About Lender
With a decade of experience, Blue Frog Loans focuses on serving the financial needs of underbanked populations. They place importance on training their employees to provide quality customer service and streamline the qualification and approval process. Their distinct approach involves tailoring lending solutions to align with individual budget constraints and spending capacities. Blue Frog Loans also emphasizes the provision of confidential services to all its customers, presenting itself as a viable option for individuals in need of financial assistance.
Key Features
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No Initiation Costs. Blue Frog Loans ensures easy access to financial assistance by eliminating initiation costs, reducing the financial burden on borrowers.
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24-Hour Cooling-Off Period. Borrowers have the option of a 24-hour cooling-off period after loan approval. This provides an opportunity to reconsider their decision if needed, promoting responsible borrowing.
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Alternative Credit Verification. Unlike traditional lenders, Blue Frog Loans does not rely on Equifax, Experian, or TransUnion for credit checks. Instead, they use Clarity Services for an alternative verification option, making the application process more accessible.
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Flexible Payment Plans. In cases of financial hardship, borrowers can update their payment plan to better suit their current circumstances, ensuring a more manageable repayment process.
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Open-End, Revolving Line of Credit. Blue Frog Loans offers open-end, revolving line of credit accounts with no specific minimum or maximum repayment period. This flexibility allows borrowers to tailor their loan experience to their needs.
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Penalty-Free Early Repayment. Borrowers can pay off their loans at any time without incurring penalties, providing the freedom to manage their finances effectively.
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Direct Deposits and Withdrawals. Blue Frog Loans streamlines transactions by allowing direct deposits and withdrawals from the specified financial institution and account numbers provided in the loan application, ensuring efficient fund management.
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Alternative Payment Options. Borrowers can discuss alternative payment methods with Blue Frog Loans' customer support services, offering additional flexibility in managing loan repayments to meet individual needs.
Pros and Cons
Pros
Cons
Reliability
Blue Frog's reliability, as indicated by the feedback from over 400 customers, garners a respectable rating of 4.8 out of 5. The lender receives praise for its fast and efficient services, with many customers appreciating the quick approval process, often taking as little as 15 minutes. The friendly customer service is another positive aspect highlighted by borrowers. However, it's worth noting that there are dissatisfied customers who have faced challenges with early repayment and issues related to manual transfers instead of direct debits. Some have expressed frustration when loan funds weren't credited to their accounts as expected, especially over weekends, which led to cancellations due to urgent financial needs. While many customers laud the excellent service, there are cases where individuals provided the required information but received no response or funds, despite sharing their confidential information as part of the loan application. Additionally, approvals processed on Fridays may result in delays in receiving loan funds until the following Tuesday.
How to apply for a Blue Frog loan?
- Online Application Submission. The application process with Blue Frog Loans begins with a straightforward online application form available on their website. Applicants are required to provide essential identification information, residence details, the desired loan amount, and contact information.
- Bank Verification Process. After submitting the online application, applicants proceed to the bank verification process. This step ensures the accuracy of the provided financial details, enhancing the security and reliability of the application.
- Electronic Loan Document Signing. Once the bank verification is completed, borrowers are requested to e-sign the loan document electronically, finalizing the application process.
- Prompt Approval Notification. Upon successful approval of the loan application, Blue Frog Loans sends an email notification to inform the applicant of their approval status.
- Direct Deposit of Loan Funds. Once approved, the loan funds are promptly and securely deposited directly into the borrower's bank account. This hassle-free process eliminates the need for individuals to leave their homes.
- Rapid Availability of Funds. Typically, approved online loans are available in the borrower's bank account within 24 business hours after approval, ensuring quick access to the requested funds.
Conditions and Requirements
Conditions
Blue Frog Loans offers lending services to residents in specific states, each with its unique terms and offerings
In Missouri, Delaware, and Idaho, new customers can access installment loans up to $500. Returning customers in good standing may access up to $1,000. Installment loans allow for multiple fixed monthly payments until the loan is paid in full. APR varies based on the repayment schedule.
In Kansas, loan APR stands at 349%. A cash advance fee of 15% of the cash advance amount applies.
In Louisiana, Blue Frog offers payday loans with the following fees:
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Return payment fee: $25.00
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Minimum loan: $100.00
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Maximum loan: $350.00
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APR may vary depending on the loan amount and term.
