Blue Sky Financial Personal Loans: Everything You Need To Know

Personal loans can be a great financing option when you need extra funds for major expenses or consolidating high-interest debt. With a personal loan, you receive a lump sum of cash upfront and repay it over time in fixed monthly payments Interest rates are usually lower than credit cards and approval requirements not as strict as home or auto loans

If you’re considering a personal loan, Blue Sky Financial is one lender to look into. In this comprehensive guide we’ll cover everything you need to know about Blue Sky Financial personal loans including

• Overview of Blue Sky Financial
• Types of personal loans offered
• Loan amounts, terms, and rates
• Qualification and approval process
• Pros and cons of borrowing from Blue Sky Financial
• Alternatives to consider
• FAQs about Blue Sky Financial loans

Let’s get started!

Overview of Blue Sky Financial

Blue Sky Financial is an online lender founded in 2020 that offers personal loans in addition to home mortgages. They are headquartered in Boise, Idaho but provide loans nationwide.

As an online direct lender, Blue Sky Financial has lower overhead than traditional banks and passes the savings on with competitive rates and fees. Their technology platform also allows for a streamlined application process that can provide funding quickly.

Blue Sky Financial personal loans can be used for:

• Debt consolidation
• Home improvement
• Major purchases
• Medical expenses
• Weddings and other life events
• Emergency costs
• Business financing
• And more

So if you have a need for financing, Blue Sky Financial may be one option to look into. Let’s go over the key details of their personal loan program next.

Types of Personal Loans Offered

Blue Sky Financial offers unsecured personal installment loans. This means the loans are not backed by any collateral like your home or car. Other key features include:

Loan amounts – $1,000 to $100,000

Terms – 2 to 7 years

Fixed rates – Ranging from 5.99% to 35.99% APR

Fees – No prepayment penalties. Origination fees from 0% to 8% deducted from loan proceeds.

Funding – Loans typically fund within 1 business day of approval

The online application only takes 2-3 minutes. You’ll get an instant decision and same day funding is available if approved.

Personal Loan Amounts, Terms and Rates

The loan amount you qualify for will depend on your income, credit score, and monthly debts. Blue Sky Financial offers loan amounts between $1,000 and $100,000.

Loan repayment terms range from 2 to 7 years. Shorter terms mean higher monthly payments but less interest paid over the life of the loan.

Interest rates start as low as 5.99% APR for highly qualified borrowers and go up to 35.99% APR for those with bad credit. Your specific rate will depend on your credit score, income, and other eligibility factors.

There are no prepayment penalties if you pay off your loan early. Blue Sky Financial also charges origination fees between 0% and 8% deducted from your loan amount.

Be sure to use an online personal loan calculator to estimate your monthly payments at different loan amounts, terms, and interest rates. This can help you determine an affordable option.

Qualifying for a Blue Sky Financial Personal Loan

Blue Sky Financial has relatively flexible eligibility requirements compared to banks and credit unions. Here are the key criteria:

• Minimum credit score of 600
• Proof of steady income
• Monthly debt-to-income ratio under 50%
• Valid Social Security number
• Checking or savings account

During the online application, you’ll provide basic personal and employment details. Blue Sky Financial uses this information for a soft credit check to provide an instant decision.

If approved, you’ll need to provide income verification and bank account info. Blue Sky Financial does a hard credit pull at this stage that can temporarily impact your scores by a few points.

If you meet the eligibility criteria, you stand a good chance of qualifying for a Blue Sky Financial personal loan. Their quick approval process means you can have funds in 1 day or less in most cases.

Pros and Cons of Blue Sky Financial Personal Loans

Pros

• Fast online application with instant decision
• Funds available as soon as next day
• Fixed rates as low as 5.99% APR
• No prepayment penalties
• Amounts up to $100,000
• Terms up to 7 years

Potential Cons

• Origination fees from 0% to 8%
• Minimum credit score of 600
• Doesn’t disclose minimum income
• Not available in all states

Blue Sky Financial personal loans are easy to apply for and can provide quick financing. Just keep in mind you’ll pay higher rates and fees than with excellent credit or collateral like a home equity loan.

Be sure to compare lenders to find the best rate and term option for your borrowing needs.

Alternatives to Blue Sky Financial Personal Loans

If you decide a Blue Sky Financial personal loan isn’t the right fit, here are a few alternatives to consider:

Banks and credit unions – May offer lower rates for members with good credit. Smaller loan amounts than Blue Sky.

Payday alternative loans – Small, short term loans from credit unions as an alternative to payday lenders.

Peer to peer lending – Borrow from a pool of investors via sites like LendingClub and Prosper. Can get larger loans with fair credit.

Home equity loan – If you have equity, tap it through a home equity loan or line of credit. Need home collateral.

Credit cards – Balance transfer or low rate cards can provide revolving credit. Easier to qualify but high long term rates.

401(k) loan – Borrow against your 401(k) balance. No credit check but limits on amount and payback terms.

There are pros and cons to each option depending on your specific borrowing needs, credit, and financial situation.

FAQs about Blue Sky Financial Personal Loans

Does Blue Sky Financial do hard or soft credit pulls?

They do a soft pull for prequalification that doesn’t affect your credit score. A hard inquiry is done upon final approval for loan underwriting.

How long does it take to get loan funds?

Approved loans can provide funding as fast as the next business day.

What FICO scores are needed?

Minimum credit score is 600 but you’ll get better rates with scores of 670+

Can I apply if I’m not in Idaho?

Yes, Blue Sky Financial lends in many states but check their website to see if they operate in your location.

Is there a minimum income requirement?

Blue Sky doesn’t disclose an official minimum income. Your eligible loan amount will be based on your income, debts, and credit.

Are there origination fees?

Yes, Blue Sky Financial charges origination fees from 0% up to 8% depending on your loan offer. This fee is taken out of the approved loan amount.

The Bottom Line

Blue Sky Financial personal installment loans provide fast, flexible financing if you qualify. Just be sure to compare interest rates and fees to other lenders. Options like a credit union personal loan or 401(k) loan may be more affordable depending on your situation.

The best approach is to pre-qualify with multiple lenders including Blue Sky Financial. Compare all the loan offers side by side, and select the loan with the best overall value based on your needs. This helps ensure you get the right financing at the lowest cost.