If your car is breaking down frequently and you think it might be time to replace it, then you might start looking into buying a new car. If you don’t have the money right now to pay for a car in full, you might be thinking about getting a loan. But what kind of loan should you get?
If you are looking to take a loan out for a large purchase, such as buying a car or a home, you will probably be needing a secured loan. A secured loan is one that a lender gives to a borrower who has collateral or security – something of value — to back up the loan.
Why Do Banks Offer Secured Loans?
You might be wondering, “How does a secured loan work?” Banks and other lenders offer secured loans because it minimizes their risk when they loan money. With secured loans, if the loan is not paid back as agreed upon, the lender may take the collateral, such as the house or the car that is attached to the loan.
Should I Get a Secured Loan?
Secured loans may be an excellent option for larger, more substantial investments. But for smaller loan amounts, secured loans might not be the best. To begin, secured loans might entail more paperwork or documentation because it involves some form of collateral or security. Also, if you don’t have a form of collateral to back the loan, you most likely would not qualify for this type of loan.
Secured Loan Alternatives From Blue Trust Loans
Though secured loans serve a vital function, they aren’t for everyone or for every situation. Many borrowers need fast funding, but they don’t have collateral or security. This is where Blue Trust Loans comes in. We offer quick, unsecured personal loans of up to $3,000 and give as long as 10 months to pay these loans back. No collateral required. If you complete the application process early enough, you may even qualify for Same Day Funding.*
At Blue Trust Loans, we’re here when you need us, 24/7. We can help you with unsecured loans, including same-day loans. Our benefits don’t stop there. Once you’ve taken out your first loan with us, you’re part of our Rewards program, Club Blue.
If you still have questions about our loan process or want to know how it works, we’re here for you. What if you would prefer to speak to an associate? We’d be happy to help. Call us at 877-770-2682 at any time.
*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.