Put simply, when a person or establishment lends money to another person or establishment, agreeing that the borrower will repay the funds later, this is considered a loan. Typically, the borrower is expected to pay back the loan along with finance charges or interest.
Today many places offer loans, and there are many different types of loans – and different loan features – that people can take advantage of. The different loan features available can sometimes seem confusing – from secured loans to unsecured loans to installment loans and more.
Loans…Simplified
At Centsible by Blue Trust Loans, we want to take the confusion out of loans. That is why we have simplified what many different words used to describe loans are. Then when you are ready to apply for an installment loan, you will have the information you need to make an informed decision.
Secured Loans
A loan that requires collateral, or some form of security, is considered a secured loan. Common types of secured loans are those you would take out to purchase a home, a car, or a boat. When banks and other institutions lend money in secured loans, they may offer these loans at lower interest rates because they are taking less risk. If a borrower defaults, he may lose the collateral.
Unsecured Loans
You might consider an unsecured loan to be almost the opposite of a secured loan. These are loans with no collateral. Banks and lending institutions will typically look at your credit history, your credit score, and other similar items to determine if you meet their qualifications to take out an unsecured loan. Because there’s no collateral to secure the loan, the lender may charge a higher interest rate if the borrower has a lower credit score or is considered a higher risk.
Installment Loans
Loans that you pay back over multiple payments are called installment loans. Installment loans can be a great option when you need to take out money. The payments are spread out over time. The longer it takes to pay back the loan, the more interest you will pay.
Advance Loans
Also known as cash advance loans, advance loans may go through an employer. The employee that needs to borrow funds will go to the employer who will lend them the money. Then on the next payday, this money will get back to the employer who is, in this case, the lender. Payday loans are also considered advance loans.
Cash Loans
When you need cash, a cash loan might be just what you need. These loans might require the funding to be paid back relatively quickly. The interest rate on a cash loan is most often a fixed rate, meaning it won’t fluctuate.
Can I Take Out a Loan With Blue Trust Loans?
Now that you understand a little more about loans, you might be ready to find out if you qualify and apply for an unsecured loan from Blue Trust Loans. You may be able to get funding of up to $3,000. We offer everyday solutions with flexible repayment options and no prepayment penalties.
Don’t wait. We’ve got an easy online application process and you typically find out right away if you’re approved. Find out how much you’re eligible for today. We can also help you with information on getting fast funding from Blue Trust Loans, including same-day loans.
We are here when you need us. Contact us, 24-7, at 877-770-2682.
*Same Day Funding is available on business days where pre-approval, eSignature of the loan agreement, and completion of the confirmation call, if a call is required, have occurred by 11:45 a.m. Eastern Time, and a customer elects ACH as payment method. Other restrictions may apply. Certain financial institutions do not support same -day funded transactions. When Same -Day Funding is not available, funding will occur the next business day.
The content on this site is for informational purposes only and is not professional financial advice. Blue Trust Loans does not assume responsibility for information given. All information should be weighed against your own abilities and circumstances and applied accordingly. It is up to the reader to determine if this information is safe and suitable for their own situation.
Hummingbird Funds, LLC is a sovereign enterprise, an economic development arm and instrumentality of, and wholly-owned and controlled by, the Lac Courte Oreilles Band of Lake Superior Chippewa Indians (the “Tribe”), a federally-recognized sovereign American Indian Tribe. This means that the Hummingbird Funds’ installment loan products are provided by a sovereign government and the proceeds of our business fund governmental services for Tribe citizens. This also means that Hummingbird Funds is not subject to suit or service of process. Rather, Hummingbird Funds is regulated by the Tribe. If you do business with Hummingbird Funds, your potential forums for dispute resolution will be limited to those available under Tribal law and your loan agreement. As more specifically set forth in Hummingbird Funds’ contracts, these forums include informal, but affordable and efficient Tribal dispute resolution, or individual arbitration before a neutral arbitrator. Otherwise, Hummingbird Funds is not subject to suit or service of process. Nothing in this website is intended to waive or otherwise prejudice Hummingbird Funds’ entitlement to these protections. Neither Hummingbird Funds nor the Tribe has waived its sovereign immunity in connection with any claims relative to use of this mobile site. If you are not comfortable doing business with a sovereign instrumentality that cannot be sued in court, you should discontinue use of this website.