Blue Trust Loans Review

Blue Trust Loans is a tribal based lender. It is not state licensed. This means it is regulated by the laws of the tribe and is not regulated by state lending laws. In general, we prefer state licensed lenders as it provides an additional layer of oversight but the advantage of a tribal lender is that they often offer loans to residents of states where other lenders have chosen not to offer loans or states have chosen to limit the ability to offer these loans. In many cases, unlicensed lenders may be your only choice if you decide you must use a short term loan.

Like most all short term lenders the process for getting a loan with Blue Trust Loans is simple and quick. The first step is to make sure you meet the basic requirements:

• You have a minimum of $850 per month in income.
• You have a provable source of direct deposit income into your checking account.
• You have an open checking account that has been open for a significant amount of time, i.e. it's not brand new.
• You are at least 18 years old and a United States citizen.
• Your take-home pay meets their minimum income requirements.
• You are currently not a debtor in a bankruptcy case or presently intend to voluntarily file for bankruptcy relief.
• Good credit is NOT a requirement. Individuals with bad credit and no credit may still qualify for Blue Trust Loans
• You do NOT live in Arkansas, Connecticut, Georgia, Massachusetts, Minnesota, New York, Pennsylvania, Vermont, Washington, Wisconsin, or West Virginia. Blue Trust Loans does not make loans to residence of these states.

If you feel you think you meet the basic requirements then the Blue Trust Loan application process includes four steps:

1. Fill out their secure online application. This can take less than 5 mins if you have all the information readily available.
2. Your application will be reviewed by Blue Trust Loan's underwriting rules for approval or denial. If you are approved during usual business hours, a Blue Trust Loan representative will contact you within the hour (and often within 5 minutes) to verify all of your information. If you are approved you will generally be able to sign the loan documents online or eSign.
3. Once your details have been confirmed, they will send a copy of the application by email. Print and save this for your records.
4. At this point Blue Trust Loans deposits money into your bank account. This can occur as soon as the next business day.

First-time Blue Trust Loans customers can qualify for up to $1,000, and returning customers may qualify for up to $2,000. Payments are due on scheduled payment due dates, which generally correspond with your pay dates, e.g. weekly, every other week, twice a month, or monthly. Most of Blue Trust's installment loan's are approximately 6 month loans however you can pay them off in full at any time without penalty. Their website lists discounts for paying via ACH (direct deduction from your bank account) versus paying via credit card. It appears they list credit card transactions as debits. If you choose this option be it's smart to be careful as credit card companies charge additional fees for cash transactions. In general, using a credit card to pay for a short term loan does not make financial sense. Credit cards generally have significantly better rates than short term loans so it's typically cheaper to just use your credit card.

Blue Trust Loans is expensive. APR’s range from 471.7846% to 841.4532% depending on the duration of the loan and the loan origination fees. Sub-prime credit card rates are closer to 35% so this is significantly higher. In general, short term loans are rarely a good option and are best used if the cash is absolutely necessary and other options are not available. The advantage of a Blue Trust Loan is that they are available in 39 states.

Blue Trust Loans is regulated by the Lac Courte Oreilles Band of Lake Superior Chippewa Indians, a federally-recognized sovereign American Indian Tribe. If you take a loan from Blue Trust Loans and you have a disagreement the legal resolution of your disagreement will be based on Tribal law and your loan agreement. This generally means you will not go to a court but instead your dispute will use Tribal dispute resolution, or individual arbitration before a neutral arbitrator. If you are not comfortable doing business with a sovereign entity that cannot be sued in court, it is not a good idea to borrow from Blue Trust Loans.