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5 Things to Know About Spotloan

Hannah Locklear | September 11, 2023

Summary: Spotloan, owned by a BlueChip Financial (a tribally-owned organization), is an emergency loan provider that charges extremely high interest rates and comes with high APRs. Before signing up for a Spotloan, you should thoroughly research the terms and conditions to avoid bigger debt problems.

For those looking into short-term lending options, it's essential to stay informed about the variety of lenders available in the market. One such lender that might pop up in your search is Spotloan. Before you decide whether it's the right option for you, let's delve into five things you should know about Spotloan.

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1. Spotloan is owned by BlueChip Financial

Spotloan is an online lender that specializes in providing short-term installment loans. Unlike traditional payday loans, which typically require repayment by the next payday, Spotloan offers a more flexible installment repayment plan. This means borrowers can spread their repayments over a few months, making it potentially more manageable.

Beware of the following information, listed on Spotloan’s website:

“Spotloan owned by BlueChip Financial ("BlueChip"), a tribally-owned entity organized under and governed by the laws of the Turtle Mountain Band of Chippewa Indians of North Dakota, a federally recognized Indian tribe (the "Tribe"). BlueChip is located on, operates within, and originates and services loans from the Tribe’s reservation. Though Spotloans are available to residents of certain states, consumers should know that BlueChip’s lending license is issued by the Tribe's Lending Commission, and not by the states in which its consumers may reside. Although the visitation is electronic, consumers are coming on to the Tribe’s reservation and subject to the Tribe’s jurisdiction to obtain a Spotloan.”

Here is the Spotloan phone number for Spotloan customer service:

Phone: 888-681-6811

2. Spotloan reviews aren’t great

Spotloan is accredited by the BBB with a B rating and a 1.21/5 star customer review average as of 2023. On Google, Spotloan has an average rating of 2.1 out of 5 stars as of 2023 also.

Spotloan reviews claim that the company is hard to work with, uses extremely high APRs, demands full payment even in times of financial hardship, only applies monthly payments to interest rates, and takes advantage of vulnerable borrowers.

Here’s an example of a real Spotloan customer review:

“I took out a loan with Spotloan a year ago in July for $400.00. I have been paying $143.94 every month since and have to this date paid $1584.34 and still owe four more payments in the same amount. This is ridiculous how these people get rich off the people who really need help. I will tell everyone that I come in contact with about this company and how they take advantage of people.”

3. Spotloan has insanely high APRs

One of the critical things to note about Spotloan—and similar short-term lenders—is the high annual percentage rate (APR) on their loans. With Spotloan, you can borrow up to $1500 (up to $800 for new and repeat borrowers, up to $1500 for preferred customers with 10 or more loans). Even though the loan amounts are fairly small, Spotloan may end up charging you more than double the loan amount after interest rates apply.

Spotloan has an APR limit of 490%. Yes, you read that right. 490%. This means your APR with Spotloan could literally be as high as 490%, which is much higher than traditional personal loans or credit cards.

For example, if your Spotloan APR is 490% and you borrow $600 with a bi-weekly payment schedule of ten payments over five months, then you would pay approximately $775 in finance charges, for a total payback of $1,375. Note that this only applies if your first payment occurs 14 days after the loan is funded and you make all scheduled payments in full and on time. Charges could exceed even this scenario.

This high cost of borrowing is something to consider seriously before opting for such a loan. Always calculate the total amount you'll be paying back to determine if it's a financially sound decision.

4. Spotloans are meant for financial emergencies

Please note that Spotloan is a high-cost credit option suitable only for addressing immediate financial needs. It is crafted to assist in emergencies like housing rent, medical charges, vehicle fixes, and work-related expenses.

As such, Spotloans are not designed for resolving extended credit or other prolonged financial challenges. You might find other credit avenues more suitable, such as borrowing from acquaintances or family, utilizing credit card advances, securing a personal loan, or tapping into home equity or savings.

5. State laws do not regulate Spotloan

Spotloan is not regulated by state law, but rather by laws of the tribe of Turtle Mountain Indian Reservation. This type of loan is often referred to as a tribal loan. Spotloan lists the following disclaimer on its website:

“By entering into a loan agreement, you are availing yourself upon the jurisdiction of the Tribe and fully understand and consent that any loan agreement entered into is governed solely by United States federal law and the laws of the Tribe. For purposes of these Terms of Use and this Site and under the federal Consumer Protection Act of 2010, the Tribe is considered a state. YOU ACKNOWLEDGE AND AGREE THAT THE LAWS OF THE TRIBE WILL APPLY RATHER THAN THE LAWS OF YOUR STATE OR ANY OTHER STATE.”

Don’t expect your state laws to protect you if you fall under any obligation to Spotloan.

Loans like Spotloan

Several other lenders offer short-term, small-dollar loans similar to Spotloan. These loans are often geared towards borrowers with less-than-stellar credit or those who need quick access to funds. Here are eight loans like Spotloan:

  1. LendUp: LendUp offers short-term loans that are designed to help borrowers build credit. They also provide financial education to help customers make informed borrowing decisions.
  2. OppLoans: OppLoans provides installment loans, which means borrowers can pay back their loans in a series of scheduled payments over several months. They offer higher loan amounts than some other short-term lenders.
  3. Rise Credit: Rise offers installment loans with repayment terms that range from several months to a couple of years. They also provide free credit monitoring and financial literacy tools.
  4. Earnin: Instead of traditional payday loans, Earnin allows users to get an advance on their next paycheck without charging typical loan fees. However, they allow users to leave a "tip" for their service.
  5. Dave: Dave is an app that provides small advances on upcoming paychecks and helps users manage their finances to avoid overdraft fees.
  6. CashNetUSA: CashNetUSA offers payday loans, installment loans, and lines of credit depending on the state in which you reside.
  7. Check Into Cash: This is one of the older short-term lenders, having been established in the 1990s. They offer payday loans, installment loans, and title loans.
  8. Speedy Cash: Like Check Into Cash, Speedy Cash offers a variety of short-term lending products, including payday loans, installment loans, and title loans.

When considering any of these alternatives, it's essential to:

  • Research interest rates. Short-term loans often come with high APRs. Make sure you understand the costs before borrowing.
  • Check terms and fees. Always read the fine print to understand repayment terms, any potential fees, and other loan details.
  • Review the lender’s reputation. Look for reviews, ratings, and any regulatory actions against the lender.
  • Consider alternatives. Sometimes, less-expensive borrowing options might be available, like credit unions, personal loans, or borrowing from friends and family.
  • Remember, while these loans might offer a quick financial fix, they should not be a long-term financial strategy due to their high costs. Always borrow responsibly and consider all available options.

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Spotloan and similar lenders can provide quick financial relief in emergencies. However, the high APRs and interest rates mean they should be used cautiously and ideally as a last resort. Before taking out any loan, always explore all your options, read the terms carefully, and make sure you understand the total cost of borrowing. Remember, informed decisions are always the best decisions.

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