At Spotloan, the health and wellbeing of our customers and employees is of utmost importance. We are diligently monitoring updates from the World Health Organization (WHO) and Centers for Disease Control and Prevention (CDC). Our governments are actively working to lessen the risk for members of the Turtle Mountain Band of Chippewa Indians and citizens of the United States. But we understand that our community and our customers are nervous and perhaps, a bit unsettled.
As part of our business continuity planning, we have made several adjustments to our workplace practices. We have added offices and expanded workspaces at our locations in Belcourt, ND, to ensure that all employees can work at a distance of six-feet away from other colleagues. We have also equipped our remote employees with additional tools and resources so that they can be as productive as possible while staying closely connected to the business. Further, we have taken strides to help ensure that all of our employees remain employed throughout the course of this pandemic.
Additionally, we have advised our employees to take the proper precautions to lessen their risk of acquiring coronavirus. We feel that those guidelines may be helpful to our current and prospective customers as well.
Six tips to stay healthy
Contact Spotloan if you need help with your loan
If you are a Spotloan customer and you or your family is impacted in any way by the coronavirus, we are happy to work with you on options to repay your loan.
We want you to know that we are here to help. High call volumes and the associated circumstances in today’s environment have put a strain on our call center resources, so we are working to increase our staffing levels to improve our ability to respond to customer emails in a timely manner.
We are asking that for the foreseeable future, you please direct any questions or concerns about your account to email@example.com.
To apply for a Spotloan, you’ll need:
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, Delaware, Florida, Georgia, Hawaii, Iowa, Idaho, Indiana, Kansas, Kentucky, Louisiana, 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, 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.
Approved applicants who accept their loan terms before 10 a.m. CT (that's 11 a.m. ET and 8 a.m. PT) will receive deposits within the same day.
For applications completed after 10 a.m. Central Time, Spotloan deposits can take one to two business days, but usually arrive within 24 hours.
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. Plus, 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.
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:
P.O. Box 720
Belcourt, ND 58316
We understand that sometimes you may need to change your payment schedule or payment amount. Just call or email us at least two business days before your next payment is due and a Customer Service Representative will work with you on repayment options.
If you defer a payment, additional interest will accrue on your loan. In most cases, this will increase the total cost of your loan.
Important Update Regarding COVID-19
At Spotloan, the health and wellbeing of our customers and employees is of utmost importance. We appreciate the trust that you have placed in us as your loan provider.
Should you or your family be in any way impacted by the coronavirus, we are happy to work with you on options to repay your loan. Please contact us at firstname.lastname@example.org.
That’s easy! Send an email to email@example.com or call (888) 681-6811. Our hours of operation are: Monday - Friday 7 a.m. - 8 p.m. CT and Saturday 9 a.m. - 6 p.m. CT.
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.
We do request data from many sources, including credit reporting agencies. You will be able to see this request, or inquiry, however the inquiry will not appear on your credit report to external parties.
If we are unable to approve your loan based on reports received from consumer reporting agencies, we will inform you via an email to let you know what data affected the decision. If you think there was a mistake, please contact the applicable credit reporting agency.
Spotloan does, however, report back to credit reporting agencies on your loan payment performance. Not paying your loan back according to the agreed-upon payment plan can negatively impact your credit score.
A typical credit check will provide Spotloan with insight into any accounts where you have taken out credit. These accounts will include mortgages, credit cards, loans, and any credit agreements that you have, such as items purchased using various loan or financing programs.
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.
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.
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.
We can be contacted at firstname.lastname@example.org or (888) 681-6811.
Responsible lending is all about acting in the customer's best interests. To do so means to ensure affordability, provide transparency of terms and conditions, and to support a borrower if and when they experience repayment difficulties.
At Spotloan, we aim to abide by responsible lending best practices. And, we believe that Spotloans are a much better alternative to payday loans. However, while Spotloans cost up to half as much as competing loan products, Spotloans are still an expensive form of credit. Spotloans are designed to help you deal with emergencies such as medical bills, funeral costs, car repairs, or expenses related to your job. We highly recommend that before you apply for a Spotloan, you fully research alternatives that can save you money.
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 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.
Spotloans are currently available to residents of the following states: Alaska, Alabama, Arizona, California, Colorado, Delaware, Florida, Iowa, Idaho, Indiana, Kansas, Kentucky, Louisiana, 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, Washington, Wisconsin, and Wyoming.
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 agree to take out a Spotloan, you promise to repay the loan amount with interest. You will be legally entered into a binding contract when you electronically sign your loan agreement. This means that you are responsible to pay back both the principal and interest of your loan.