Lender
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Blue Trust Loans

Advertiser Disclosure

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 the Lac Courte Oreilles Band of Lake Superior Chippewa Indians. It is a direct loan provider that offers installment cash loans as a good payday loan 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 the federal credit unions to qualify. Relating the use of their services, neither Hummingbird Funds nor the Tribe has 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 a 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 short-term 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 crises with installment funds not limited to bad credit scores. However, it also has its major setback in terms of high-interest rates.

Blue Trust Loans

Key Features

Blue Trust Loans is a financial institution that provides personal installment loans to individuals who need quick access to cash for emergency expenses or other purposes. Some of the key features of Blue Trust Loans include:

  1. Installment loans. Blue Trust Loans offers installment loans, which means that you can pay back the loan in fixed monthly payments over a set period of time. This makes it easier to budget and manage your finances.
  2. Competitive rates. While interest rates may vary based on your credit history and other factors, Blue Trust Loans aims to provide competitive rates compared to other similar lenders.
  3. Tribal lender. Tribal lenders typically offer payday loans. However, due to payday loans becoming illegal, tribal lenders transition to installment loans. The loans are still expensive but have longer repayment terms. This is an expensive credit product, so you need to evaluate if you can repay before you sign a loan agreement.
  4. Availability. Blue Trust doesn't offer loans in Arkansas, Connecticut, Hawaii, Georgia, Massachusetts, Minnesota, New York, Pennsylvania, Vermont, Virginia, Washington, Wisconsin, and West Virginia. These states prohibit payday loans, and there is a reason the company cannot operate there.
  5. Accreditations. The company is not accredited by the Better Business Bureau. However, it has an A+ rating with the BBB, and the Blue Trust Loans review ranking in Trustpilot is 4.7.

Blue Trust Loans operates in a limited number of states in the US, so eligibility may vary depending on your location.

Pros and Cons

Pros

  • Quick and easy application process. The application process is simple and straightforward, and you can receive a decision within minutes.
  • Fast funding. If you're approved, you can receive the funds as soon as the next business day.
  • Flexible repayment terms. Blue Trust Loans offers flexible repayment terms, so you can choose the loan term that works best for your budget.
  • No prepayment penalty. There is no penalty for paying off your loan early, so you can save money on interest charges.
  • Bad credit is okay. Blue Trust Loans considers applicants with bad credit or no credit history, so you may still be eligible for a loan even if you have poor credit.

Cons

  • High interest rates. The Blue Trust Loans rates may be higher than some other lenders, especially if you have poor credit.
  • Limited availability. Blue Trust Loans are not available in all states, so you may not be eligible depending on where you live.
  • Borrowing limits. Blue Trust Loans may have lower borrowing limits compared to some other lenders, so you may not be able to borrow as much as you need.
  • Short repayment periods. While Blue Trust Loans offers flexible repayment terms, the repayment periods may still be shorter than what some borrowers would prefer.
  • Additional fees. Blue Trust Loans may charge additional fees, such as loan origination fees or late payment fees, which can add to the cost of the cash loan.

Products

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 an interest 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 monthly repayment period, and loan payments are usually made on their paydays.

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 $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 a loan

Blue Trust is an online lender that offers short-term payday alternative 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.

Other Loans

Loans like Blue Trust Loans

Spotloan

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Spotloan is a lender that provides installment loans, allowing borrowers to pay down the balance gradually with each on-time payment. The loan amounts range from $300 to $1,500, with new and repeat borrowers qualifying for up to $800 and preferred borrowers with 10 or more loans eligible for up to $1,500. Founded in 2012, Spotloan is owned by BlueChip Financial, a tribally-owned entity governed by the Turtle Mountain Band of Chippewa Indians of North Dakota, one of the country's largest federally recognized Indian Tribes.

Spotloan

Big Picture Loans

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Big Picture Loans is a reputable lending institution and a wholly owned subsidiary of Tribal Economic Development Holdings, LLC. This company operates as an economic arm and instrumentality of the Lac Vieux Desert Band of Lake Superior Chippewa Indians, a federally recognized Indian tribe, primarily benefiting the Tribe while adhering to Tribal law. Offering flexible borrowing options, customers can access loans ranging from $200 to $3,500, with repayment terms spanning from 4 to 18 months.

Big Picture Loans

River Valley Loans

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River Valley Loans offers a financial solution for individuals in need of quick funds to address emergency expenses. With the convenience of same-day installment loans, customers can access up to $3,000, making it easier to handle unexpected financial challenges. Their tribal installment loans provide a simple and fast application process, ensuring borrowers can get the necessary funds without unnecessary delays.

River Valley Loans

MaxLend

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MaxLend is a financial service provider that stands out for its ability to promptly deliver up to $3,000 directly to your bank account, ensuring you get the funds you need without delay. As a sovereign enterprise, MaxLend operates as an economic development arm and instrumentality of the Mandan, Hidatsa, and Arikara Nation, which is a federally-recognized sovereign American Indian Tribe.

Maxlend

Lendumo

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Lendumo, operated by Niswi, LLC, dba Lendumo, is a reputable financial service provider that caters to borrowers needing quick and convenient loans. Backed by the Lac du Flambeau Band of Lake Superior Chippewa Indians, Lendumo combines modern financial practices with a commitment to maintaining the cultural heritage of its community. For first-time borrowers, Lendumo extends loan amounts of up to $1,500, providing a helpful solution for unforeseen expenses or emergencies. On the other hand, repeat borrowers can access even larger loan amounts of up to $2,500.

Lendumo

Important

Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.

How to Choose a Lender

  1. 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.

  2. 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.

  3. Carefully review all the terms and conditions of your payday loan contract.

  4. Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.

  5. 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.

  6. 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.

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?

Blue Trust Loans is wholly owned and operated by the Lac Courte Oreilles Band of Lake Superior Chippewa Indians (the Tribe). This means the company follows the tribal regulations, and it will be difficult to file a complaint in case you struggle with these short-term 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?

New 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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