finder.com’s rating: 3.6 / 5.0
★★★★★
Blue Trust Loans is an alternative to payday loans. It offers online installment loans with fast turnaround times that you can pay over a fixed repayment schedule, rather than in one lump sum. But unlike other short-term loans, Blue Trust Loans doesn’t answer to state usury caps. This means your interest could be much higher than expected, costing you hundreds of dollars more than you borrow.
$100
Min. Amount
$3,000
Max. Amount
As soon as next business day
Turnaround time
| Product Name | Blue Trust Loans Installment Loans |
|---|---|
| Min. Amount | $100 |
| Max. Amount | $3,000 |
| Loan Term | Up to 9 months |
| Loan Security | Unsecured |
| Turnaround Time | As soon as next business day |
| Requirements | Must be at least 18 years old and have a verifiable source of income with direct deposit into your checking account. |
Blue Trust Loans doesn’t offer loans in Arkansas, Connecticut, Georgia, Massachusetts, Minnesota, New York, Pennsylvania, Virginia, Vermont, Washington, Wisconsin or West Virginia. If you live in one of those states, you’ll want to look elsewhere for an installment loan.
Blue Trust Loans is a tribal lender solely owned and operated by the Lac Courte Oreilles Band of Lake Superior Chippewa Indians. It offers installment loans between $100 to $3,000, but first-time borrowers are limited to a maximum amount of $1,200.
Like all short-term loans, an installment loan from Blue Trust Loans comes with a high APR — anywhere from 471.78% to 841.45%. This amount includes both interest and any origination fees you are required to pay in order to borrow. Your loan term will depend on your pay schedule, but may extend up to six months.
How are tribal lenders different from US-based lenders?
Installment loans, like all short-term loans, are known for their high interest rates. Many lenders often charge $10 to $15 for every $100 borrowed, resulting in an APR that can be in the hundreds of percent. This means that you may end up paying double, triple or more on the amount you borrow. If you’re facing a difficult financial situation and are unsure of your ability to repay your loan, contact a credit counselor and consider your alternative financing options instead.
Yes. Blue Trust Loans is a member of both the Online Lenders Alliance and the Native American Financial Services Association. In addition, Blue Trust Loans’ privacy policy explains that the company can share your collected personal information, which can include your Social Security number, bank account information or credit history. You can even choose to limit some of this sharing by contacting Blue Trust Loans at 1-877-770-2682.
Blue Trust Loans is not accredited by the Better Business Bureau (BBB) and has received a D rating due to its poor customer reviews and the time it took for Blue Trust Loans to respond to complaints. Many people left 1-star ratings, with the majority of former borrowers stating they had problems closing out their loan. Others were mortified by the high interest Blue Trust Loans charged. Unfortunately, this is to be expected with most short-term lenders that work with borrowers who have poor credit. Carefully review your contract so that you fully understand the payoff process and the amount you will have to pay on your loan.
In order to apply for a loan through Blue Trust Loans, you will need to supply
You can apply one of two ways.
Your payment are usually due on your paydates, with typical terms lasting six months. This means if you’re paid weekly, you will have 24 loan payments. If you’re paid biweekly, you will have 12 payments. And if you’re paid monthly, your loan will have six payments.
Be sure to budget for these payments. A missed or late payment could not only incur fees but may also cause a dip in your credit score, should Blue Trust Loans choose to report it. If you’re having trouble making payments, don’t hesitate to contact them at 1-877-770-2682 to discuss alternative options.
Blue Trust Loans is a good option when you need a large amount of money quickly. However, the high costs associated with borrowing could put you in a worse situation if you aren’t careful. Always budget to make sure you can afford your payments, and don’t forget to compare other online installment loan options before you borrow.
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