Installment Loan Overview

A: We understand that there are many options for you to choose from when it comes to your financial needs. Here at Blue Frog Loans, we have made it our mission to become the provider of choice for the underbanked populations we serve. So what does that mean for you? We consistently train all of our employees to provide you with the utmost compassion, care and respect that all of our customers deserve. We continuously look at our underwriting to make our qualification and approval process as easy and convenient for you as possible. We listen to our customers and personalize each individual loan to ensure it meets your budget and spending ability. With Blue Frog Loans, you will get the utmost respect, care, and confidentiality every time.

A: An installment loan is a loan that is repaid over time with a set number of scheduled payments. Our installment loans are typically 12 months long. The customer always has the option to make additional payments or prepay the entire balance without penalty.

A: Simply fill out an online loan application, complete the bank verification process, and e-sign the loan document. If approved, you will receive an email informing you that your loan funds will be directly deposited into your bank account. You won’t even have to leave your home! Online loans are usually deposited into your back account within 24 business hours.

A: All you need is to be employed or have proof of income, be a US citizen, at least 18 years of age, and have an active checking account. Members of the military and those who have recently filed for bankruptcy are not eligible for an online loan with us.

Installment Loan Information and Details

A: No. You will not be charged to apply for the loan, whether or not you are approved. Plus, with our satisfaction guarantee, you won’t be charged any fees if you change your mind about the loan within 24 hours.

A: No, you are only able to have one active loan at a time with us. After repayment of your loan, you may qualify for a new, larger loan.

A: Step 1. You must complete our online application in its entirety.
Step 2. Complete the bank verification process and e-sign your loan document.
Step 3. If approved, we will finalize how the loan proceeds will be funded into your account.

A: Blue Frog Loans does not utilize Equifax, Experian, or TransUnion to perform credit checks as part of our approval process; however, we do verify applicant information through Clarity Services.

A: Most loan proceeds are received within 1 business day via direct deposit into your designated bank account. Times may vary based on your specific banking requirements. You can also use our expedited funding option to receive your money via wire transfer for an additional charge of $25.00. Please check with your local bank as they may charge additional fees in order to receive a wire transfer.

A: Blue Frog Loans determines the amount of the loan based on your current income and ability to pay.

Installment Payment Information

A: Your first installment payment will be due on your next approved payday (loan durations are state specific). You will receive a payment schedule when your loan is approved. You will also have the option to prepay the entire balance without penalty.

A: Blue Frog Loans will initiate a transfer of funds from your bank account on the day the loan payment is due. You will be setup to automatically take payments from your bank account to help provide ease and convenience for you.

A: We need your banking information to deposit your loan proceeds. Blue Frog Loans deposits your money directly into your bank account, usually within as little as 24 hours.

A: Blue Frog Loans realizes that circumstances occur when customers cannot make their scheduled payment. Our customer service representatives are trained to work with customers when daily life situations hamper the customer’s ability to make their scheduled payment. Please call our representatives when this occurs and they will do their best to create a payment plan that fits within your situation. It is best to Contact us if you foresee that you will not be able to make a payment.

Failure to make a timely payment on your loan or credit services transaction can have several consequences, including the following:

Financial Implications – Making timely payments are paramount in making sure that no additional interest is charged on your loan. Past due payments may result in additional interest as well as a late fee. Also, a returned item charge may be assessed for any electronic payment returned to us unpaid. Return item fees vary by state – see your transaction agreement for additional details.

Impact on Your Credit Score – Blue Frog Loans reports payment activity to Clarity Services. Failure to make timely payments on your loan may reduce your score with Clarity Services, and prevent you from receiving credit or other services from a provider that uses them.

Renewal of your Loan – We do not automatically renew any of our loans or credit services transactions. Where refinances or renewals are available (varies by state), you may obtain a refinance or renewal of your loan or credit services transaction by logging in to your account prior to your due date and applying for a renewal or refinance. In connection with any renewal or refinance, you will be required to e-sign new transaction agreements for such renewed or refinanced transaction and our standard rates for loans or credit services transactions will be assessed on such renewal or refinance (varies by state – see posted fee schedules).

A: To contact Blue Frog Loans, please click here to Contact Us now.

Line of Credit

It is an unsecured open-end, revolving line of credit and comes with credit limits. Once approved, you will receive an initial credit limit and an initial cash advance from that credit limit. Your advance will be deposited into the account you selected on your application. You will only be charged with interest and fees only for the amount you withdraw.

The total cost of the line of credit depends on the borrower’s activity in each billing period. Accountholders can access credit limit increases and additional cash advances throughout the duration of their account. Because the cost of the line of credit depends on the accountholder’s usage, there is no representative total cost of the line of credit.

We offer open-end, revolving line of credit accounts. There is no minimum or maximum repayment period. All lines of credit can be paid off at any time without penalty.

Each billing cycle, you will receive a periodic billing statement that details account activity during the period and explains how much you owe. Billing cycles may be monthly, bi-monthly (twice a month) or bi-weekly (every two weeks). If you receive income weekly, your billing cycle will be bi-weekly. Your minimum payment due will include the interest accrued during your billing cycle and 7% minimum principal pay down. You’re always welcome to pay more than your minimum payment due without penalty.

Note: If you are making a payment before your scheduled due date the whole payment will be applied to principle. The minimum required payment as indicated on the billing statement will still be due on the normal scheduled due date.

A withdrawal from your Line of Credit is called a Cash Advance. Cash Advances can be requested from $100 up to your available Credit Limit. they can request cash advances for the total credit available to them all at once, or in smaller increments as needed over time. When you request an advance, funds will typically be deposited into your account as early as today.