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Wednesday, October 20th
Blue Trust Loans does cash advances a little differently than most. Instead of having one big lump sum repayment due when you get paid next, they break down your repayments into weekly, biweekly or monthly payments. That makes it more likely that you'll be able to get your loan paid off, since you can do it over time.
Not available everywhere, or to active duty military
The amount you can borrow and your repayment terms will be determined by the state where you live, but most Blue Trust Loans max out at $3,000. At the time of this review, there were several states where Blue Trust Loans wasn't offering funding: Arkansas, Connecticut, Georgia, Massachusetts, Minnesota, New York, Pennsylvania, Vermont, Virginia, Washington, Wisconsin, or West Virginia. That seems like a lot, but some cash advance lenders have an even smaller service area. In the fine print, we also found that active duty military and their dependents aren't eligible for cash advances through Blue Trust.
Highest interest rates we found
Blue Trust Loans has some of the highest interest rates we've ever seen for cash advances. You'll pay anywhere from just under 472% to 842% in interest. That might be hard to visualize, but imagine paying a fee ranging from $14.75 to $59 on every $100 you borrow.
Easy to apply
To apply for a loan with Blue Trust, you'll start by entering your name, address, birthdate and SSN for identity verification. The desired cash advance loan amount is in a dropdown box at the top of the form. You'll then provide info about your income: where it comes from, whether you receive it by direct deposit or check, your net pay and how often you get paid, and the date of your most recent paycheck. By the way, your pay dates can't fall on a weekend or holiday. Finally, enter your bank routing and account numbers and choose how you'd like to make your repayments.
Plan A and Plan B
Once you submit your application, you'll either be approved and get the details of your loan, or you'll have the option to "try another lender" if you weren't approved right away. That will take you to a more detailed series of questions about your work, banking, living situation, and also asks for your driver's license number. It's a "hail Mary" if you have to take this extra step, but it might help you get a loan.
Governed by tribal law, not federal
Borrowers should be aware that Blue Trust Loans is owned by the Lac Courte Oreilles Band of Lake Superior Chippewa Indians, a federally-recognized sovereign American Indian Tribe. That can limit your options if you have a problem with your cash advance here: they're governed by Tribal law, not by federal law.
Decent rating from the BBB
We're happy to see that Blue Trust Loans has an "A" rating from the Better Business Bureau. The BBB is very quick to point out that the lender isn't bound by federal law and consumers should adjust their expectations accordingly. Most complaints we found were from people who didn't pay attention to the details and were shocked by how much they were paying in interest: but it's literally right there on the website.
Worth considering for cash advances
Should you use Blue Trust Loans for a cash advance structured in installments? Cash advances are already a last resort, and when you take out a loan with interest rates in the triple digits, it's always a risky proposition. But, if you like the idea of being able to make repayments over time instead of just with your next paycheck, you might want to keep Blue Trust Loans in mind.
Good question. "Cash advance" and "trustworthy" don't tend to be said in the same breath. Unfortunately, there's a lot of truth to that: cash advances often come with extremely high interest rates and short payback periods. They should be the last resort you consider if you're strapped for cash.
You may spend much more in interest than you borrowed to begin with. But, with more than 2.5 million Americans each year who take out a cash advance, it's important to know how to find a lender that's reputable.
How do cash advances work? They're meant to be short-term loans to hold you over until your next paycheck. You'll either have to repay the cash advance and all of the interest right at the time of your upcoming, scheduled payday, or you may be able to set up your loan with weekly, biweekly or monthly repayments. If you happen to get paid earlier than you expected, or come into extra money, most cash advances can be repaid ahead of time, which will save you some money in interest fees.
Why are cash advances so popular? First off, you rarely have to have good credit; many cash advance companies only ask for identification, a bank account number, and proof of a steady paycheck. Cash advances are also easy to get: some states have more in-person loan "stores" than McDonald's locations!
What are the downsides of a cash advance? Besides extremely high interest rates, many borrowers find these loans hard to pay back. Up to 20% of cash advances go into default, and as much as 80% of these loans are "reborrowed" again within 30 days. As you might imagine, that racks up huge fees - translating into big profits for the cash advance lender and less money in your pocket.
Now that you know the drawbacks of cash advances, how can you increase your chances of getting the money you need from a lender you can count on? Look for these things when you're choosing a service for a cash advance:
TopConsumerReviews.com has evaluated and ranked the most popular sources of cash advances available today. We hope this information will help you choose a lender that will get you the money you need with terms you can afford.
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