FAQ

Applying for a loan

How do I qualify for a Spotloan?

To apply for a Spotloan, you’ll need:

A job or other regular source of income
A checking or savings account
A valid email address and phone number
To be at least 18 years old

Once you apply for a Spotloan, we’ll be able to tell you whether or not you qualify for a Spotloan.

Where are Spotloans available?

Spotloans are currently available to residents of all states except Massachusetts, Minnesota, North Dakota, and West Virginia.

When will I know if my Spotloan is approved?

As soon as you complete your application, we will give you a call to complete your application. Your relationship manager will then be able to tell you whether or not you qualify for a Spotloan.

How long does the process take?

The application process is fast and easy. Most people complete the entire process in ten minutes or less.

Why do you need to call me?

We want to be able to answer any questions that you have before you complete the loan process. When you complete your online application, a relationship manager will give you a call to complete your application, tell you wether you’re approved, and answer any questions you may have.

When do I get my money?

Your loan will be deposited in your account in as little as 24 hours.

Understanding the cost of a Spotloan

What is the interest on a Spotloan?

Our maximum interest rate is 390%. Annual Percentage Rate (or APR) expresses the cost of the loan as a percentage of the amount borrowed converted to an annual rate.

How do Spotloans compare to payday loans?

They’re completely different. Spotloans are installment loans. You get one low payment that you pay each time you get paid over the lifetime of your loan. As you make your payments, you pay down both the interest and the principal.

On the other hand, payday loans are fixed loans. When the loan term is up, usually in two weeks, you need to pay back the entire loan. If you don’t have the money on hand to pay back the entire loan, you can rollover the loan for another two weeks, or whatever your loan period is. However, when you rollover a payday loan, you rack up additional fees very quickly.

In most cases, if you’re looking to borrow money for one pay period and you know you’ll be able to pay it off with your next check, a payday loan may actually be better for you. However, if you’ll need a little more time to pay back your loan - like most people do - a Spotloan will be a better option for you.

How do I decide if a Spotloan is right for me?

Only you can decide if a Spotloan is right for you.

In most cases, if you’re looking to borrow money for one pay period and you know you’ll be able to pay it off with your next check, a payday loan may actually be a better option for you. However, if you’ll need a little more time to pay back your loan, a Spotloan will be a better option for you.

Banks, credit cards, or even friends and family may be able to offer you better loan terms. We encourage you to check with them before you apply for a Spotloan.

Paying off your loan

How do I make payments on my Spotloan?

Once you receive your Spotloan, your payments can be automatically deducted from your checking account each time you get paid. We do this because it’s more convenient for you -- no hassle, no trips to the post office, no yellow stickies on your fridge to remind you to mail a payment! However, if the yellow sticky approach works for you, you can also mail us checks at:

Spotloan P.O. Box 927 Palatine, IL 60078-0927

What if I have problems paying off my Spotloan?

Please let us know if you think you are going to have problems making a payment. We will work with you to get you back on track. Just make sure that you get in touch with us at least two days before your payment is due.

To get help with your loan, send us an email at help@spotloan.com or call 1-888-681-6811.

Working with Spotloan

How can I reach my relationship manager?

To get help with your loan, send us an email at help@spotloan.com or call 1-888-681-6811. We will route your email or call your relationship manager.

How do I contact Spotloan?

You can send us an email at help@spotloan.com or call 1-888-681-6811.

Your Information

What is your privacy policy?

Our privacy policy can be found here.

Why do you need my bank account information?

We need your bank account information to be able to give you your loan. When you are approved for a Spotloan, we wire your money to you. It will usually arrive in your bank account in as little as 24 hours.

Spotloan Terms of Service

What are the terms of service on my Spotloan?

You can find a copy of our terms of service agreement here.

What happens if I make a late payment?

If you know that you are going to miss a payment, please call us two business days before your payment is due. We can usually work something out.

If you miss a payment, you will pay more interest on your loan over time. Your relationship manager can outline the exact amount for you. Also, you may be charged a $10.00 insufficient funds fee if your payment by check is returned to us unpaid by your bank.

What happens if I don’t pay off my loan?

First and foremost, if you’re running behind on your loan, please give us a call two days before your payment is due. We can usually work something out.

If you don’t make a payment within 90 days of your scheduled or deferred due date, you will be in default according to your loan agreement and our terms of service. Once we notify you of your default, we may declare your entire outstanding balance due and proceed to collect it, including bringing legal action, if we don’t hear from you within seven days.

What’s your policy on responsible lending?

Spotloans are a much better alternative to payday loans. However, while they cost up to 50% less than a typical payday loan, they are still an expensive form of credit. They are designed to help you deal with emergencies such as rent, medical bills, car repairs, or expenses related to your job.

They are not intended to solve longer-term credit or other financial needs, and alternative forms of credit may be better for you, including borrowing from a friend or relative; using a credit card cash advance; taking out a personal loan; or using a home equity loan or savings.

What fees are associated with a Spotloan?

There are no hidden fees associated with a Spotloan. The fees that you are responsible for are outlined when you apply for a Spotloan.

Our maximum interest rate is 390%. Annual Percentage Rate (or APR) expresses the cost of the loan as a percentage of the amount borrowed converted to an annual rate.

Additionally, you will be charged $10 for any returned checks. There are no other fees associated with a Spotloan.

What’s your renewal policy?

You can take out one Spotloan at a time. When you pay off a Spotloan, you may apply again for another Spotloan.

How does Spotloan comply with state and local regulations on short-term loans?

Spotloan is a brand owned by BlueChip Financial, a tribal lending entity wholly owned, organized under, and governed by the Turtle Mountain Band of Chippewa Indians, a federally recognized Indian Tribe, located within North Dakota and operating within the Tribe's Reservation. We comply with applicable tribal lending laws and federal lending laws that do not conflict with our Tribe's sovereignty, including Federal Truth in Lending Act, Equal Credit Opportunity Act, Fair Credit Reporting Act, Electronic Funds Transfer Act, Gramm-Leach-Bliley Act privacy requirements, and those applicable implementing regulations.