Company Profiles

Spotloan Overview and Alternatives

by Ana-Maria Sanders   Date Published: Dec 15, 2022
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Founded in 2012, Spotloan is an online direct tribal lender that offers short-term installment loans. The company is a subsidiary of BlueChip Financial, owned and governed by the Turtle Mountain Band of Chippewa Indians of North Dakota, a federally recognized Native American tribe. 

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Spotloan’s installment loans are available in the following states: Alabama, Alaska, Arizona, California, Colorado, Delaware, Florida, Georgia, Hawaii, Iowa, Idaho, Indiana, Kansas, Kentucky, Louisiana, Massachusetts, Maine, Michigan, Missouri, Mississippi, Montana, North Carolina, Nebraska, New Hampshire, New Jersey, New Mexico, Nevada, Ohio, Oklahoma, Oregon, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Washington, Wisconsin, and Wyoming.

Products and Services

Unlike other lenders, Spotloan is limited in its product and service offerings. 

Products

Installment loans

This type of loan is repaid in equal monthly payments. The loan term ranges from three to 10 months.

Services

Financial literacy resources

Topics include budgeting, responsible borrowing, investing, and retirement saving.

Rates and Fees

Spotloan offers installment loans from $300 to $800 and doesn’t charge origination, rollover, prepayment, or missed payment fees. Moreover, the company charges a maximum APR of 490%. Most lenders require that customers make automatic withdrawals. However, Spotloan accepts three methods of repayment. Consumers can repay their loans in automatic debit payments, checks, and money orders.

How To Request a Loan with Spotloan

Consumers must visit their website and complete the following steps to start their loan request:

Step 1. Select your balance and monthly payment

Once you visit Spotloan’s official website, you will be asked to select your balance and monthly payment. The website will then calculate the repayment term accordingly.

Step 2. Click “Get Started”

After deciding the loan term and the number of payments, click “Get Started” to be redirected to the loan request page.

Step 3. Fill out your personal information

First, you will be asked to verify your identity by providing your name and Social Security Number. Afterward, you can fill out your personal information, like your address and contact information.

Step 4. Fill out your financial information

After filling out your personal information, you will be asked about your employment status, sources of income, and other financially relevant questions. The goal of this section is to determine your creditworthiness.

Step 5. Give your banking numbers

The final step is to give your bank account information, such as your bank’s name with your banking and routing numbers.

After filling out all the necessary information to request an installment loan, the lending company may provide a credit decision in less than an hour and fund the loan in up to two business days. 

Pros and Cons of Spotloan

Consider Spotloan’s pros and cons before completing a loan request.

Pros

Cons

May be willing to work with consumers with damaged or no credit

Limited loan amounts

Quick funding 

Limited loan options

No rollover, origination, or missed payment fees

Not available in all states

Reports to the major credit bureaus

High APR

FAQ

What is Spotloan?

Spotloan is a direct tribal lender that offers short-term installment loans, ranging from $300 to $800. Spotloan offers a maximum APR of 490%.

The company operates in 39 states and is a subsidiary of BlueChip Financial, owned and governed by the Turtle Mountain Band of Chippewa Indians of North Dakota.

What is the Minimum Credit Score that Spotloan Will Consider?

There is no minimum credit score that Spotloan requires from its consumers. The lender may be willing to work with consumers who have less-than-stellar credit.

Additionally, the lender may consider other factors than your credit score, such as a steady source of income.

Can I Have a Payday Advance and Installment Loan at the Same Time?

No, you are only allowed to have one active loan at a time. 

What if I Miss a Payment?

Spotloan doesn’t charge an additional fee if you miss a payment. However, missing a payment can seriously damage your credit score since the company reports to the credit bureaus. Also, note that failure to pay a loan may result in your account being transferred to a collection agency.

Is Spotloan Safe?

Spotloan is a reputable online lender that has been in business for 10 years.

Additionally, the lender has several positive ratings and reviews on consumer reporting websites.

