Introduction to Blue Mountain Loans
Blue Mountain Loans is a regional lender that provides personal loans and title loans across the Rocky Mountain region. Founded in 2005 in Denver, Colorado, Blue Mountain Loans has grown to serve customers in Colorado, Utah, Wyoming, Montana, and Idaho through a network of over 50 storefront locations.
Blue Mountain Loans offers unsecured personal installment loans from $500 to $5,000 as well as secured auto title loans ranging from $500 to $50,000 depending on the value of the car. Their personal loans have terms from 6 to 24 months while title loans have 30-day terms with the option to renew.
With its regional focus, knowledge of local markets, and range of lending products, Blue Mountain seeks to provide convenient access to borrowing options for customers who may not qualify for traditional financing. The company emphasizes speed, flexibility and customer service when evaluating applications.
Types of Loans Offered
Blue Mountain Loans offers several loan products to meet a variety of borrowing needs:
Personal Loans
Personal loans can provide funds for major expenses like home repairs, medical bills, or debt consolidation. Blue Mountain offers personal loans up to $15,000 with flexible terms from 12 to 60 months. These installment loans have fixed monthly payments and no prepayment penalties.
Payday Loans
For those who need cash quickly before their next paycheck, Blue Mountain provides payday loans up to $1,000. These short-term loans are due on your next pay date, typically in 2-4 weeks. Payday loans help cover unexpected costs but can be expensive.
Title Loans
If you own a car free and clear, you may qualify for a title loan using your vehicle as collateral. Blue Mountain offers title loans up to 50% of your car’s value, with larger loan amounts for luxury vehicles. These secured loans provide immediate cash but put your car at risk if unpaid.
Refinancing Options
Blue Mountain offers to refinance certain loans at lower rates or payments. You may qualify to refinance your auto loan for better terms or consolidate high-interest credit cards into a lower fixed-rate installment loan.
Loan Terms and Conditions
Blue Mountain Loans offers a variety of loan terms and conditions depending on the specific loan product. Here are some key details to understand:
Interest Rates and APR
-
Interest rates can range from 5.99% to 35.99% APR depending on your credit score, income, and other eligibility factors. Lower interest rates are available for borrowers with good credit.
-
APR stands for Annual Percentage Rate and represents the total cost of the loan including interest and fees. The APR gives you a complete picture of the true cost of borrowing.
Loan Amounts
-
Loan amounts range from $500 to $5,000. The maximum loan amount you qualify for will depend on your income, credit profile, and state regulations.
-
Loans can be received as soon as the next business day after approval. Funds are deposited directly into your bank account via ACH transfer.
Payment Schedules
-
Loan repayment terms range from 3 months to 24 months. Longer terms have lower monthly payments but higher interest costs over the life of the loan.
-
Payments are made monthly on the same date each month. There are no prepayment penalties if you pay off early.
Fees and Penalties
-
Origination fees typically range from 1% to 6% of the loan amount. This fee is deducted from the loan proceeds.
-
Late fees are 5% of the overdue payment amount after a 15 day grace period.
-
Non-sufficient funds fees are $15 to $30 depending on your state.
-
There are no prepayment penalties for early repayment.
Application Process
Applying for a loan from Blue Mountain Loans is a straightforward process. Here is an overview of what to expect when applying:
Required Documents
You will need to provide some basic documents for your loan application. These typically include:
- Identification (driver’s license, passport, etc.)
- Proof of income (recent pay stubs, tax returns, bank statements, etc.)
- Employment information (job title, years at company, etc.)
- Housing documentation if applying for a mortgage (deed, mortgage statement, etc.)
Having these documents ready will help speed up the application process.
Approval Criteria
Blue Mountain Loans considers several factors when reviewing applications, including:
- Income level and employment status
- Credit score and history
- Debt-to-income ratio
- Assets and collateral
- Length of credit history
Meeting the lender’s approval criteria for these areas will increase your chances of being approved. Those with limited credit history may require a co-signer.
Application Options
There are a few ways to apply for a Blue Mountain Loan:
-
Online – Complete the application on the Blue Mountain Loans website. You will need to upload required documents.
-
In-person – Visit a Blue Mountain Loans branch to apply in person with a loan officer. Bring required documents.
-
Over the phone – Call the lender’s application line to begin the process and provide information over the phone. You will still need to submit documentation.
The online process is generally the quickest option. In-person applications allow you to get assistance from a loan officer.
Repayment Options
Blue Mountain Loans offers borrowers flexibility when it comes to repaying their loans. Here are some of the repayment options available:
Payment Methods
Borrowers can make loan payments through several convenient methods:
- Online – Payments can be made through Blue Mountain’s website 24/7. Payments are processed immediately.
- Phone – Call Blue Mountain’s customer service line during business hours to make a payment over the phone.
- Mail – Send a check or money order to Blue Mountain’s payment processing center. Allow 5-7 days for mailed payments to be applied to your account.
- Automatic bank draft – Set up automatic payments to be withdrawn from your bank account each month.
Early Repayment
Borrowers have the option to pay off their loan early without any prepayment penalties. Paying off your loan faster can save money on interest charges.
To make an early repayment, simply send the payment through one of the payment methods above. Be sure to designate the payment as an early repayment so it is applied correctly.
Extensions/Refinancing
If a borrower needs more time to repay their loan, Blue Mountain may allow them to extend the repayment term or refinance into a new loan. This allows smaller monthly payments over a longer period.
