About lender
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 pros and cons
Before applying for a loan with Spotloan, learn more about its advantages.
- Spotloan's direct lender service is entirely online.
- Applicants can access funds through both desktop and mobile devices, making applying for a loan easy and convenient wherever you are.
- Spotloan revolutionizes emergency lending by employing cutting-edge technology, like machine learning through artificial intelligence.
- These sophisticated tools support fraud detection as well as payback prediction.
- In addition, Spotloan avoids the hidden fees that payday lenders often charge.
It will help if you consider its primary disadvantages, like high interest rates up to 490% APR and low available loan amounts not exceeding $800. Also, Spotloan is not present in all states.
Loan Terms and Conditions
When applying for a loan, focus on how much money you need to borrow and how long you'd like to pay it off. Take into account interest rates when determining your payback period. This lender allows a repayment period of up to ten months.
Additionally, borrowers can repay their loans early without worrying about prepayment penalties. The entire process is entirely secure and confidential. You'll need proof of employment and a qualifying bank account to apply. Applicants should be prepared to provide valid contact information, including a valid phone number, physical mailing address, and email address. There are some exceptions regarding where Spotloan is available. Spot does not serve Arkansas, the District of Columbia (Washington DC), West Virginia, Connecticut, Illinois, Maryland, Virginia, Vermont, North Dakota, Minnesota, New York, or Pennsylvania.
The loan amount must fall between $300 and $800. Since Spotloan is an installment loan, not a payday loan, borrowers can repay what they owe a little at a time with each on-time payment. The maximum interest rate is calculated as an Annual Percentage Rate (APR). APR is calculated by expressing the cost of the loan as a percentage of the amount borrowed converted to an annual rate. Spotloan's maximum payday loan interest rates fall at 490% APR.
Spotloan adheres to the Consumer Credit Protection Act; this means we do not discriminate against any good faith participation in rights covered by the Act. Borrowers may not take out more than one loan at a time. Once they have paid back their first loan, they may apply for a second loan.
Funding a loan
Spotloan deposits funds with direct deposit to your bank account. If you've applied to 11:30 AM CT, you will receive money the same business day, and if you have submitted the application later, the lender will deposit money the next business day.
