Blue Trust Loans offers installment loans to consumers that allow them to borrow as much as $2,000 then pay it back over a period of six months. This can be extremely helpful during times of economic hardship, but some consumers are hesitant to take out these loans due to a lack of knowledge regarding how they work. Read on to find answers to some frequently asked questions that can help consumers decide whether or not installment loans are right for them.
How Do They Work?
If approved for a loan, the applicant will be able to access as much as $2,000 as soon as one business day after the application has been submitted. He or she will then have six months to pay it back with interest. Loan payments can be scheduled on borrowers’ paydays, making it easy for them to keep up.
Can They Be Paid Off Early?
Any extra money that is paid toward the loan will go toward reducing its principal. This can also help to reduce the amount of total fees that customers owe and can shorten their payback periods.
Who Qualifies for Installment Loans?
In order to qualify for a loan, borrowers must provide verifiable sources of income that meet minimum requirements and are set up for direct deposit into their checking accounts. These accounts must also meet minimum opened duration requirements. Borrowers must not currently be in the process of declaring bankruptcy or intending to file for bankruptcy, must be 18 years of age, and must be United States residents.
What if a Problem Comes Up with Making Payments?
Borrowers who are experiencing difficulty making their monthly payments should contact their lenders immediately. They will have representatives on-hand who can help customers come up with a plan to keep their loans in good standing.
Are the Loans Secure?
Borrowers have every right to be concerned about their financial safety when applying for loans online. Lenders that offer installment loans take every possible precaution toward protecting their customers’ information by using only secure servers and following industry standard security protocols. This helps to ensure confidentiality according to Federal laws and industry standards.