Understanding Installment Loans

Installment loans offer consumers the means of borrowing the money they need to pay bills or deal with financial emergencies, then pay it back over time according to a scheduled payment plan. This financial solution isn’t appropriate for every situation, but it can be extremely helpful in a crisis. Readers can find out more about the installment loans offered by Blue Trust Loans below to discover whether it might be a good solution for them.

Payment Schedules

With most installment loans, repayment rates are typically consistent throughout the payment period. The amount owed will depend on how much money the customer has borrowed, how many payments will be made over the course of the repayment period, and how the interest rate has been set. Expect to pay back the loan over a six-month period and to make payments between once and four times per month.

Early Repayment

It’s possible for borrowers to pay back either the entire principal of their loans or to make additional payments that will shorten their repayment periods without penalty. Taking this approach can allow them to reduce the amount of fees that they must pay on their loans.

Qualifying for a Loan

Borrowers must be able to meet a few different qualification standards if they want to take out an installment loan with Blue Trust. These include having an open checking account that has been in use for a pre-set period of time prior to taking out the loan, having a verifiable source of income that is direct deposited into that checking account, and meeting minimum income requirements. All borrowers must also be over the age of 18 and can not be currently in the process of filing for bankruptcy or intending to do so in the immediate future.

Getting the Loan

Once an application for an installment loan has been submitted, it will be underwritten to determine whether or not the borrower meets the application criteria listed above. If he or she does meet these criteria, arrangements can be made immediately and up to $1,200 can be deposited into the borrower’s account within the next business day. Returning customers can borrow as much as $2,000.