Spotloan was founded in 2012 and offers payday loans to people with no credit or bad credit.
It is owned by BlueChip Financial, which is owned by the Turtle Mountain Band of Chippewa Indians of North Dakota. It is a direct lender, offering installment loans from $300–$800, for a maximum loan term of 10 months.
Online installment loans are available from this tribal lender in the following states:
Apply via desktop or mobile device. Spotloan does a soft credit check, not a hard credit check. It may show up on your credit report, but it won’t affect your score.
The lender’s FinTech artificial intelligence software helps predict borrower payback and detect fraudulent applications. Due to this, it specializes in offering unbanked and underbanked consumer loans that are relatively half the cost of other payday loan companies. No rollover, origination, or missed payment fees are charged.
Spotloan basic online payday loan eligibility:
Keep reading for pros and cons of borrowing from Spotloan.
While the loan application can take about 10 minutes, as soon as consumers finish filling out the online application, they will know if they are approved.
If you aren’t approved, Spotloan will email you with information about what data points in your credit history caused the denial.
With payday and short-term installment loan companies, this type of quick transparency isn’t common.
The online application is made to be simple and easy. If approved and confirmed early (8 a.m. Pacific or 11 a.m. Eastern), you can get your funds deposited the same day.
If you finish later than that time, it can take one to two business days (but normally you will have your funds within one business day).
While it may seem large when compared to mainstream personal loans, which generally have an annual percentage rate (APR) cap at 36 percent, the max APR of 490 percent on Spotloan's short-term installment loans is low compared to most traditional payday advance and payday loan companies, which can have rates that reach over 1,000 percent, and much shorter repayment terms.
With Spotloan, customers aren’t getting a traditional payday loan that is due in full at the time of their next payday. This is an installment loan lasting from 3–10 months.
The site includes an easy calculator helping to determine what monthly payment you can afford, based on the loan amount you are looking to borrow. For example, if you want to borrow $300, your payment options are
What do the lending options look like for higher amounts?
If you borrow $500, your payment options are
If you borrow $800, your payment options are
Along with the flexible loan terms that you can tailor to your situation, if your account is in good standing and you contact a relationship manager two business days before your payment is coming due, you may be able to pause your monthly payments.
Pausing will likely result in added interest because your loan term is extended, but this is a hard-to-find service.
Regular payments go towards principal and interest. If you pay off your loan early, there are no penalty fees.
This lender accepts payments in three ways:
Not many online lenders accept checks or money orders anymore. Most require that you do an automatic withdrawal.
Spotloan doesn’t require a checking account in its loan agreement. You can also apply for Spotloan loans with a savings bank account. This is not very common in the industry.
While Spotloan only does a soft credit pull during the application process for its short-term loans, your performance, as you repay the loan, is reported to the major credit bureaus.
This gives underbanked people the opportunity to improve their credit score as they make loan installment payments.
However, if you miss payments or make late payments, it can hurt your credit score.
Spotloan states that some circumstances require verifying your identity if you are approved.
In those circumstances, you have to send a voided check from your financial institution before you can get a loan. Going to a local payday loan store will get your needed cash faster.
With Spotloan, you can only borrow $300–$800 dollars. While it's true that lower amounts should be easier for borrowers to repay, this amount may not cover everyone’s emergency expenses or medical bill debt.
If consumers need payday advances for more than $800, Spotloan is neither a short-term or long-term financial solution.
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