Spotloan is an alternative to payday loans that allows you to pay back your loan in online installments instead of a lump sum. Spotloan is a subsidiary of BlueChip Financial, which is a tribally-owned institution. This institution is organized and governed by the Turtle Mountain Band of the North Dakotan Chippewa Indians. Since 2012 Spotloan has provided over 675,000 loans and is known for its exceptional customer service. Spotloan is an online tribal lender providing short-term installment loans up to $800.
Pros and Cons
Pros
Cons
How to Apply for a Spotloan Loan?
Go To The Website. Start by visiting the Spotloan website. This is where you will find all the necessary information and begin your application process.
Click Get Started. Once on the homepage, look for the "Get Started" button. Clicking this will take you to the next step where you can begin personalizing your loan.
Enter Loan Details. You'll be asked to specify the loan amount you wish to borrow and set up your repayment plan. Spotloan allows you to choose how much you will pay back every two weeks, offering flexibility based on your financial situation.
Click See My Options. After entering your desired loan amount and repayment plan, click the "See My Options" button. This will show you the available loan terms based on your input.
Follow the Application Form. Finally, you'll need to complete the application form. This form will require personal and financial details to assess your eligibility for the loan. Ensure all information is accurate to avoid any delays in processing.
Conditions and Requirements
Conditions
Requirements
Editorial Opinion
Spotloan, rooted in North Dakota's tribal lands, offers short-term installment loans as an alternative to traditional payday loans, aiming to fill the financial gap for those overlooked by mainstream institutions. Their online application, transparent rates, and flexible repayment terms simplify loan access, contrasting the often complex process seen in the finance sector. However, the high-interest rates, with a ceiling APR of 490%, can turn financial aid into a burden. Despite its commendable mission and unique tribal-fintech model, the capped loan amounts and geographical limitations hinder Spotloan's reach, showing a need for cautious consideration for potential borrowers.
Important
Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.
How to Choose a Lender
Make sure to confirm whether the lender is licensed to operate in your state. You can verify this information with your state regulator or attorney general.
Check if the lender is a member of a reputable association, such as the Community Financial Services Association of America. Membership in such organizations may provide an extra level of reliability.
Carefully review all the terms and conditions of your payday loan contract.
Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.
Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.
Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.
Additional Resources
- About Spotloan
- Full Spotloan Account Review
- How to Apply for a Spotloan Loan
- How to Repay a Spotloan Loan
- Spotloan Reviews
- All Spotloan Coupons and Promo for June 2025