Overview of Blue Wave Loans
Blue Wave Loans is not a direct lender. Instead, they operate as a loan matching service, collecting your information and then connecting you with a lender from their network. The company promises fast approvals, direct deposit of funds in as little as 24 hours, and loans ranging from $100 to $5,000.
On the surface, Blue Wave Loans makes it seem easy to get approved for a loan quickly through its streamlined online process. But looking deeper, you'll find some major red flags with this lender that should make any borrower very cautious about using their services.
Common Complaints and Red Flags
While not necessarily an outright scam that takes your money, Blue Wave Loans has developed a terrible reputation from countless unhappy borrowers. Here are some of the most common complaints and concerns:
Extremely High-Interest Rates
The interest rates offered by lenders that Blue Wave Loans matches you with are often exorbitantly high, sometimes exceeding 400% APR. These predatory rates make the loans nearly impossible to pay back.
Buried Fees and Costs
In addition to sky-high interest, many customers report unexpected origination fees, maintenance fees, and other charges that were not properly disclosed by Blue Wave Loans initially.
Aggressive Collections
When borrowers inevitably struggle to make the crushing loan payments, they are subjected to aggressive collections harassment by third-party lenders, including frequent phone calls and threats.
Difficulty Contacting Lender
Many people report that Blue Wave Loans was friendly and available when they were applying for the loan, but then impossible to contact when issues with the loan arose.
Pressured to Accept Unfavorable Terms
Some former borrowers say they felt tricked or pressured to accept loan terms they later realized were highly unfavorable, like very short repayment terms that increased the monthly cost.
Loan Not Funded as Promised
While not extremely common, there are reports of approved borrowers never receiving the loan funds as promised by Blue Wave Loans.
Blue Wave Loans Reviews and Reputation
With these types of concerning complaints rampant, it's not surprising that Blue Wave Loans has developed an awful reputation online. Here is a sampling of reviews from independent websites:
- "Blue Wave Loans is a SCAM! Avoid them at all costs. The interest rate was over 300% and they kept taking more money from my account."
- "I would give no stars if I could. Total bait and switch. Approved for one amount but only funded for way less."
- "Stay far away. The fees and interest are crazy high and they will hound you nonstop with calls and threats if you miss even one payment."
- "Highly unethical lender. They duped me into a loan I can't afford to pay back. Now they are threatening to call my work and family."
In addition to these scathing reviews, Blue Wave Loans has a terrible record with the Better Business Bureau. The BBB gives them a rating of just 1 out of 5 stars based on a high volume of complaints. Their review profile on the BBB site says "This company has a pattern of complaints concerning misrepresentation in selling practices."
Is Blue Wave Loans Actually a Scam?
With this overwhelmingly negative reputation and the alarming complaints around deceptive marketing, bait and switches, and crushing loan terms, many have questioned whether Blue Wave Loans is an outright scam.
The majority of evidence indicates that Blue Wave Loans is NOT a scam in the sense that they do not take applicants' money without providing an actual loan. For most borrowers, Blue Wave Loans does match them with a predatory third-party lender who does provide the advertised loan at very high costs. However, there are still many legitimate concerns with this lender that make their practices unethical and harmful to consumers.
While Blue Wave Loans does technically offer personal loans as advertised, the extremely unfavorable rates and terms, lack of transparency, aggressive collections, and other issues can make the impact on borrowers similar to that of a scam. Many reviews even allege that Blue Wave Loans purposefully deceives and traps borrowers into these damaging loans.
At best, Blue Wave Loans operates in an unethical gray area of very high-risk lending with numerous consumer complaints and questionable practices. Applicants should proceed with extreme caution.
Pros of Blue Wave Loans
- Fast approvals and funding possible
- Loans available for poor credit scores
- The simple online application process
- Friendly customer service (initially)
- Loans from $100 to $5,000
Cons of Blue Wave Loans
- Interest rates commonly 300%+ APR
- Numerous fees are often not disclosed
- Complaints of bait-and-switch tactics
- Difficult to contact after approval
- Aggressive collections and harassment
- Not a direct lender
- Predatory loan terms
- Crushing costs and payments
How to Get a Loan Without Blue Wave Loans
Given the overwhelming consumer complaints and concerns around predatory lending practices, most borrowers should avoid taking a personal loan offer from Blue Wave Loans if at all possible. Here are some safer alternatives to consider first:
- Local banks or credit unions - May offer personal loans at much lower rates.
- Payday alternative loans - Some credit unions provide small loans at lower costs.
- LendingClub - Peer-to-peer lending platform with more reasonable rates.
- Upstart - Online lender that factors education and employment.
- Credit card cash advance - Expensive but likely better than 400% APR loans.
- Friends and family - Ask loved ones for a small low or no-interest loan.
- Debt management plan - Work with a non-profit credit counselor to repay and consolidate debt.
- Side jobs - Make extra cash by providing services like ride-sharing or freelancing.
While these alternatives will still carry fees and finance charges, they should be significantly less than the predatory options presented by lenders that Blue Wave Loans networks with. Avoid payday lenders promising “guaranteed approval” also, as they will typically have similar issues. Always read the fine print carefully for any loan and try exhausting other options first.
Common Questions about Blue Wave Loans (FAQ)
Are Blue Wave Loans legitimate?
They are a legitimate company and do provide actual loans from partner lenders. However, their practices and loan terms have raised many serious consumer protection concerns.
What interest rates do Blue Wave Loans charge?
Interest rates are often over 300% APR based on many borrower complaints, an indication of extremely predatory lending.
Are there origination fees or other hidden costs?
Yes, most borrowers report unexpected origination fees and maintenance fees added to their loans that were not originally disclosed.
What is the maximum loan amount from Blue Wave Loans?
Blue Wave Loans advertises personal loans from $100 to $5,000 for those who qualify. However, approved loan amounts are sometimes much lower than those applied for.
How quickly do Blue Wave Loans deposit funds?
They promise funding as fast as 24 hours after approval. But many unhappy borrowers report issues with delayed or missing deposits.
Can I pay off a Blue Wave Loans balance early?
While you can likely make an early payoff, your loan terms may include expensive early repayment penalties. Read the fine print.
Is Blue Wave Loans affiliated with LendTech Loans?
Yes, LendTech Loans seems to be a dba name also used by Blue Wave Loans on some loan documents based on consumer complaints.
What is Blue Wave Loan's contact information?
Blue Wave Loans lists the following contact info on their website: Email: customercare@bluewaveloans.com, Phone: 1-888-995-9731, Mailing Address: P.O. Box 3023, Pomona, CA 91769
Conclusion: Proceed with Caution when using Blue Wave Loans
In summary, while Blue Wave Loans is a legitimate company, they have developed an extremely concerning reputation for predatory lending practices and unfair loan terms that harm many borrowers. This review of countless complaints and negative experiences raises multiple red flags with this lender.
While they may provide access to personal loans not available elsewhere, the crushing interest rates exceeding 300% APR, buried fees, aggressive collections tactics, and general lack of transparency can make Blue Wave Loans an even worse option for consumers in financial distress.
Potential borrowers should proceed with extreme caution, read all fine print carefully, research alternative loan options first, and try to avoid accepting a loan offer from Blue Wave Loans or its network of third-party lenders when possible. Overall, this high-risk lender remains a company to approach with great skepticism.
