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Lender
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

4.2

Spotloan

Advertiser Disclosure

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.

  1. Spotloan's direct lender service is entirely online.
  2. Applicants can access funds through both desktop and mobile devices, making applying for a loan easy and convenient wherever you are.
  3. Spotloan revolutionizes emergency lending by employing cutting-edge technology, like machine learning through artificial intelligence.
  4. These sophisticated tools support fraud detection as well as payback prediction.
  5. 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.

Spotloan

FAQ

What is Spotloan?

Spotloan is an online loan company and a payday loan alternative, it is an installment loan. Installment loans are paid off in many smaller payments, whereas payday loans are paid in full immediately upon the next payday. Spot offers personal loans without earmarks or strings attached. Spot loan's application process is competitive, and it allows you to get money deposited more securely and faster than other personal loan lenders. The speed and ease through which borrowers access capital make a short term personal loan from Spot the perfect solution to emergency expenses such as medical bills, car problems, or vet trips.

Is Spotloan a legitimate company?

Yes, it is. Spotloan is a legitimate online loan company with trustworthy financial products. Spot has a four and a half star rating on Trust Pilot and is known for excellent customer service. We are the largest tribal lender and have funded 675,000 personal loans since 2012. Spot is a proud member of the Online Lender Alliance and the Native American Financial Services Association. In addition to installment loa, we also provide tools for financial education on our blog. The Better Business Bureau does not accredit Spotloan, but it does have a "B" rating. It is one of the most trustworthy online lenders for short term personal loans with no hidden fees.

Does Spotloan check your credit?

Spotloan conducts a soft credit pull from a variety of sources. Applicants will see the inquiry in a credit report, but it will not impact their credit score. A regular credit check will delve into your credit history, including previous personal loans, mortgages, credit cards, other loans, or credit agreements. In addition, any circumstances you are using credit will come under review. Finally, though Spotloan's inquiry will not impact your score, the lender will report any missed or late payments to relevant credit bureaus, resulting in a decline in your credit score.

How long does it take Spotloan to deposit?

If you've applied before 11:30 AM CT on a weekday, your money will be in your bank account at the end of the same day you are approved, provided it is a business day. Your bank should make that money immediately available to you. If you do not see the money in your account by the end of the day, contact your bank. Spotloan will deposit the money into your account overnight if you apply for the loan between 11:30 AM and 8 PM CT from Monday to Thursday. Your bank should reflect the transfer first thing in the morning. Contact your bank if the money is not present by 9 AM local time. Should you apply after 11:30 AM CT on Friday through Sunday, the lender will deposit the money into your account over the weekend. The funds should be available on Monday morning. Contact your bank if it's not in your account at that time. Keep in mind banking holidays as this will also affect the timing of your deposit. Business days are Monday through Friday.

Company documents

Privacy Policy
Terms and Conditions

Quick cash and transparent conditions

© Spotloan

Financial products

Spotloan
Personal loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

4.16
Recommended FinScore™
0
300
650
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$300-$800
Rate
i

Effective interest rate on the product

up to 490%
Term
i

Loan term for the financial product

up to 10 months

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Spotloan loans calculator

Spotloan calculator will allow you to calculate an approximate payment schedule for the loan

Spotloan calculator
Interest rates are given in accordance with the rates of the Spotloan of 07.02.2023
Loan amount
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Enter the desired loan amount

USD
USD
300 $
800 $
Loan term
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Specify the loan term for the calculation

months
days
1
10
State

What to focus on before applying for a loan with Spotloan

To ensure the lender is legitimate, check if it meets the following criteria:

How do you know if a loan company is registered?

The lending company is registered with the US Securities and Exchange Commission (SEC) and has a tax identification number (EIN). Note that tribal lending companies operate under the jurisdiction of tribal laws, and they don't have to register with the SEC. But still, tribes must act under federal consumer protection laws enforced by the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC).

According to the FTC requirement, the lending company is registered in your state, excluding tribal lenders abiding by tribal and federal laws only. That is why tribal lending companies can charge interest rates exceeding your state's maximum.

Finally, the State Attorney General can verify the registration of the lending company if you need additional proof of whether it is legitimate.

If a US lending company scams you, please report to local law enforcement, your state attorney general, CFPB, or FTC.

Finanso® also recommends

Learn the total cost of a loan, including:

It will be best to read a loan agreement carefully before signing it. If any part of the agreement seems incomprehensible, do not hesitate to ask the lender about particulars.

Remember that you don’t have to make an immediate decision when considering getting a loan. However, you must be sure that you are ready to repay following your loan documents. If the lender’s terms and conditions are uncomfortable for you, you are free to search for another proposal, as there are about 780 lending companies in the US.

What’s the difference between Spotloan and a bank?

