Let’s face it, applying for a loan from a bank can be a hassle and even a bit of a bruise to our egos if we’re honest. So, what’s a person strapped for cash supposed to do when they need money, and they need it quickly. The first two answers that come to mind are pawn loans and payday loans. But, rapidly moving to the front of the pack when it comes to options are installment loans like those provided at Blue Trust Loans.
WHAT ARE INSTALLMENT LOANS?
Much like the loan consumers might try to obtain from a bank, these easy to apply for loans offer longer payback terms than do payday loans and higher payouts than one might get from a pawn shop. You do not have to put up any prized possessions for collateral and borrowers have longer than two weeks to pay back the money. With a longer payback period, the payments are smaller, making it easier on the budget.
HOW MUCH CAN I BORROW?
Most installment loans will go up as high as $2000, however, not everyone will qualify at that amount. Further, it may take a couple of smaller loans paid back in timely basis to earn that bigger 2k loan. While it’s tempting to go for the big enchilada, if you don’t need to borrow that much, don’t. The less you have to pay back, the better.
HOW SOON CAN I RECEIVE THE MONEY?
Most people seeking loans such as these are in a big hurry. With that in mind, an approved applicant could have the money the very next business day in their checking account. This is convenient and not out of the ordinary. But, that brings up another point, and that is qualifications. One common requirement is that the individual applying have a bank account, either checking or savings, in their own name.
Most loans have an age requirement of 18 and they are not allowed by law to provide loans to those in the military or their families. Additionally, many loan companies require that borrowers have direct deposit of their income into the bank account.