Why We Started Spotloan
Americans spend as much as $7.4 billion on payday loans every year. With an average loan size around $400, that’s a lot of loans and a lot of fees. Since payday loans are fixed loans, you have only one pay period - usually two or four weeks - to pay off your loan, and if you can’t pay it off in time, you are charged a fee to roll it over.
Today's payday loans are a bad deal for most people for two reasons:
1) Payday loans don't give you the time you need to pay your loan back. After all, if you had $500 to spare in two weeks, would you really need to borrow it today? Probably not.
2) Loan fees don't reduce your balance. When you make a payment to roll over your loan, it doesn't actually count against the balance you owe which takes you further in debt. Doesn't sound like a good deal does it?
We knew there had to be a better alternative, which is why we created Spotloan.
What is Spotloan?
Spotloans are short-term installment loans. You get the cash you need quickly and easily. You also get the time you need to pay off your loan - up to 10 months - so you're set up for success right from the start.
With a Spotloan, you also get:
- A better rate on your next loan with us after completing your first loan with Spotloan
- Highly trained Relationship Managers to help you every step of the way
- The freedom to pay off your Spotloan at any time with absolutely no prepayment penalty
- The flexibility to pause your payments (as long as your account is in good standing)
Who owns Spotloan?
Spotloan is owned by BlueChip Financial, a tribally-owned entity of the Turtle Mountain Band of Chippewa Indians of North Dakota. The company was founded in 2012 to provide short term installment loans to tribal members and has since expanded to offering alternatives to payday loans in most states. The Spotloan business has generated new employment opportunities, support for tribal business ventures and social programs for the reservation.