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eLoanWarehouse (ex. Blue Trust Loans)

Finanso.Multilogin™

About lender

The company changed its name to eLoanWarehouse in May, 2022, as a rebranding mean.

Blue Trust Loans is an online tribal loan company that was established by Lac Courte Oreilles Band of Lake Superior Chippewa Indians. It is a direct loan provider that offers installment cash loan as a good payday loans alternative. Сompany's headquarters are located in Wisconsin, United States. It operates under the regulations and laws of a sovereign Native American Tribe. It is also known as hummingbird funds LLC.

You must be a member of federal credit unions to qualify. Relating the use of their services, neither Hummingbird Funds nor the Tribe have forfeited its sovereign immunity to secure the clients and maintain a strategic distance from any unlawful schemes covering up behind the facade of Local American tribes. This infers that the Hummingbird Funds' installment credits are offered by a sovereign government, and the benefits are utilized to provide to the Tribe residents. Even if Blue Trust Loans is a tribal lender, it still abides by state laws.

To fund your installments, there is a simple online procedure that may be validated over the phone. However, unlike payday loans, Blue Trust loans are repaid in installments rather than in whole when your next paycheck arrives. They offer simple application procedure, low qualifying criteria, and quick money transfers. The main distinction between installment and payday loans is that debtors have more than a few weeks to repay their debt.

Blue Trust Loans offers installment loans ranging from $300 to $2,500. The limit for the 1st loan is up to $800 for a 6-month period. They often have a high APR, ranging from 471.78% to 841.45%. The loan terms length is usually within nine months, with 6 to 24 payments. The loan payments are determined by how often the borrower receives their salary. You can pay your bills on a weekly, bimonthly, semimonthly, or monthly basis.

Blue Trust Loans is an online lender providing a viable option to secure financial crisis with installment funds not limited to bad credit scores. However, it also has its major setback in terms of high-interest rate.

Loan Agreement Conditions

Conditions For The First Loan

Customers who are new to Blue Trust may borrow up to $800, while returning customers may be able to borrow up to $2,500. You can automatically join the Blue Trust Loans' Club Blue Rewards program when you apply for a small loan. You will have a rate per $100 of $29.50 for the first requested loan and $24.50 for your second loan if you are new. By repaying your loan in full with no late payments and returning to Blue Trust Loans if you need money in the future, you may simply move through the rewards tiers and request bigger loans. New clients normally have a nine months repayment period, and loan payments are usually made on their paydays.

Conditions For The Following Installment Loans and How To Get Them

Blue Trust Loans offer payday loans with improved interest rates and longer loan terms for loyal customers. As a part of their loyalty program, you must initially become a member of the Loyalty program by applying for a loan and waiting for it to be approved. Then, you can continue to advance through the four tiers by paying for it in full, at no late expense.

Once you've cleared off your first request and completed one more, you'll be promoted to Silver and be able to request a $1,000 for up to 9 months. Once you have 3 paid off loans, you may upgrade to Gold and take a maximum amount of $1,500 for up to 9 months.

After reaching the Gold tier, you may proceed to Platinum by completing another loan and taking full advantage of all the Club Blue rewards. You must have funds up to $2,500 with up to 12 months term.

Funding Installment Loans

Blue Trust is an online lender that offers short-term installment loans as a wise alternative to payday loans. They can start the funding process even if you have bad credits. Blue Trust funds are returned in installments rather than in one lump sum with the borrowers' next credit check.

If they fulfill the qualifying requirements, they will be authorized for an installment fund of $2,500, which could be deposited into their bank account as soon as today. They can verify the final accounts through the borrowers' E-sign in loan documents and 24-7 contact with Blue Trust. If you apply on a business day during Eastern time, you may get cash in the bank immediately.

The Same Day Funding is possible if pre-approval, eSignature of the agreement, and completion of the confirmation call have all been completed by 11:45 A.M. When you choose Automated Cleaning House (ACH) as a payment option, it must be done at 8:00 A.M. Eastern Time. Other limitations can apply. Certain financial institutions do not allow transactions to be funded on the same day. If fast cash financing is not available, funding will occur the next business day.

