Unsecured Loans
At Blue Trust Loans, we know that borrowing money can be confusing. There are so many different phrases that you come across, from interest rates and amortization to net monthly income. We want to help you understand the loan process a little bit better. So below, we will discuss unsecured loans, also known as unsecured personal loans.
What is an unsecured loan? A good way to understand what an unsecured loan is might be to first learn what a secured loan is. If you are buying a car or a house, the lender you are borrowing money from will give you a secured loan. They will use that car or house as collateral or security for the money they lend to you. If the loan defaults, which basically means it is not paid, then the lender may be able to take the car or the house.
In comparison, an unsecured loan does not require collateral. Lenders give unsecured loans based on other factors, which might include your income and your ability to repay. They may also look at creditworthiness. A loan of this type does not have any security or collateral that would be taken away in the event of non-payment, though the lender may take other actions to collect if the loan isn’t paid back as agreed.
Are Unsecured Loans Better Than Secured Loans?
It depends on the circumstances. Neither unsecured or secured loans are better. They are simply different types of loans. Typically, due to the collateral involved in the transaction, secured loans may take longer to obtain than unsecured loans, and they also might require a larger amount of documentation. Additionally, secured loans typically must be used for a specific expense or purpose. For example, a lender might tell you that you can’t take out a car loan and spend that money on something else. This is very different from unsecured loans. Unsecured loans typically don’t specify how the money is spent.
How Do I Get an Unsecured Loan?
Now that you understand unsecured loans better, you might be interested in taking out a loan. At Blue Trust Loans, we may be able to help. We offer loans of up to $3,000 with up to 10 months to pay them back. We also offer CLUB BLUE Rewards, our customer rewards program. When you take out a loan with us, you automatically become a member.
Unsecured Loans From Blue Trust Loans
If you are looking for short-term installment loans with flexible repayment options and no prepayment penalty, Blue Trust Loans could be the right fit for you. Apply for an unsecured loan online with Blue Trust Loans to see if you qualify. You might even qualify for Same Day Funding.*
Still have questions? We’d be happy to tell you how it works, and if you have any questions about our loan process, we’d be glad to answer them. Do you need to speak to customer service? You can call us, 24-7, at 877-770-2682. We’re here for you.
*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.