Blue King Payday Loan Reviews

Blue King Payday Loan ReviewsBlue King Payday Loan says that you can loan up to $1000 from them, and that you can have it as soon as the next business day. This is not a no fax payday lender, and they expressly state that if they don’t receive all of your information, they won’t process your application and you can’t be approved.

You might not feel like it, but you’re the one that has leverage in this situation, because there are so many different lenders that all want a chance to earn your business. Lending money is the perfect example of having money create money, and if you’re deemed to be worthy of a loan you won’t have any problem finding a lender. So your only chore is to find one that has favorable rates and terms. This can often be a challenge, but you should never settle just because it’s you’re tired of looking.

Blue King Payday Loan Reviews

Blue King Payday Loan expressly states that they are a sovereign tribal group, operating within the boundaries of the United States of America. Interestingly enough there is a lot of debate and lawsuits in the works on tribal lending. Those opposed to it say that these tribes are able to skirt US lending laws because they are considered a sovereign entity. The main concern is that they would be able to violate consumer protection laws, making them an unusual choice when so many other options exist.

Loan Extensions Possible
One feature that might make Blue King Payday Loan worth it is the possibility to extend the loan. You won’t find this being offered by many payday lenders, because they make the lion’s share of their profits by getting you to pay the loan off and then re-loan. By paying a fee to extend the loan, this is basically a rollover, and many states do not allow this. But since they’re a sovereign entity they can offer unique options like this and still make the same sort of money that a payday lender does.

What’s interesting is that this option is not available until you’ve loaned and re-loaned four times. It does make sense to make borrowers qualify for a feature like this, but at the same time it points to the fact that most payday loans don’t really help your financial situation. If they did you wouldn’t need to keep taking them out and paying them back just to take them out again. What you’ll find though is that at a typical lender you’ll never be able to pay off a portion of your loan, or make installment payments, no matter how long you’ve done business with them.

No Fees or Rates Listed
Whenever a lender doesn’t publicly list their rates it’s cause for alarm. What do they have to hide? This is basic information that can help you quickly determine whether it’s worth filling out the application or not. It’s not a good idea to give them your personal and financial data if you don’t know what sort of fees you’ll be paying. They don’t have any section that lists their rates, and even more odd is that it’s not one of the questions in their list of frequently asked questions.

It’s very suspicious that they don’t have even a small chart that simply lists what the fees are for each loan amount you might be interested. Most lenders have these formatted in $100 increments so that at a glance you’ll know how much you’ll be paying in order to use the money. Since they want your bank account information up front, we’d suggest calling for their rates before filling out the online application, if you’re insisting on going with them.

Our Recommendation
We’re suggesting you take a pass on Blue King Payday Loan, mostly because there are plenty of other ways to loan the money, either dealing directly with another lender, or using a matching service that will find a lender for you. We think it’s a good idea to do business with American-owned lenders that have to abide by and answer to federal laws. These laws are in place to help consumers, and it’s unnerving to think that lenders are trying different ways to try and skirt these laws in order to lend on their terms.

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Blue King Payday Loan Reviews, 1.8 out of 5 based on 4 ratings You May Also Like:

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