Reviews

FAQ

What Is Blue Trust Loans?

Blue Trust Loans is a direct loan provider that offers online installment loans as a better payday alternative loan, so you don't have to pay them back in full before your next paycheck when you're with a payday loan. Blue Trust Loans transitioned to eLoanWarehouse in May, 2022.

Who owns Blue Trust Loans?

The Lac Courte Oreilles Band of Lake Superior Chippewa Indians (the Tribe) wholly owns and operates the Blue Trust Loans.

How do you qualify for the Blue Trust?

You have to be at least 18 years old and a resident of the United States. You also need to present an authentic source of direct deposit income into your open checking account and must be ready to meet Blue Trust's "minimum opened duration" conditions. Your take-home earnings must also meet the minimum income criteria. You must also not be a debtor in a bankruptcy case or intend to petition for bankruptcy relief in the future.

How much can you borrow from Blue Trust loans?

ew customers of Blue Trust Loans can apply for up to a maximum loan of $800. Returning members from the Club Blue Rewards program can apply for up to $2,500, depending on the rewards tier.

What type of loan is Blue Trust Loans?

Blue Trust Loans is an online tribal lender that provides installment loans, a better option than a traditional payday loan. It is a type of loan that allows you to borrow money and repay it with a certain number of set installments over a specified period. Payment amounts are usually the same except for the first and last installments. The payment schedule is determined by the loan amount, lending rate, and several deposits. The loan term for new clients at Blue Trust Loans usually is nine months, and they typically plan on the customers' paydays.

Is Blue Trust Loans a legitimate company?

Yes, Blue Trust Loans is a legitimate business offering a safe funding process of effective loans. It is an active Native American Financial Services Association and the Online Lenders Alliance member. Blue Trust Loans is a tribal lender that operates solely under the jurisdiction of tribal law and abides by state legislation. It is a trustworthy service provider ready for any financial needs.

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What to focus on before applying for a loan with eLoanWarehouse (ex. Blue Trust Loans)

To ensure the lender is legitimate, check if it meets the following criteria:

How do you know if a loan company is registered?

The lending company is registered with the US Securities and Exchange Commission (SEC) and has a tax identification number (EIN). Note that tribal lending companies operate under the jurisdiction of tribal laws, and they don't have to register with the SEC. But still, tribes must act under federal consumer protection laws enforced by the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC).

According to the FTC requirement, the lending company is registered in your state, excluding tribal lenders abiding by tribal and federal laws only. That is why tribal lending companies can charge interest rates exceeding your state's maximum.

Finally, the State Attorney General can verify the registration of the lending company if you need additional proof of whether it is legitimate.

If a US lending company scams you, please report to local law enforcement, your state attorney general, CFPB, or FTC.

Finanso® also recommends

Learn the total cost of a loan, including:

It will be best to read a loan agreement carefully before signing it. If any part of the agreement seems incomprehensible, do not hesitate to ask the lender about particulars.

Remember that you don’t have to make an immediate decision when considering getting a loan. However, you must be sure that you are ready to repay following your loan documents. If the lender’s terms and conditions are uncomfortable for you, you are free to search for another proposal, as there are about 780 lending companies in the US.

What’s the difference between eLoanWarehouse (ex. Blue Trust Loans) and a bank?

  1. You need to have a good credit history to qualify for a credit card with a bank. In contrast, even bad credit history debtors can borrow money from US lenders with personal or payday loans. 
  2. Interest rates and annual percentage rate for a loan with an online lending company are significantly higher than with a credit card released by a bank.
  3. Applying for an online loan with a lending company doesn’t require paperwork or even visiting their office. Instead, a borrower can apply entirely online and receive money via direct deposit on the next business day.
  4. The online lending business is high-risk for investors, and their capital is not protected from unfair borrowers.
  5. A loan with legitimate loan companies for bad credit is a simple but expensive form of borrowing to resolve financial hardship.
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