To request an extension or refinancing, contact Blue Mountain’s customer service team. They will review your account and credit to determine if you qualify. An extension fee may apply.
Refinancing into a new loan will require going through the full loan application process again. Rates and terms for a refinanced loan may differ from the original loan.
Customer Support
Blue Mountain Loans offers several options for customer support.
Contact Information
The customer service department can be reached by phone at 1-800-555-1234 Monday through Friday from 9am to 5pm Eastern time. Email support is available 24/7 at support@bluemountainloans.com.
Customers can also use the live chat feature on the company’s website to connect with a customer service agent. Live chat is available during business hours.
FAQs
Blue Mountain Loans has a comprehensive frequently asked questions (FAQs) section on their website. Common questions about loan terms, repayment, credit reporting, and account management are answered in this self-help resource.
The FAQs provide clear, detailed answers to questions customers commonly have when taking out or repaying a loan. The information is organized by topic for easy browsing.
Complaint Resolution
Customers who wish to file a formal complaint against Blue Mountain Loans can do so by emailing complaints@bluemountainloans.com. Complaints are handled by a specialized team focused on dispute resolution.
The company aims to resolve complaints within 3 business days. If an issue requires further investigation, the complaint resolution team will provide regular status updates until the matter is settled.
Customers can also file complaints with regulatory agencies such as the Consumer Financial Protection Bureau (CFPB) if they feel their issue is not adequately addressed by Blue Mountain Loans. The company is committed to resolving every complaint in a satisfactory manner.
Pros of Using Blue Mountain Loans
Blue Mountain Loans offers several key advantages for borrowers needing quick access to financing.
Fast Funding
One of the top pros of Blue Mountain Loans is their fast funding process. Once approved, loan funds can be deposited directly into your bank account as soon as the next business day. This makes Blue Mountain Loans a good option when you need money quickly for an emergency expense or other pressing need.
Flexible Terms
Blue Mountain Loans provides borrowers flexibility in structuring loan terms to meet their needs. Loan amounts range from $100 to $5,000 and payment terms are available from 3 to 18 months. This allows borrowers to select an affordable monthly payment amount and payoff timeline. Longer terms mean lower payments.
Low Credit Requirements
Because Blue Mountain Loans specializes in small loans, they only require a soft credit check. This makes it possible for those with bad credit or no credit history to be approved. As long as you have a steady source of income, you have a good chance of qualifying. Just be sure to only borrow what you can comfortably afford to repay.
Cons of Using Blue Mountain Loans
One potential downside of using Blue Mountain Loans is that they can charge high interest rates compared to traditional banks or credit unions. Payday lenders like Blue Mountain Loans may impose Annual Percentage Rates (APRs) ranging from 200% to over 700%. This means that a $500 loan could cost over $1,000 to fully repay with interest and fees.
Borrowers can easily get caught in a debt trap if they are unable to repay their original loan amount plus rapidly accumulating interest and rollover/renewal fees. Many clients end up taking out new loans to pay off previous ones, sinking deeper into debt. According to research from the Consumer Financial Protection Bureau (CFPB), over 80% of payday loans are rolled over within 2 weeks.
Customers face stiff penalties like late fees and returned check fees for missed or delinquent payments. These extra costs and collection actions can make the loan even more expensive. The CFPB found that the median bank overdraft fee was just $35 versus the median payday loan late fee of $39.
So in summary, the key cons of using Blue Mountain Loans include their high interest rates compared to other lending options, the risk of debt traps due to inability to repay, and penalties that exacerbate costs if borrowers miss scheduled payments. Consumers should carefully weigh these potential downsides before taking out short-term, high-cost loans.
Alternatives to Consider
Blue Mountain Loans provides a convenient option for accessing financing, but it’s not the only choice. Here are some alternatives to consider:
Banks
Traditional banks offer various loan and line of credit products that may be worth exploring before taking out a loan from Blue Mountain. Banks may offer lower interest rates and fees compared to online lenders. However, they also tend to have stricter eligibility requirements and a longer application process. If you have an existing relationship with a bank, it’s worth inquiring about loan options.
Credit Unions
Like banks, credit unions provide financing options like personal loans, auto loans, and credit cards. Credit union rates and fees are typically lower than banks. Membership is required to borrow from a credit union. If you belong to one associated with your employer, school, or community, consider checking their lending options.
Peer-to-Peer Lending
Peer-to-peer lending platforms like Prosper and Lending Club allow borrowers to receive loans funded by individual investors. Interest rates may be competitive with Blue Mountain Loans. Peer-to-peer lending opens up financing options for those who may not qualify with traditional lenders. On the downside, the application and investment process takes longer compared to online lender loans.
Conclusion
Blue Mountain Loans offers a variety of loan products to meet different needs, including personal loans, home loans, auto loans, and business loans. Their loans come with competitive interest rates and flexible repayment terms.
The application process is quick and easy, with support available if needed. Blue Mountain Loans services all loans in-house, so customer support response times are fast.
Overall, Blue Mountain Loans is a good option for borrowing if you need funds quickly or have less-than-perfect credit. Their range of loans and focus on customer service make them stand out. Just be sure to compare interest rates and fees to other lenders. Also confirm you can manage the repayment terms before borrowing.
For most borrowers, Blue Mountain Loans will provide a seamless lending experience. If you have stellar credit, you may find even lower rates elsewhere. But Blue Mountain Loans is a solid choice for those needing accessible, short-term lending solutions.
