You’ve got questions.
We’ve got answers
At Spotloan, we take identity theft very seriously. If you believe an unauthorized person has submitted a Spotloan application or received a loan using your personal information, you have the right to request from us any business records that we maintain relating to transactions and accounts that resulted from the theft of your identity.
To request these records, please mail your request to: Attn: Spotloan, P.O. Box 720, Belcourt, ND 58316. With your request, please include:
You may also authorize a law enforcement officer to make the request on your behalf.
Please note that if we are unable to verify the identity of the person asking for the information, if in our judgment the request for records appears to be based on a misrepresentation, or if you’re requesting Internet navigational data or similar website visit information, we will not be able to honor such requests, in accordance with the Fair Credit Reporting Act.
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:
Alabama, Alaska, Arizona, California, Colorado, Delaware, Florida, Georgia, Hawaii, Idaho, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Massachusetts, Michigan, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, North Carolina, 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 know within one minute or less if you are approved.
The application process is fast as it is done completely online. Most people complete the process in about 10 minutes.
If you accepted your loan terms on a Monday through Friday, before 10 a.m. CT, Spotloan will transfer the money to your bank by no later than 3 p.m. on the same day. If you accepted your loan terms on a Monday through Thursday between 10 a.m. CT and 8 p.m. CT, Spotloan will transfer your funds to your bank overnight. If you accepted your loan terms on a Friday after 10 a.m. CT through anytime on Sunday, Spotloan will transfer your money over the weekend and it will be waiting at your bank on Monday morning.
Monday through Friday before 10 a.m. CT
Spotloan will transfer the money to your bank by no later than 3 p.m. CT on the same day.*
Your bank could make that money available to you immediately thereafter. If you do not see your funds by end of day, be sure to contact your bank for specifics.
Monday through Thursday between 10 a.m. CT and 8 p.m. CT
Spotloan will transfer your funds to your bank overnight.
Your bank could make that money available to you first thing in the morning.*
If you do not see your funds by 9 a.m. local time, be sure to contact your bank for specifics.
On a Friday after 10 a.m. CT through Sunday
Spotloan will transfer your money over the weekend and it will be waiting at your bank on Monday morning.*
Your bank could make that money available by 9 a.m. local time on Monday morning.*
If you do not see your funds by that time, be sure to contact your bank for specifics.
Our maximum Annual Percentage Rate (APR) is 490%. APR is the annual percentage rate of your loan, or the cost of your credit as a yearly rate.
For example, on your first Spotloan your APR is 490%. If you borrow $600 and choose a bi-weekly payment schedule of ten payments over five months, then you would pay approximately $775 in finance charges, for a total payback of $1,375. (This assumes that your first payment occurs 14 days after the loan is funded and you make all scheduled payment in full and on time.)
A Spotloan is a simple interest loan. That means that interest is charged daily based on the outstanding principal balance of your loan. For every day you carry a principal balance on your loan, you will be charged a daily interest rate as calculated by your APR.
For our maximum APR of 490%, the daily interest rate will be approximately 1.34%. This is the interest rate that will be charged daily on your outstanding principal balance.
If you pay off your first Spotloan in full and on time, you will receive a lower rate of 460% APR on your next Spotloan. Customers with an established track record with us will earn an even lower rate of 99% APR, starting with their tenth Spotloan.
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 three to ten 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.
It is important to note that a Spotloan 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, and 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.
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.
Debit Cards: Contact us to make a payment via debit card over the phone.
Checks and Money Orders: To make a payment by check or money order,
mail it to us at:
P.O. Box 720
Belcourt, ND 58316
Your payment will be on time as long as the check or money order is received by your payment due date and your payment clears. It can take your bank seven to ten days to clear your payment.
Please note that 97% of Spotloan customers choose to make their payments using ACH because it is a convenient way to make loan payments, and it can also save you money over the life of your loan by helping you avoid missed payments.
Customers that choose not to use ACH for their payments are almost five times more likely to default on their payments. Those missed payments can result in additional finance charges, which make the loan more expensive over time.
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.
That’s easy! Send an email to [email protected] 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. Spotloan does not accept pre-paid debit accounts.
We deposit your loan using the bank account information you provided us during the application process. When you make us aware that funds have not been received, it takes five to seven business days for a bank to return the funds to Spotloan so we can deposit the funds into the correct account.
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.
If you make a late payment, you may be subject to additional interest charges and fees. Late and unpaid amounts may be reported to credit reporting agencies. Failure to pay your loan may also result in your account being transferred to a collection agency.
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 annual percentage rate (APR) 490%. APR expresses the cost of the loan as a percentage of the amount borrowed converted to an annual rate. Repeat borrowers get a lower APR.
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, Massachusetts, 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.