Ann Arbor, MI Payday Loan Alternative

Ann Arbor is home to over 120,000 people, and most of them are rabid fans of their University of Michigan Wolverines. Getting an education at the university, however, can lead to tens of thousands in student loan debt, and even though the average salary in Ann Arbor is $56,048, the average resident is carrying $4,558 in credit card debt. Combined with a higher-than-average cost of living, residents can find themselves stretched thin financially.

Payday Loans in Michigan

When a person doesn’t have much money saved up and needs to pay for a large expense, it can leave them with few financial options. They may have to deal with an emergency, like home or auto repairs, and are unable to qualify for financing. In situations like these, some may feel that taking out a payday loan is the only option. There’s a common issue with payday loans, though, and that is the standard 14-day payday loan term. These short repayment periods leave the borrower with hardly any time to improve their financial situation. Oftentimes, repaying the loan leaves very little funds left to cover regular living expenses such as gas, groceries or bills. To keep up with their regular financial responsibilities, many borrowers will need to extend their loans into new terms which often comes with additional fees.

A Quick, Easy Payday Loan Alternative

Fortunately for people in Ann Arbor who need to borrow money, there is a payday loan alternative that doesn’t have such immediate repayment terms. Blue Trust Loans offers convenient personal installment loans which allow the borrower to get a lump sum of money deposited into their account, and then pay that off in installments.

The application for an installment loan through Blue Trust Loans is available online and only takes minutes to complete. Blue Trust Loans has a few requirements that the borrower must meet, but these requirements are usually much more relaxed than they are at a traditional bank, credit union or other lender.

The borrower will need to have a checking account and a verifiable source of income that gets deposited into that account regularly. The checking account also needs to meet minimum duration requirements. The minimum age to borrow an installment loan is 18, and the borrower must be a citizen of the United States who isn’t involved in a bankruptcy case or intending to file for bankruptcy. Blue Trust Loans does not lend to members of the military, their spouses, or their dependents. Additional requirements and limitations may apply.

After submitting the online application, borrowers will be contacted by a friendly Blue Trust Loans representative to verify their application information. During normal business hours our representatives are usually in touch within a few minutes after application submission, but an applicant can choose to contact us rather than waiting for our call.

The maximum loan amount with Blue Trust Loans is $2,000, and funds are direct-deposited into the borrower’s bank account. Transfers can go through as soon as the next business day.

The advantage of choosing installment loans over payday loans is the additional time granted to pay off borrowed funds, without having to request extensions. With an installment loan, Blue Trust Loans sets up the loan to be paid off over a longer period of time, allowing borrowers to stay current on their repayment schedule while still affording their normal cost-of-living expenses.

Greater Financial Control Through an Installment Loan

Payday loans bring in borrowers who are seeking a convenient and quick solution, but that convenience comes at a cost. It’s much too easy to end up trapped in perpetual debt when taking out a payday loan. People looking for fast financing can instead apply today for an installment loan from Blue Trust Loans.

References
https://www.census.gov/quickfacts/fact/table/annarborcitymichigan/PST045216
https://lendedu.com/blog/student-loan-debt-statistics-by-school-by-state-2017#Michigan
http://www.payscale.com/research/US/Location=Ann-Arbor-MI/Salary
https://creditcardlocal.com/states/michigan/ann-arbor/


The content on this site is for informational purposes only and is not professional financial advice. Blue Trust Loans does not assume responsibility for advice given. All advice should be weighed against your own abilities and circumstances and applied accordingly. It is up to the reader to determine if advice 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. 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.