Whenever you find yourself in a financial emergency, a short-term loan service might come to mind as your way out. Blue Trust Loans is among the numerous companies in this industry, targeting borrowers with urgent funding needs and poor credit scores.
But before you jump in and take out a loan with the provider, it would be wise to take a few minutes and find out all you can about it. Our comprehensive review of the service seeks to provide all the information you need to make your decision.
Read on to find out everything you need to know about Blue Trust Loans and assess whether it is the provider for you.
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- Loans From $100 to $15,000
- Instant Application & Approval
- Bad Credit Considered
- Lenders From All 50 US States Onboard
What is Blue Trust Loans?
Founded in 2014, Blue Trust Loans is a company based in Hayward, WI and operates under Hummingbird Funds LLC.
Blue Trust Loans is a loan company operating as a tribal lender operating in 37 US states. Its owners are the Lac Courte Oreilles Band of Lake Superior Chichewa Indians of Wisconsin. This is an American Indian tribe which is federally recognized as a sovereign government.
Notably, even though the tribe claims that it is immune to the laws of the state, customers who feel they have fallen victim to predatory lending have legal recourse. They can file complaints with the Consumer Financial Protection Bureau.
The company offers loans of between $400 and $2,500 and provides funding within as little as 1 business day.
Note that the company itself is not a lender, but plays the role of a loan facilitator. Its systems are integrated with multiple lenders allowing users access to funding from a wide variety of providers.
But it simply requires a single application online to get an online decision almost immediately. Approval is almost instantaneous.
Pros and Cons of a Blue Trust Loans Loan
Pros
- Fast application processing
- Offers access to financing without having to check credit history
- Available in a good number of states
- Since it operates under Tribal Law, it offers services even in regions where state regulations are restrictive
- Its lender matching service provides access to a wide range of services from different providers
- The service does not charge loan application or prepayment fees
Cons
- The company is not a lender and therefore cannot predict fees and rates of any loans and you can only view rates after loan approval
- Low financing ceiling of $2,500
- Lack of transparency in applicable fees and rates makes it impossible to compare the service before applying for a loan
- It shares user information starting 30 days from the day you submit information and says it will keep sharing even after you cease being a customer
- Since Blue Trust Loans is not a lender, it has no control over its lenders’ strategies, terms or conditions
Blue Trust Loans Vs it’s Other Competitors
Blue Trust loan is an online lender founded by American Indian tribe. As such it operates under Tribal laws and often offers installment loans though they still have payday loans in their portfolio. All loans process are done via their website and the approval takes less than 1 business day. Let’s compare this company with similar lenders such as Check n Go, Ace Cash, and Advance America; based on loan limit, credit score requirement, fees rate and repayment period metrics:
Blue Trust
- Loan limit starts from $400 to $2,500
- No minimum credit score requirement
- Interests rates of around 400% to 500%
- Weekly, bi-weekly semi-monthly, and monthly repayment period depending on when you get paid
Check n’ Go
- Borrow from $100 to $500
- Requires a credit score of 300 to 850 points
- Fee rate for $100 starts from $10 to $30( depending on the State)
- 3 to 18 months repayment period
Ace Cash
- Borrowing from $100 – $2,000 (varies by state).
- No credit score check
- Fee rate on $100 starts from $25 (State dependent)
- Loan repayment period of 1 to 3 months
Advance America
- Loan limit starts from $100 to $5,000
- Requires a Credit Score of above 300
- For every $100 borrowed an interest of $22 is incurred
- 30 days loan repayment period
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