eLoanWarehouse is owned and operated by Lac Courte Oreilles Financial Services, the same company that operated Blue Trust Loans
Due to sovereign immunity, eLoanWarehouse does not have to follow state laws that outlaw payday loans
This means that no matter what limits your state sets, you could end up paying interest rates of more than 1,000% APR
The lender has earned an A+ rating from the Better Business Bureau, but customer reviews give it 1.07 out of five stars
Is eLoanWarehouse Real?
Yes, eLoanWarehouse is a legitimate lender. That’s one of the FAQs the company sees so often it’s answered on its web page. It states:
This site is owned and operated by Lac Courte Oreilles Financial Services II, LLC. Our management team has over 20 years of experience in online lending and we are members of the Online Lenders Alliance (OLA) which supports the review and establishment of best practice standards in this industry.
Blue Trust Loans offers “Installment Loans for Hard Working Americans.” That sounds great, but it’s really payday loans in disguise, and because the company is owned and operated by a Native American tribe, the company is not obligated to follow any state laws capping interest rates.
Warning! Don't take a tribal loan just yet. See what better options you may be eligible for.
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eLoanWarehouse is a Sovereign Enterprise — What Does That Mean?
When you are approved for a loan, you are doing business with a sovereign enterprise. This means that eLoan Warehouse is what’s known as a tribal lender. The U.S. government grants Indian tribes sovereign immunity, so the lenders are not bound by state laws, including those that cap interest rates. The eLoanWarehouse does not disclose the interest rates it charges, but they will be high. Much higher than what you’d pay a traditional payday lender.
Opichi Funds, LLC is owned by Lac Courte Oreilles Financial Services II, LLC (LCO Financial Services II) is a sovereign enterprise, an economic development arm and instrumentality of, and wholly-owned and controlled by, the Lac Courte Oreilles Band of Lake Superior Chippewa Indians (the “Tribe”), a federally- recognized sovereign American Indian Tribe. This means that a sovereign government and the proceeds of our business fund governmental services for Tribe citizens provide the Opichi Funds’ installment loan products.This means that a sovereign government and the proceeds of our business fund governmental services for Tribe citizens provide the Opichi Funds’ installment loan products. This also means that Opichi Funds is not subject to suit or service of process. Rather, Opichi Funds is regulated by the Tribe. If you do business with Opichi Funds, your potential forums for dispute resolution will be limited to those available under Tribal law and your loan agreement. As more specifically set forth in Opichi Funds’ contracts, these forums include informal, but affordable and efficient Tribal dispute resolution, or individual arbitration before a neutral arbitrator. Otherwise, Opichi Funds is not subject to suit or service of process. Neither Opichi Funds nor the Tribe has waived its sovereign immunity in connection with any claims relative to use of this website or for any forums other than those specifically set forth in Opichi Funds’ contracts. IF YOU ARE NOT COMFORTABLE DOING BUSINESS WITH A SOVEREIGN INSTRUMENTALITY THAT CANNOT BE SUED IN COURT, YOU SHOULD DISCONTINUE USE OF THIS WEBSITE AND YOU SHOULD NOT BORROW MONEY FROM OPICHI FUNDS.
eLoanWarehouse touts a quick, easy application and no penalties if you pay your loan off early. In fact, there’s a tiered plan that offers incentives for repeat borrowers.
Few Qualifications for Approval
You won’t need good credit to borrow from eLoanWarehouse.
You need:
A verifiable source of direct deposit income
An open checking account that meets its “bank account minimum opened duration” requirements
To be at least 18 years old and a United States resident
A take-home pay that meets their minimum income requirements
You must not currently be a debtor in a bankruptcy case or have imminent plans to file for bankruptcy
You (or a family member) must not be in the military=
Online Reputation
It’s always wise to take a look at multiple perspectives on a lender before working with them. Blue Trust Loans has been in business since 2016, so there’s a significant amount of information on them online. Here’s a quick overview of some of the other Blue Trust Loans review pages on the internet.
Better Business Bureau
eLoan Warehouse gets an A+ from the BBB for their customer service, which is a little perplexing considering that the company has earned 1.07 stars out of five from customers. The site also includes the following alert:
There are also some complaints, mostly dealing with repaying the loans:
Blue Trust Lawsuit
It’s worth noting that there was at least one lawsuit against Blue Trust Loans. This could have influenced the decision to transition to eLoanWarehouse. Underwood & Riemer, P.C. and the Gregory Law Firm, P.C. went after them in 2019 for blatantly violating lending laws while hiding behind the tribal immunity excuse. They believe that the relationship between Blue Trust Loans and the Chippewa Indian tribe is not sufficient for the lender to operate under the tribe’s immunity.
Pros
Taking a loan from a tribal lender — any tribal lender is always risky — but it’s not surprising that so many people decide to do so. At first glance, they look like the perfect solution for anyone who needs a few hundred dollars to cover an emergency.
Some of the things that people like about them are:
Small principal balances that are perfect for covering short-term needs
Loose qualification requirements that allow people with bad credit to get funding
An online application that only takes a few minutes to complete
A quick turnaround time that can get people funding in as little as a day
Unfortunately, the downsides to loans like Blue Trust and eLoan Warehouse products far outweigh these advantages.
Cons
There are a lot of reasons to stay away from tribal lenders in general, and eLoanWarehouse loans have all of the drawbacks typical of the industry. These are the most significant downsides:
Their loans are often over ten times more expensive than other forms of borrowing
The excessive interest makes the loan incredibly difficult to pay back, which increases the likelihood of triggering additional fees
Their tribal immunity makes it much more difficult to fight back legally or sue them should they do something illegal
Better Alternatives
Tribal lenders like eLoanWarehouse are usually only an option for people who are struggling with creditworthiness. Many people with low credit scores give up on traditional lenders, especially after a bank rejects their application once or twice.
They often assume that they have no other option than lenders like eLoanWarehouse, who don’t check applicants’ credit scores but charge extremely high prices in return.
Fortunately, that’s not the case. There are plenty of ways out there for people with bad credit to get cash at much more reasonable rates than those of tribal and payday loans.
Here are some of the best alternatives to eLoanWarehouse/Blue Trust Loans:
Paycheck advance apps: These aren’t technically loans, but they allow people to access a few hundred dollars from their paycheck before they could otherwise. For example, Brigit lets people take an advance of up to $250 per pay period. Best of all, there’s no interest on the advance. They charge only a monthly membership fee of $10.
Payday alternative loans (PALs):As part of the fight against payday lenders, federal credit unions offer PALs to their members (anyone can join). Their principal balances are very similar to those of payday loans, but their terms are much more favorable. Their rates can be no higher than 28% and their repayment terms have to be between two and six months.
Secured Credit: The reason that lenders are unwilling to provide loans to people with bad credit is that there’s an increased risk that they won’t get their money back. Secured credit accounts reduce the risk to the lender because they can always seize the collateral to recoup their losses. That can allow people with bad credit to get funding when they wouldn’t qualify otherwise.
All of these options would be a better choice for someone in need of cash than borrowing from eLoanWarehouse. They’re almost if not equally as accessible to people with bad credit, and they’re much more affordable.
The Bottom Line
There are a lot of questions about Blue Trust’s transition to eLoanWarehouse, so our recommendation is to take your business elsewhere.
If you’ve already gotten a loan from Blue Trust, you should still be able to log in to see your account.
Better still, bypass payday loans and try to find a better alternative. It may mean suffering through a short rough patch, but you won’t be trapped in a cycle of debt that can last for years.
