Taking out a loan can be an intimidating experience, especially when a borrower has to deal with a bank. Those who cannot seem to get approved by a traditional bank will sometimes take the payday loan route which can lead to increased finance charges. Thankfully, there is an alternative to both of these hassles, with Blue Trust Loans.
Understanding How These Loans Work
An installment loan is one that is paid back in several payments, splitting up the money that is owed as equally as possible. The amount of each payment will depend on the amount borrowed, the number of payments, and the interest rate. These loans can be paid off in full at any time, along with the amount of interest that is owed on the date the borrower pays off the amount they owe.
To qualify for an installment loan, a borrower must meet the following:
- The borrower must be able to provide proof of a verifiable income that is direct deposited into their bank account either weekly, bi-weekly, or monthly.
- The borrower must have an active bank account that meets the qualifications of the lender.
- The borrower must be at least eighteen years old and a citizen of the United States.
- The pay amount must meet the minimum requirements for the amount being borrowed.
- A borrower cannot have filed bankruptcy in the past or presently be pursuing a bankruptcy.
How to Apply For an Installment Loan
The process of applying for an installment loan is fairly straightforward. The applicant will simply need to fill out the online application and submit the information to the loan company. The application will be carefully reviewed and all information verified. Once the applicant has been approved for the loan, they will be contacted by a loan specialist who will verify all of the information and offer information on when the funds will be deposited.
If you would like to apply for an installment loan, visit the site right away. The steps are easy and you can have your fund deposited in a short amount of time. Click on the online application link and get started today.