By : 
Mr Credit Card
Mr Credit CardBlue Sky Financial: A Loan Aggregator
Blue Sky Financial is also part of OLA (Online Lenders Alliance). OLA represents companies offering loans online and they have a list of best practices and Code of Conduct which every member has to abide by.
What Does A Typical Loan Look Like?
Requirements and Qualifications
- Job or Regular Income - Lenders in the Blue Sky Financial network require you to have a steady income. It is preferable that you have a regular income from a job. If you do not have a job, but have regular income like from social security, retirement or pension payments, it needs to be at least $1,000 a month.
- Be a U.S. Citizen and a valid social security number
- Valid Drivers License or State ID - Either of these will be needed to verify your ID.
- Bank AccountYou do need a bank account to apply for the loan because this is how lenders will deposit your cash advance.
- MetaBank customers are NOT eligible - If you are a customer of metabank (for example, you have their credit cards), you are not eligible to apply for loans through Blue SKy Financial.
How Does the Loan Process Work?
If you are approved by a lender, you will be presented with their offer and loan details in a document. If you agree to the terms and conditions, you will then e-sign the document (make sure you save a copy of your documents in a folder on your computer).
Once you e-sign and it is approved, the loan will be deposited into your bank account (typically within one business day).
It only takes a few minutes to fill up the foams and you could very well be approved in a few minutes later by a couple of lenders. Once you e-sign your docs, fund could be available as soon as the next business day.
Pros and Cons
pros
- Available to residents of every state - Blue Sky Financial network of lenders is available to residents in all 50 states (unlike some loan aggregators which restriction individuals from certain states)
- Accepts all credit - Blue Sky Financial accepts applicants with any credit score.
Cons
- Credit Limit of up to $2,500 - You can only borrow up to $2,500. If you need a larger loan amounts, you should use other loan aggregators.
- Metabank customers cannot apply - Customers of Metabank (for example if you have a metabank credit card) cannot apply for a loan through Blue Sky Financial.
Our Take
Blue Sky Financial has got a few good things going for it. Firstly, they income other than from work like social security income, retirement income or pension payments. They also accept applicants from every state.
The only downside to using them is that you can only get up to $2,500. If you are looking for a larger amount, then you have to look to another loan aggregator. MetaBank customers also cannot use them.
But if you meet their eligibility criteria and need a short term cash advance, then Blue Sky Financial is a loan aggregator that I would check out and use.