  1. You need to have a good credit history to qualify for a credit card with a bank. In contrast, even bad credit history debtors can borrow money from US lenders with personal or payday loans. 
  2. Interest rates and annual percentage rate for a loan with an online lending company are significantly higher than with a credit card released by a bank.
  3. Applying for an online loan with a lending company doesn’t require paperwork or even visiting their office. Instead, a borrower can apply entirely online and receive money via direct deposit on the next business day.
  4. The online lending business is high-risk for investors, and their capital is not protected from unfair borrowers.
  5. A loan with legitimate loan companies for bad credit is a simple but expensive form of borrowing to resolve financial hardship.
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All Spotloan’s reviews by february 2023
Leave feedback
1 reviews
Personal loan Go
4.4
Advantages
Before taking out a loan, I compared Spotloan with other lenders and found out that their rates are the most acceptable. The mobile application works flawlessly.
I quickly received approval. And now today I have been transferred money and I am quite satisfied with this company. The company operates here in Louisiana, as well as, as I know, in 38 other states. Quite extensive coverage, it seems to me. I like that, unlike many other lenders, Spotloan does not charge a fee for issuing a loan, nor a prepayment fee, nor a late payment fee.
Disadvantages
Probably, the disadvantages of the company include the fact that it does not have a license, but a good reputation does not allow you to think badly about it. The only thing I'm sorry about is that only small loans from $300 to $800 are possible. If you need a small amount, this company is perfect for you, but for large loans, look for another lender. When I found out that Spotloan can transfer your personal information for everyday business purposes, and unfortunately you can't restrict this exchange, I was a little shocked. And yet they assure that the company is taking steps to protect your personal information in accordance with federal law. This is encouraging)
Complain
1 reviews
Personal loan Go
4.4
Advantages
At first, I liked everything in this company. I needed a payday loan and they offered a good alternative. Almost no documents are needed, it's true. The fact that the company checks your credit history will not affect it negatively. In addition, if you manage to pay off your Spotloan credit safely, your credit scores will increase. There are some other pleasant moments. The company has no fees for issuing a loan and no late payment fee. And the most important thing is that you get the money immediately the next day. Of course, at first glance, all this seems tempting, but such issues need to be solved with a clear head.
Disadvantages
When I started to take a closer look, the company turned out to have a lot of flaws. The first of them is the worst - it's very high rates. I will have to pay almost three times as much as the one I have taken.
I should also add here that the company is unlicensed. This state of affairs does not inspire confidence. I hope that I will pay off the loan before any problems start.
Complain
1 reviews
Personal loan Go
3.8
Advantages
Spotloan is like a good old friend to me. I always try to make payments on time, so I usually have no problems with creditors. This company has simplified all possible procedures for obtaining a loan. They only require documents about your income, a bank account and an email address. You submit your application online and get approved within a few minutes. Everything is extremely simple. From the pleasant, I can also name the fact that the repayment of the Spotloan loan increases your credit score. That sounds great.
Disadvantages
The first thing that repels many is the company's interest rate. I know their APR can go up to 490%. That's an incredible amount. Taking out such a loan for a long period is simply madness. They themselves confirm this on their website. You can use such an ambulance only if you want to quickly repay your loan, as I do, for example. As for their service, it doesn't seem so friendly and caring to me. But this is not the most important question when applying for a loan.
Complain
1 reviews
Personal loan Go
3.6
Advantages
A very convenient application of the company. You can borrow small amounts starting from $3,000. In addition, the company operates in most states. Of course, Spotloan looks at your credit history and checks it with various credit agencies. However, your application will not have a direct impact on your FICO score rating. As for me, I found it very comfortable. In addition, Spotloan offers to rearrange the payment schedule and change the payment amount to those who cannot pay for some reason.
Disadvantages
The worst thing about my Spotloan application was that they coudn't approve me very long. The name of my organization was changed and i could'n proove my place of job for some time. When i get approval, it turned out that my apr will be much higher than i thought/ I To be honest, I'm not thrilled with either the service or the loan rates. If you are an online company, do everything to provide free access to communication for those who have decided to contact you.
Complain
2 reviews
Personal loan Go
4.6
Advantages
If you've never seen a company that can give you a maximum of $800, then this is just about it. But they respond to the application very quickly, they also quickly approve and transfer money to you. It's just a pity that it's not enough. I am quite satisfied that the loan term is short, I do not like these payments lasting for years.
The application works really well, after all, it is an online company. Sitting at home, you make out a loan and get money without leaving home. Cool.
Disadvantages
Of course, Spotloan has a couple of terrible flaws. Firstly, this is a very high percentage. In these few months, you will have to empty your pockets. Actually, if a person takes out a loan in installments, then he does not have much money. But alas, credit companies are not up to logic. Secondly, there is no information on the company's website about working hours or at least a specific correct email address. As a client, it would be more pleasant for me to think that I can contact the company at any time if I have any questions.
Complain
Overall company rating
4.2
/ 5
5 reviews
Execution of an application
4.4
Support service
3.8
Mobile app
4.8
Service quality
4.0
Your satisfaction level
3.8

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