This tribal lender could be the answer to short-term financing needs.
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.
State Availability
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.| Product Name | Blue Trust Loans Installment Loans |
|---|---|
| Min. Loan Amount | $100 |
| Max. Loan Amount | $2,500 |
| 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. |
- You must provide a verifiable source of direct deposit income into your checking account.
- Have an open checking account.
- You need to be at least 18 years old and a United States citizen.
- Your take-home pay has to meet Blue Trust Loan's minimum income requirements.
- You must not currently be a debtor in a bankruptcy case or presently intend to voluntarily file for bankruptcy relief.
What is Blue Trust Loans?
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 $2,500, 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?
Why should I consider getting a Blue Trust Loans installment loan?
- Club Blue membership. The Club Blue system allows people who have repaid previous loans to progressively borrow more money at lower rates for longer periods.
- No prepayment penalties. Blue Trust Loans won’t charge any fees if you decide to pay off your loan balance before the due date.
- Quick approval. After you apply, you could know about your approval status within a few minutes.
- Fast turnaround. If your application is approved, you could have up to $2,500 deposited into your bank account as soon as the next business day.
- Fixed payments. Except for the first and last payments, your payment amount is the same throughout the life of your loan. Your schedule is created based on the interest rate, principal balance and number of payments.
What to watch out for
- Not available everywhere. If you live in Arkansas, Connecticut, Georgia, Massachusetts, Minnesota, New York, Pennsylvania, Virginia, Vermont, Washington, Wisconsin or West Virginia, you won’t be able to apply for an installment loan through Blue Trust Loans.
- High APR. Like most short-term loans, an installment loan from Blue Trust Loans comes with a high APR that often results in you paying much more for your loan than you originally borrowed.
- Limited first-time amount. Because of Blue Trust Loans’ tiered borrowing program, you won’t have access to $2,500 loans until you’ve borrowed multiple times.
How does Blue Trust Loans compare to other online installment loan providers?
Beware of high interest rates
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.Is it safe to apply with Blue Trust Loans?
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.
What does the Internet say about Blue Trust Loans?
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.
Am I eligible?
- You must have a verifiable source of income and open checking account.
- You must be at least 18 years old.
- You must be a US citizen or permanent resident.
- You must not be involved in a bankruptcy case.
How do I apply?
In order to apply for a loan through Blue Trust Loans, you will need to supply
- Your name, birth date and Social Security number
- Your contact information
- Your employment and income information
- Your bank account information
You can apply one of two ways.
- To apply online. Click Go to site to be directed to Blue Trust Loans’s application form to complete the required information.
- To apply over the phone. Call 1-877-770-2682 to speak with a Blue Trust Loans representative.
I got an installment loan. Now what?
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.
Are short-term loans permitted in my state?
Bottom line
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.
I took a small loan out for only $375. I have had the loan only about a week. I called customer service and asked how much it would be to pay off the whole thing before the first scheduled pay date. I was quoted $467 to pay it in full. Is this legit?
Hi Michelle,
Thanks for getting in touch with Finder. I’m sorry to hear about the problem you are having.
Upon checking, Blue Trust doesn’t charge prepayment penalties. For this reason, the excess amount of money that you have to pay could be due to the total interest rate.
For more information, it would be a good idea to directly ask Blue Trust for a breakdown of your balance. This would help clear up things and ensure you understand what you are paying. You may also want to review the terms and conditions of your loan to learn more.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
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Hi I really really need to find a loan because my rent is overdue and I’m not getting paid until 2 weeks from now, but I like in my. Any suggestions?
Hi Sc,
Thanks for your inquiry
I understand how these circumstances come up once in a while. I would suggest checking out short-term payday loans. Loan terms are usually 7-30 days. This will give you enough time to pay your rent and the loan.
Hope this information helps
Cheers,
Arnold
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Do yu lend in CT?
Hi Sharon,
Thank you for your inquiry.
Should you need a loan options in Connecticut you may want to consider the lenders here.
I hope this information has helped.
Cheers,
Harold
do you do loans in new York
Hi Adassa,
Thanks for your question.
Yes, Blue Trust Loans is available in New York.
You may also check this page to compare your other options.
Cheers,
Anndy
I don’t have a bank account but I get my checks direct deposit into my prepaid card accpunt thru pls check cashers..
Hi Ricardo,
Thank you for your inquiry.
Checking account is required, while you may not be eligible for Blue Trust Loan. You may want to consider the options for prepaid debit card payday loan.
I hope this information has helped.
Cheers,
Harold
I have a prepaid card in all my checks are direct deposit to that card which is checking with the account# and routing# can I used that card?
Hi James,
Thank you for your inquiry.
While we do not represent any company that we feature on our pages, we can offer you a general advice. It would be always nice to coordinate with your preferred lender to discuss what are the cards they usually allow for this loan. Typically, to apply for a Blue Trust Loans Installment Loan, you need to have an open and operating checking account.
I hope this information has helped.
Cheers,
Harold
Can I use my debit card to get the loan
Hi Stacey,
Thanks for your question.
To apply for a Blue Trust Loans Installment Loan, you need to have an open and operating checking account.
Alternatively, you may compare prepaid debit card loans here.
Kindly review the eligibility criteria and the relevant terms and conditions of the loan before submitting your application.
Cheers,
Anndy
If I get the loan from you do you out the money into my account all I need is $500.00 so how much will I pay a month. Do you put the money into my account today?
Hi Diane,
Thanks for your question.
With Blue Trust Loans, once your application is approved, they will deposit the money into your bank account as soon as the next business day.
Unfortunately, we cannot determine how much your monthly payment will be. It would be best to directly get in touch with Blue Trust Loans to get a quote.
Cheers,
Anndy