In Wisconsin, Blue Frog offers loans with an APR of 497.54% for a $500 loan.
In Tennessee, lenders' APR for loans stands at 279.50%, and no additional fees for returned or late payments are applied.
Within Mississippi, APR varies depending on the repayment schedule.
The type of loan product provided by Blue Frog Loans depends on the state, ensuring borrowers receive loans tailored to their specific location. Whether it's installment loans in Idaho, Wisconsin, Delaware, Utah, Missouri, and Mississippi, a line of credit in Tennessee and Kansas, or payday loans in Louisiana, Blue Frog Loans offers a variety of lending solutions to meet the diverse needs of residents in these states.
Requirements
To be eligible for a loan with Blue Frog, applicants are required to meet specific criteria. Potential borrowers should be either employed or able to provide proof of income, ensuring that they have a stable financial foundation. Additionally, eligibility extends to U.S. citizens who are at least 18 years of age, demonstrating the lender's commitment to serving adult individuals seeking financial assistance. It's important to note that members of the military and those who have recently filed for bankruptcy are not eligible for online loans with Blue Frog, reflecting the lender's adherence to certain restrictions based on individual circumstances.
Ways to receive the money
Typically, borrowers who secure loans with Blue Frog can expect the loan funds to be efficiently transferred to their accounts. The lender offers the convenience of arranging direct credit to the borrower's account, ensuring a swift and hassle-free disbursement of funds. This approach eliminates the need for complex processes or additional steps, streamlining the experience for those needing quick financial assistance.
Products
Blue Frog Loans offers a range of loan products, each tailored to the specific state and its unique requirements. Blue Frog Loans' loan product type varies by location, ensuring that borrowers receive loans customized to their respective regions. For residents in states such as Idaho, Wisconsin, Utah, Missouri, and Mississippi, the lender provides installment loans, offering the flexibility to make multiple fixed monthly payments until the loan is paid in full. Blue Frog Loans offers a line of credit in Tennessee and Kansas, providing a convenient credit resource for borrowers in these areas. Meanwhile, in Louisiana, the lender extends payday loans, meeting the short-term financial needs of residents in that state.
Alternatives
Advance America
Advance America stands as a well-recognized lending company that extends payday, installment, and title loans, particularly catering to individuals with less-than-perfect credit scores. Their extensive network comprises over 1,400 physical locations, coupled with online services, making them a convenient choice for borrowers in need of rapid financial solutions. However, borrowers should exercise caution when contemplating loans from Advance America due to the elevated interest rates and accompanying fees. While payday loan amounts may start as low as $100, the precise limits are contingent upon the state of residence.
Speedy Cash
Speedy Cash is a prominent financial institution committed to addressing the immediate financial requirements of residents across 27 states. Offering a wide array of services, the company specializes in providing payday loans online alongside various other financial solutions. Whether customers face a modest financial challenge requiring as little as $50 or need more substantial assistance, Speedy Cash is well-prepared to meet their needs with quick access to payday loans of up to $1,500. A standout feature of Speedy Cash is its remarkable efficiency, as loan applications are typically evaluated and approved within a single day, ensuring prompt access to vital funds.
The Cash Store
The Cash Store is now offering customers the convenience of accessing installment loans, providing a practical financial solution with loan amounts of up to $3,000. With a fixed Annual Percentage Rate (APR) for personal loans ranging from 390% APR to 780% APR, individuals can obtain the necessary funds while having complete clarity about the interest rates they will incur. It's worth noting that the APR may fluctuate based on the customer's location, ensuring that each individual receives personalized options tailored to their specific state.
Editorial Opinion
Important
How to Choose a Lender
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Make sure to confirm whether the lender is licensed to operate in your state. You can verify this information with your state regulator or attorney general.
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Check if the lender is a member of a reputable association, such as the Community Financial Services Association of America. Membership in such organizations may provide an extra level of reliability.
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Carefully review all the terms and conditions of your payday loan contract.
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Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.
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Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.
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Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.
Methodology
At Finanso, we've carried out a comprehensive analysis of over 100 lenders, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.
In each category, we carefully considered the most critical factors in selecting a lender. These factors include the interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.
At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.
Our ultimate goal is to provide insightful recommendations and expert advice to assist you in selecting a lender that best caters to your specific needs.
