Last updated on March 23, 2021 by The Counselor
Blue Trust loans one of the most popular online lenders operate minimal loan requirements compared to the eligibility criteria required by most banks or other traditional lenders. After verification, Blue Trust Loans can deposit your funds into your bank account as soon as today.
Blue Trust Loans provides instalment loans as an alternative solution to payday loans. Like most payday loans, instalment loans have a quick and easy application process that can be completed online and verified over the phone. But unlike payday loans, loans from Blue Trust Loans are repaid in instalments, rather than being paid back in full upon your next payroll check.
Payday loans are generally referred to as short term loans, typically for relatively small amounts. Interest rates are usually high, in comparison to other types of credit.
Before revealing their Blue Trust Loans requirements, let’s see what instalment loan is all about.
An instalment loan is a way to borrow money and pay it back over time through scheduled payments. Payment amounts are typically the same, with the possible exception of first and last payments. The loan amount, interest rate and the number of payments determine the payment schedule.
At Blue Trust Loans, the payback period for new customers is usually 9 months and they typically schedule loan payments on the customers’ paydays. For instance, a new customer who get paid bi-weekly or twice a month would have 18 payments over the 9-month period.
You can choose to pay off your loan early without penalty. If you’d like to pay extra on scheduled payment due date, the extra money will go to reduce your loan’s principal. Any additional payment amount you make may shorten your payback period or lower the total fees you pay on the loan.
If you meet the blue Trust loan requirements, you may be approved for an instalment loan up to $2,500, which can be deposited into your checking account as soon as today…
However, to qualify for Blue Trust Loans you must be 18 years or older to apply. Not all applicants will be eligible for a $2,500 loan or even any loan at all. Qualifying for final approval of a cash loan depends on various factors, including income and the state in which you reside.
These are Blue Trust Loans primary requirements
- Provide a verifiable source of direct deposit income into your checking account that meets our minimum income requirements.
- Have an open checking account that meets our “bank account minimum opened duration” requirements.
- You need to be at least 18 years or older and a United States resident.
- Your take-home pay has to meet our minimum income requirements.
- You must not currently be a debtor in a bankruptcy case or presently intend to voluntarily file for bankruptcy relief.
- For security purposes, we will collect your credit card information after you submit your application.