Benefits of Installment Loans

These days, it seems like there is often far more week left in a pay-period than there used to be. So many times, individuals are thrown curve balls into their budgets, causing them to scramble for extra money for this, that and the other. What’s a person to do when the lights have been cut off, a deposit is needed immediately for a big school trip or Christmas is coming and there’s just not enough money to buy gifts? For an increasing number of consumers, Blue Trust Loans are the answer.

INSTALLMENT…NOT PAYDAY

These loans for people facing hard times are not payday loans, however, they are almost as easy to acquire. Instead of the loan being due in full with a person’s next paycheck, the total amount due is spread over several months, sometimes up to six months, allowing ease in payback. It’s much easier to come up with maybe $100/month than $500 out the next paycheck. It helps end the endless cycle of payday loans by allowing borrowers to keep more of their paycheck during the payback period.

QUALIFICATIONS

This type of installment loan, not surprisingly, requires the applicant be at least 18 years old. Additionally, they must have direct deposit income into a checking or savings account. The applicant cannot currently be in bankruptcy and must make specified earning to repay the loan. Truly, the qualifications are usually easy to meet. While borrowers may not qualify on the first try for the maximum loan amount, continued on-time payments and a good history with the company could result in higher loans next time.

NOT INSTANT MONEY, BUT PRETTY QUICK

After applicants submit their online applications, they should basically wait by the phone. Customer service representatives will typically call them right back to firm up the application. If the application is approved, the money could be deposited in their account the very next day. Keep in mind, for this type of a loan, the application on the first time around can be for up to $1,000 and up to $2,000 for returning customers.

The interest is substantial on these installment loans, so using them to supplement income on a regular basis is not suggested. However, in a pinch, they can be much better than asking your family yet again or going to payday loan stores.