FAQ

You’ve got questions.
We’ve got answers.

APPLYING FOR A LOAN

  • How do I qualify for a Spotloan?
  • Where are Spotloans available?
  • When will I know if my Spotloan is approved?
  • How long does the process take?
  • When do I get my money?

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.

Once you apply for a Spotloan online loan, we’ll be able to tell you whether or not you qualify for a Spotloan. Please note that there are a few instances where we may need to verify your identity once you’re approved. In that case, you’ll be required to send a voided check before you get the loan.

Spotloans are currently available to residents of the following states:

Alaska, Alabama, Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Iowa, Idaho, Illinois, Indiana, Kansas, Kentucky, Louisiana, Maryland, 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, Virginia, Washington, Wisconsin, and Wyoming

As soon as you complete your application online, you’ll instantly know if you are approved.

The application process is fast as it is done completely online. Most people complete the process in about 10 minutes.

Spotloan deposits can take one to two business days, but usually arrive within 24 hours.

 

Understanding the cost of a Spotloan

  • What is the interest on a Spotloan?
  • How do Spotloans compare to payday loans?
  • How do I decide if a Spotloan is right for me?

Our maximum interest rate is 490%. Annual Percentage Rate (or APR) expresses the cost of the loan as a percentage of the amount borrowed converted to an annual rate.

Spotloans and payday loans are completely different. Spotloans are short-term installment loans, which means you pay back your loan over time. You choose how long you want to pay the loan back - anywhere from 3 to 10 months. As you make these payments, you pay down both the interest and principal until the loan is paid off. And you can pay your loan off early with no prepayment penalties.

On the other hand, payday loans are fixed loans. When the loan term is up, usually within two weeks, you need to pay back the entire amount. If you don’t have that money available, you can rollover the loan for another two weeks (or whatever your loan period is). This racks up additional fees and gets expensive fast.

Only you can decide if a Spotloan is right 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 can I make a payment?
  • What if I can’t make my next payment?

We have lots of options! Please note that we need at least two business days to process changes to payment schedules or loan payoffs. Here’s a breakdown of your payment options:

  • Automatic Debit: Automatic debits from your bank account are the easiest way to make sure your payments are made on time. Call us at 1-888-681-6811 to set it up.
  • Checks and Money Orders: To make a payment by check or money order, mail it to our mail processor:

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

We understand that sometimes you may need to change your payment schedule or payment amount. Just call or email us at least 2 business days before your next payment is due and a Relationship Manager will work with you.

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

 

Working with Spotloan

  • How can I reach my Relationship Manager?
  • How do I contact Spotloan?

That’s easy! Send an email to help@spotloan.com or call (888) 681-6811.

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

 

Your Information

  • What is your privacy policy?
  • Why do you need my bank account information?
  • What is a qualifying bank account?
  • What happens if my loan doesn’t go to the right bank account?
  • Do you check my credit?
  • How does the credit check work?
  • Why is Spotloan calling my friends and family?

Our privacy policy can be found here.

We need your bank account information because that’s how you’ll receive your Spotloan. Once you’re approved, the money will be sent to your account, usually within 24 hours.

A qualifying bank account can be a checking or savings account that’s under your name at a bank or credit union and is not associated with other accounts at Spotloan.

Our deposits almost always go through and when they don’t, it usually means the banking information provided is wrong. When this happens, it takes 5-7 business days for your bank to return the funds to us and we can’t redeposit the loan until we get that money back. We’ll follow up with you as soon as we receive the returned loan and help you reapply. In the meantime, you can speed up this process by contacting your bank and asking them to return the funds.

Yes, we look at data from many places, including consumer reporting agencies. Spotloan makes what’s called a “soft inquiry” on your credit report, as opposed to what’s called a “hard pull”. Soft inquiries may or may not be recorded on your credit report, depending on the credit bureau, but soft inquiries do not result in a decrease in your credit score because of the inquiry. In other words, checking your rate or just applying for a Spotloan won’t affect your credit score.

If we are unable to give you a loan based on reports we receive from consumer reporting agencies, we will include information in an email to let you know what data affected the decision. If you think there was a mistake, please contact the credit reporting agency.

Spotloan does report back to credit reporting agencies on your loan payment performance, so not paying your loan back according to the agreed-upon payment plan could negatively impact your credit score.

Spotloan looks at a lot of data before we decide if we can offer customers a loan. Some of the data providers we use are considered consumer reporting agencies. Spotloan makes what’s called a “soft inquiry” on your credit report, as opposed to what’s called a “hard pull”. Soft inquiries may or may not be recorded on your credit report, depending on the credit bureau, but soft inquiries generally do not result in a decrease in your credit score because of the inquiry. In other words, checking your rate or just applying for a Spotloan won’t affect your credit score.

If we are unable to give you a loan based on reports we receive from consumer reporting agencies, we will include information in an email to let you know what data affected the decision. If you think there was a mistake, please contact the credit reporting agency.

If we’re calling your friends and family, it means we haven’t been able to reach you and we are trying to contact you about your loan. We do not discuss any information about your loan with anyone except you--keeping your information secure is important to us. We work hard to provide excellent service and rely on you to keep us updated with your correct phone number, email and mailing address. We’re here to help you - from your first payment to your last.

 

Spotloan Terms of Service

  • What are the terms of service on my Spotloan?
  • What happens if I make a late payment?
  • What happens if I don’t pay off my loan?
  • What’s your policy on responsible lending?
  • What fees are associated with a Spotloan?
  • What’s your renewal policy?
  • How does Spotloan comply with state and local regulations on short-term loans?
  • You are not licensed in my state. Does that mean I don’t have to repay my Spotloan?

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

A late payment is much better than missing a payment altogether. Please keep in mind that late payments result in more interest on your loan over time. And you may be charged a $10 insufficient funds fee if your payment by check is returned to us unpaid by your bank.

It’s always best to make payments on time. If you need to make any changes, call or email us at least 2 business days before your next payment is due and a Relationship Manager will work with you.

First and foremost, if you’re running behind on your loan, please give us a call 2 business 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 7 days.

Spotloans are a much better alternative to payday loans. However, while they cost up to 50% less than a typical online payday loan with 9 rollover payments, they are still an expensive form of credit. They are designed to help you deal with emergencies such as rent, medical bills, funeral costs, car repairs or expenses related to your job.

Our loans aren’t intended to solve long-term credit or other financial needs. You may have better alternative forms of credit, such as borrowing from friends or relatives, using a credit card cash advance, taking out a personal loan, or using a home equity loan or savings.

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 490%. Annual Percentage Rate (or APR) expresses the cost of the loan as a percentage of the amount borrowed converted to an annual rate. Repeat borrowers get a lower interest rate, as do active members of the military.

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

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

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.

BlueChip Financial, which owns the Spotloan brand, has a valid lending license issued by the Turtle Mountain Band of Chippewa Indians. Spotloan makes all loans from our Reservation. When you take out a Spotloan, you promise to repay the loan amount with interest. But it’s more than a promise - legally, you entered into a binding contract when you electronically signed your loan agreement. This means that you really do need to pay back both the principal and interest of your loan.

 
 
 

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SpotloanSM is a brand owned by BlueChip Financial, 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. BlueChip is located on and operates within the Tribe’s reservation.

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Please note: This is an expensive form of credit and is intended only for short-term financial needs. Spotloans are designed to help you deal with emergencies such as rent, medical bills, car repairs, or expenses related to your job. Spotloans 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. Contact one of our relationship managers to discuss if a Spotloan is right for you.