Blue Frog Loans is a direct lender that offers installment loans up to $1,000 in 5 states of the US. First-time borrowers are eligible for only $500. The interest rates vary by state, but APR for year-long loans hovers around 500%. The application process is online, and funds are usually received on the next business day.
Blue Frog Loans is a company that offers short-term loans to people who need quick cash. In this article, we will discuss how Blue Frog Loans work, who is eligible for a loan, and the pros and cons of using this type of loan. We will also provide some tips for borrowers who are considering a Blue Frog loan.
How does Blue Frog Loans work?
To apply for a loan, you must be a resident of one of the 5 states where the company operates, be at least 18 years old, and have a valid checking account.
The application process is simple and can be completed online in just a few minutes. Once you submit your application, Blue Frog will review your information and make a decision within minutes. If you are approved, the funds will be deposited into your checking account the next business day.
The interest rates for Blue Frog loans vary by state but typically hover around 500%. This means that if you borrow $1,000, you will pay back $2,500 over the course of the loan. Blue Frog loans typically last for 30 days. However, you can choose to extend the loan for an additional 30 days.
Here are the steps on how Blue Frog Loans work:
- You apply for a loan online.
- Blue Frog reviews your application and makes a decision within minutes.
- If you are approved, the funds are deposited into your checking account the next business day.
- You repay the loan over a period of 30 days.
If you miss a payment, you will be charged a late fee. It is important to be aware of the high interest rates and short repayment terms before you apply for a Blue Frog loan.
Who is eligible for a Blue Frog loan?
To be eligible for a Blue Frog loan, you must meet the following criteria:
- Be a resident of one of the 5 states where the company operates: Arizona, Colorado, Missouri, Oklahoma, or Texas.
- Be at least 18 years old.
- Have a valid checking account.
- Have a steady income.
- Have a good credit score.
If you meet all of these criteria, you can apply for a Blue Frog loan online. The application process is simple and can be completed in just a few minutes.
Here are some additional details about the eligibility criteria:
- State residency: Blue Frog Loans only operates in 5 states, so you must be a resident of one of those states to be eligible for a loan.
- Age: You must be at least 18 years old to apply for a Blue Frog loan.
- Checking account: You must have a valid checking account to receive the funds from your loan.
- Income: You must have a steady income to qualify for a Blue Frog loan. The company does not specify how much income you need, but you will need to be able to afford the monthly payments.
- Credit score: Blue Frog Loans prefers borrowers with good credit scores. However, the company may consider borrowers with fair credit scores.
If you are not sure if you are eligible for a Blue Frog loan, you can contact the company directly to ask.
Advantages of Blue Frog Loans
There are several advantages to getting a Blue Frog loan:
- Fast and easy application process: You can apply for a Blue Frog loan online in just a few minutes.
- No credit check required: Blue Frog loans are available even if you have bad credit.
- Funds available the next business day: If you are approved for a Blue Frog loan, the funds will be deposited into your checking account the next business day.
- Flexible repayment terms: You can choose to repay your Blue Frog loan over 30 or 60 days.
Disadvantages of Blue Frog Loans
There are also some disadvantages to getting a Blue Frog loan:
- High interest rates: The interest rates on Blue Frog loans are very high.
- Short repayment terms: Blue Frog loans typically last for 30 or 60 days, which can make it difficult to repay the loan if you have a tight budget.
- Late fees can be high: If you miss a payment on your Blue Frog loan, you will be charged a late fee.
- Not available in all states: Blue Frog loans are only available in a few states.
Frequently Asked Questions
What is the APR for a Blue Frog loan?
The APR for a Blue Frog loan varies by state, but typically hovers around 500%. This means that if you borrow $1,000, you will pay back $2,500 over the course of the loan.
How long do Blue Frog loans last?
Blue Frog loans typically last for 30 days. However, you can choose to extend the loan for an additional 30 days.
What are the late fees for a Blue Frog loan?
The late fee for a Blue Frog loan is $25. If you miss a payment, you will be charged a late fee.
Can I get a cosigner for a Blue Frog loan?
No, you cannot get a cosigner for a Blue Frog loan. The company only offers loans to borrowers with good credit.
Final Words
Blue Frog Loans can be a good option for borrowers who need quick cash and have good credit. However, it is important to be aware of the high interest rates and short repayment terms before you apply.
If you are considering a Blue Frog loan, be sure to compare rates from other lenders before you apply. You can also use a loan calculator to estimate your monthly payments.
Blue Frog Loans can be a helpful financial tool, but it is important to use them responsibly. Only borrow what you can afford to repay, and make sure you understand the terms of the loan before you sign.