Blue Trust Loans is an installment payday loan company that offers loans of up to $1,000 that are repaid over a 6-month period. They are owned and operated by the Lac Courte Oreilles Lake Superior Band of Chippewa Indians of Wisconsin, a federally-recognized sovereign American Indian tribe. Although the tribe claims sovereign immunity to state laws, customers claiming predatory lending can still contact the Consumer Financial Protection Bureau (see below).
In 2014, a US District Judge ruled that the FTC has authority to regulate certain arms of Indian Tribes, including payday loan companies operating under Tribal Law. If you feel that you have fallen victim to a predatory lender, even one claiming Indian tribal affiliation, we advise you file a complaint with the Consumer Financial Protection Bureau.
- Repayment terms
- No credit score required
- Customer service
Blue Trust Loans offers funding of up to $1,000 for first-time customers and up to $1,250 for returning customers. Because Blue Trust Loans offers installment payday loans, the repayment terms are 6 months long with anywhere from 6 to 24 payments, depending on how frequently a borrower is paid (monthly, bi-monthly, weekly). The balance can be paid in full at any time without incurring any early payoff fees. The stated interest rates range from 471.78% to 841.45% APR.
The application consists of three sections and asks applicants for the following information:
- Personal information: name, social security number, email address, birthdate, phone number(s), address, requested loan amount
- Income information: employer name and number, how often and how paychecks are received, net amount per paycheck, dates for the next two paydays
- Bank information: account type, routing number, account number
While a credit score is not required, Blue Trust Loans does ask if an applicant has or is planning to file for bankruptcy and will not issue loans to debtors in current or soon-to-be-filed bankruptcy cases.
During normal business hours, a representative will contact an applicant within an hour after the application is completed-sometimes even within a few minutes-to verify the information, and approval can be received at that time. Funds can be deposited into a checking account as soon as the next business day.
Blue Trust Loans provides a general phone number, mailing address, physical address, email address, and an online email form for contacting customer service. They also have an advanced customer service phone number and email address, and a loan processing phone number, fax number, and email address. Emails are answered quickly-often within an hour-and the company's general phone number sends callers directly to a customer service representative. However, it should be noted that getting specific information without having already submitted an application can be difficult.
- Lack of transparency
- Possible additional fees
- Share information
Although Blue Trust Loans does provide some information about their interest rates and fees, the financial responsibilities of the borrowers not clearly stated on their website. The application is free to fill out, but it is uncertain whether or not there are additional origination fees, late fees, or other finance charges. The application of the interest rates to a loan is also unclear, but because payments are stretched out over 6 months, borrowers will almost certainly end up paying a huge amount of money in interest. Blue Trust loans states that all of the specific terms of a loan, including any additional fees, will be set forth in the loan agreement, and borrowers are highly encouraged to review that agreement thoroughly before signing it.
There are several other lending companies with similar names or website addresses, such as Blue Trust Loans at bluetrustloansbluetrustloans.com and Blue Trust Loans Reviews at bluetrustloansreviews.com. Customers should be sure to reach the correct company for best service.
Want to know which payday loan company is top rated? Click Here
The Bottom Line
View Top Rated Companies