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This tribal lender could be the answer to short-term financing needs.
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.
Aliyyah Camp is a writer and personal finance blogger who helps readers compare personal, student, car and business loans. Aliyyah earned a BA in communication from the University of Pennsylvania and is based in New York, where she enjoys movies and running outdoors.
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.
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.
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?
Updated January 27th, 2020
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?
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?
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.
Frequently asked questions
You can contact Blue Trust Loans at 1-877-700-2839. Its hours of operation are
7 a.m. to 8 p.m. CT, Monday to Thursday
7 a.m. to 6 p.m. CT, Friday
8 a.m. to 2 p.m. CT, Saturday
It’s unlikely. Blue Trust Loans, along with other short-term lenders, typically don’t order credit reports from the big three credit bureaus. However, it may check your credit with another, smaller credit reporting agency.
No. Only laws of the Lac Courte Oreilles Band of Lake Superior Chippewa Indians govern your loan agreement. Without congressional authorization, sovereign Indian tribes aren’t required to adhere to state laws.
Yes, you can view the Lac Courte Oreilles Band of Lake Superior Chippewa Indians Tribal Consumer Financial Services Regulatory Code online.
Short-term loan ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
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