FAQ

Applying for a loan
Understanding the cost of a Spotloan
Paying off your loan
Working with Spotloan
Your Information
Spotloan Terms of Service
Applying for a loan

How do I qualify for a Spotloan?

To apply for a Spotloan, you’ll need:

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 Arkansas, Connecticut, Massachusetts, Minnesota, New York, North Dakota and West Virginia.

When will I know if my Spotloan is approved?

As soon as you fill out your application online, we’ll give you a call to finalize everything. Your Relationship Manager will be able to tell you right away whether you qualify for a Spotloan.

How long does the process take?

The application process is fast. Most people complete the process in about 10 minutes.

Why do you need to call me?

We give you a call so that we can answer any questions you may have while you’re completing the loan process. After you fill out an online application, a Relationship Manager will call you to finalize everything, let you know whether you qualify for a Spotloan, and answer any questions you may have.

When do I get my money?

Your loan will be deposited into your bank account overnight, and usually arrives within 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?

Spotloans and payday loans are completely different. Spotloans are short-term installment loans, which means you pay back your loan over time. 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.

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

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?

We’ve got lots of options! Here’s a breakdown:

What if I can’t make my next payment?

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?

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

How do I contact Spotloan?

You can send us an email at help@spotloan.com or call (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 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.

What is a qualifying bank account?

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.

What happens if my loan doesn’t go to the right bank account?

Our deposits almost always go through and when they don’t, it usually means the banking information 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.

Do you check my credit?

Yes, we look at data from many places, including consumer reporting agencies. That being said, our credit check doesn’t directly impact your FICO score.

How does the credit check work?

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. When we check your credit, it may affect your score with these agencies. If we are unable to give you a loan based on these reports, 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.

Why is Spotloan calling my friends and family?

If we’re calling your friends and family, it means we haven’t been able to reach you. 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?

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

What happens if I make a late payment?

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.

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 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.

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 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, 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.

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.

You are not licensed in my state. Does that mean I don’t have to repay my Spotloan?

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.