Who is Blue Trust Loans Best For?
Blue Trust Loans is ideal for people that are interested in a loan agreement for the fact that it offers installment loans but doesn’t want to deal with the hassle a standard bank account comes with. It’s good if you’re someone that wants to take a maximum loan amount of $3,000 and can pay off the interest rates that come with it.
The short-term Hummingbird Funds installment loans are flexible so that anyone with a solid income wants to have the experience of the magic of a credit union. If you want to cover a small cost or expense, Blue Trust Loans is ideal for you.
With short loan terms, you can easily pay off the borrowed money in no time. Which can be a huge relief if you don’t want to spend years paying off expenses.
Blue Trust Loans Pros and Cons
► $3,000 loan amounts
Blue Trust Loans is ideal if you're looking for some money to cover some small expenses. With solid loan terms, you will be able to repay the borrowed personal loan in no time.
► No-Penalty Payment
The good thing about Blue Trust Loans is that you can comfortably pay back the money funds you've taken without having to pay an early payment fee for paying back the loan early.
► Great Customer Service
You will be met with 24/7 customer service that is at your service no matter which time you call.
► Additional Fees
This online lender requires to pay a small origination fee for every $100 borrowed. This means that a lot of money will add up when you're repaying the personal installment loan.
► Application Restrictions
To apply for a loan, you have to be first at least 18 years of age. This means that it can be quite restrictive if you don't meet that criterion.
► Isn't universally available
If you happen to be from New York, Massachusetts, Minnesota, Arkansas, Connecticut, Vermont, and other states, you won't be able to get to open a bank account at the Blue Trust Loans.
Blue Trust Loans Compare to other Lenders
|Lender||Loan Amount||Loan Term||Min. Credit Score|
|Blue Trust||$100 - $3,000||6 - 10 months||Not Specified|
|BadCreditLoans.com||$500 - $10,000||3 months to 7 yrs||Not specified|
|Personalloans.com||$500 to $35,000||3 - 72 months||610|
|ZocaLoans||$200 - $1500||6 - 12 months||Not specified|
Blue Trust Loans vs. Bad Credit Loans.com
When it comes to online lending, Both Trust Loans and Bad Credit Loans offer several similar features and services. However, it is worth noting that many of these features are what make these two very different.
For example, Bad Credit Loans is much better when it comes to offering bigger loans that go up to $10,000. These amounts, normally, come with longer and more flexible repayment terms by third-party advertisers.
Blue Trust on the other hand offers services strictly to West Virginia and with lower fund amounts. These loans are better if you are coming to pay for much smaller services and don’t want to borrow a lot of money. You can take as little as $100.
>> Full Article Review: BadCreditLoans.com Reviews • Personal Loan For Low-Credit
Blue Trust Loans vs. PersonalLoans.com
Although both Blue Trust and PersonalLoans.com are third-party advertisers, Personal Loans.com offers the highest amount of money you can borrow for any reason and any occasion. It offers competitive rates that cost no fees.
However, most of the loans here start with a borrowing amount of $500. This means that you can have a low-interest loan, Personal Loans.com is ideal for you.
On the other hand, Blue Trust is a much better choice if you opt for a credit union experience without the need to repay the money for a lifetime.
Blue Trust Loans vs. ZocaLoans
ZoCaLoans is a lending platform that is most suitable for extreme financial emergencies. With a high APR amount and a low credit score, almost anyone can apply for a loan.
But this of course requires everyone that wants a loan to open a checking account before applying for the loan itself. You can qualify even if you have bad credit, however, you might get high-interest rates that you are unable to pay up later.
On the other hand, Blue is a much better choice if you want to cover expenses that are related to more expensive costs as ZoCa Trust Loans can only present loans that go up to $1,500.
>> Full Article Review: ZocaLoans Review: Compare Top Lenders of 2023
In this Blue Trust Loans Review, we’ve seen how you can apply for even the smallest loan. Blue Trust Fund is a good lender if you want a personal loan that requires you to open a checking account with a solid credit history.
For your loan to appear into your direct deposits, you have to wait one business day which is quite the usual standard when it comes to virtual lenders. Not only that but you also get to experience the same service as if you were to with a regular bank account, if not better.
This lender is excellent as it has a low loan cost that you can use to pay for smaller services without having to repay so much money. Although it has loan origination fees, if you’re someone that has a stable source of income with regular pay dates, then this is ideal for you.
The personal loans Blue Loans offers are easy to manage and you don’t have to pay a fee if you happen to pay off a loan early than the set date. The pay period ranges from 6-10 months. But, it can be sometimes extended up to 2 years, depending on your financial situation.
Blue Trust Loans FAQs
What is the minimum credit requirement for Blue Trust Loans?
So far, there isn’t a specified minimum credit score requirement for Blue Trust Loans. However, it is preferable for you to have a solid credit score in order to qualify for a loan.
Is Blue Trust Loans legit?
Yes. It is a member of the Native American Financial Services Association, Federal Credit Unions, and the Online Lenders Alliance.
Does Blue Trust have a credible loan agreement?
Yes. Once you’ve signed the loan agreement, you’re agreeing to have no late payments, strictly following the pay period, and pay off the Blue Trust Loans rates.
Like this Article? Subscribe to Our Feed!
Author: John V
John is an avid researcher and is deeply passionate about health and finance. When he's not working, he writes research and review articles by doing a thorough analysis on the products based on personal experience, user reviews and feedbacks from forums, quora, reddit, trustpilot amongst others.