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Frequently Asked Questions

What is a installment loan or cash advance?
A installment loan is an unsecured, short-term cash loan to help you until your next pay. Customers choose personal advances to cover small, unexpected expenses while avoiding costly bounced-check fees and late payment penalties. At blue sky loans, apply online for a installment loan and your advance will be electronically deposited to your checking or savings account.

What can a installment loan be used for?
Whether you are paying off bills, celebrating a special occasion, or covering an unexpected cost, your installment loan is there to be used at your own discretion.

How much can I receive?

Your first blue sky loans loan is based upon the information you provide in your application. You may borrow up to $1500 and after a successful repayment of your loan, we may raise the amount on any future blue sky loans loans.

How are fees established?

Our fees are competitive and in compliance with all applicable state and federal laws.
Depending on the lender, fees can range from $25 to $30 per $100 borrowed. For example, if you borrow $300 then the fee will be between $75 and $90.

How do I qualify for a installment loan?

blue sky loans does not perform credit checks, which makes qualifying for a installment advance easier than for traditional credit. You should meet all of the following requirements:
• Currently employed (or receive regular income)
• Make at least $1000/month
• Be 18 years of age or older and a U.S. citizen
• Have a checking or savings account with direct deposit.

What is the procedure to apply for a installment loan online?
To apply for a installment loan, complete and submit the application found on our website. At that point, the approval process will immediately get under way and an agent will notify you of your status.

What information do I need to complete the application?
We need your name, address, employment information, banking details, and picture identification in order to complete your installment loan request.

Is my personal and financial information secure?
We respect our customer's right to privacy in managing their personal finances. Our site uses a variety of security measures to maintain the safety of your personal information. All sensitive data transmitted between your browser and our website uses 128 bit Secure Socket Layer (SSL) encryption technology.

Is there an application fee?

blue sky loans never charges applicants a fee to qualify for a installment loan.

Does submitting an application obligate me to take out a loan?
No; submitting an application simply states that you wish for one of our agents to approve and contact you to discuss your installment loan options. You may ask us any questions, and withdraw your request if you so choose. If you are ready to proceed, you may confirm your information and officially agree to terms with one of our representatives.

What if I have bad credit?

As we do not perform credit checks, bad credit will not prevent you from receiving a installment loan at blue sky loans. Our friendly managers will work with you, even if you have been turned down by other lenders.

Does being a tenant influence my eligibility?

Whether you rent or own your home, it does not affect your eligibility for a installment loan.

Do I need to fax my information?

There is no need to fax any personal details. The lending company will instantly get all necessary information online.

Can I have more than one installment loan at a time?

No, all other installment loans must be repaid before another may be granted.

Do you contact current or former employers?

No, the lenders operate a strict confidentiality policy. None of your installment information will be passed onto any third party without your prior agreement or unless required by law.

Do I need direct deposit?

Your bank account must be set up with direct deposit to qualify for a cash advance. It is the most secure way to offer loans as quickly as we do.

When will I receive my installment loan?

Your application will be processed within 30 minutes upon being received. Once approved, you may collect your loan the next business day. At that time, we will help schedule a repayment date so you will not have to worry about bouncing a check or missing a deadline.

How will I know that my loan has been approved?

You will receive an email notification once your loan has been approved. blue sky loans reserves the right to make adjustments to your loan approval up until you receive the funds in your bank account based on new information received regarding your application.

When will my loan be due?

Each state has different rules and regulations regarding loan due dates. Typically, repayment is scheduled on your next personal (between 8 and 25 days away).

What if I want to pay back my loan early?
Contact us if you wish to pay off your loan before the scheduled due date. In doing so, you may be entitled to a partial refund of your loan fee.

What if I am unable to repay my loan by the due date?
If you cannot repay the full amount of your loan by the due date, you may be able to request a loan extension.

The following payment options are available:

1. Pay the loan in full on the maturity date listed per your loan agreement.
2. Pay the finance fee and a portion of the principle on or before the maturity date.
3. Pay only the finance fee on the maturity date.

How often can I get a installment loan?
We are available any time you need financial assistance between pay periods. We encourage all of our clients to use these loans responsibly and keep in mind that a installment loan is a short-term solution to an urgent cash need; they should not be used repeatedly to deal with continuous budgeting issues.