How Much Does Spotloan Charge for Interest?

Spotloan charges a maximum APR of 490% on its installment loans. However, keep in mind that APR rates are influenced by the consumers credit score, income, state, and loan product. Therefore, the rate can fluctuate based on these factors.

What About Other Fees?

Spotloan doesn’t charge origination, rollover, prepayment, or late payment fees. However, other fees such as administration costs may be added depending on your state. Therefore, make sure to thoroughly read your loan agreement and ask your lender questions regarding additional fees.

Can I Get a Spotloan Loan if I am Not Employed?

Spotloan does not specify whether they offer financial products to unemployed consumers. Since the lender may consider income alongside credit score when determining eligibility, it is best to contact them directly before submitting a loan request. They may be willing to work with you if you can demonstrate an alternative source of steady income.

How Many Times Can You Take Out a Loan?

Consumers can take out one loan at a time. Once they have completely paid off their existing debt, they may request another loan again.

Alternatives to Spotloan

Spotloan is limited to only offering online installment loans. However, consider the following alternatives if you are looking for other financial products and services.

Alternatives:

Speedy Cash

If you’re searching for more financial products or services, Speedy Cash might be a better alternative for you. The company offers a variety of financial products and services, such as payday loans, title loans, check cashing, and prepaid cards. Eligible consumers may request loans up to $25,000, and the APR ranges from 100% to 500%. Additionally, the company offers online, over the phone, mobile app, and in-store loan request options.

Speedy Cash loans are available in Alabama, Alaska, Arizona, California, Colorado, Delaware, Hawaii, Idaho, Kansas, Louisiana, Mississippi, Missouri, Nevada, New Mexico, North Dakota, Ohio, Oklahoma, Oregon, Rhode Island, South Carolina, Tennessee, Texas, Utah, and Washington.

Check ‘n Go

If you are searching for more financial products, Check ‘n Go might be the right option for you. The company offers check cashing, payday loans, installment loans, and prepaid debit cards up to $5,000. However, each state will differ in loan amounts, rates, and terms based on its regulations.

Check ‘n Go is available in Alabama, California, Delaware, Florida, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Michigan, Mississippi, Missouri, Nebraska, Nevada, New Mexico, Ohio, Oklahoma, Rhode Island, Tennessee, Texas, and Utah.

Avant

Avant offers personal unsecured loans ranging from $2,000 to $35,000. The APR ranges between 9.95% to 35.99%, and the loan term is from 24 to 60 months. Avant doesn’t charge a prepayment fee, and customers can pay back their loan via credit card.

Avant is available in Alabama, Alaska, Arizona, Arkansas, California, Connecticut, Delaware, District of Columbia, Florida, Georgia, Idaho, Illinois, Indiana, Kansas, Kentucky, Louisiana, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, and Washington. 

OppLoans

OppLoans provides online personal loans, business loans, and home loans. The lender may be willing to work with consumers who have damaged credit. The loan amounts range from $1,000 to $40,000. They also offer educational services to help consumers improve their credit scores. Moreover, the company reports to the major credit bureaus to assist consumers in building back their credit. 

OppsLoans is available online in Alabama, Alaska, Arizona, California, Delaware, District of Columbia, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Kansas, Kentucky, Louisiana, Maine, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Mexico, North Dakota, Ohio, Oklahoma, Oregon, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, Washington, Wisconsin, and Wyoming.

Bottom Line

Spotloan is a direct tribal lender that specializes in short-term installment loans. Consumers can request $300 to $800, and the APR is capped at 490%. Moreover, Spotloan is a subsidiary of BlueChip Financial, owned and governed by the Turtle Mountain Band of Chippewa Indians of North Dakota, a federally recognized Native American tribe. This means that the company is regulated by Tribal law – not state law.

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Ana-Maria Sanders, author at OpenLoans
Financial Analyst
Ana-Maria Sanders writes about consumer and business finance. She has been featured on Business.com, CreditCards.com, FOX News, and FOX 29.
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