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It's not uncommon to find oneself in a position where they might use an extra few hundred bucks which one could get from online lenders.

On the other side, Spotloans present a workable choice for resolving these issues as a feasible alternative.

Spotloan makes it possible for you to receive a loan despite having poor credit and makes the application procedure straightforward, in spite of the fact that there is a large number of alternative lenders.

If you find yourself in a situation where you urgently require a little loan, you should consider using Spotloan. There are options available to you that will result in a cheaper overall interest rate for the loan you take out.

Spotloan Overview

BlueChip Financial is a tribal lender that operates the internet loan company Spotloan. Spotloan provides short-term personal loans with fixed payments and is operated by BlueChip Financial.

Spotloan Highlights

  • Loan amounts: $300 - $800.
  • Loan types: short-term installment loan.
  • Interest rate: up to 490%.
  • Credit check: hard credit.
  • Minimum credit score: 300.
  • Funding time: within 1 business day.
  • Repayment terms: up to 10 months.
  • Fees: a late fee.
  • BBB Rating: B.
  • Available areas: 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.
  • Spotloan is available to people with lower credit scores.
  • Clarity on fees and terms.
  • Support small install loans.
  • Excessively high-interest rates
  • Doesn't support a large amount loan.
  • It has a poor online reputation.
Bottom Line

Spotloan is a quick internet lender with a simple application. However, there are options available to you that will result in a cheaper overall interest rate for the loan you take out.

Where Spotloan Stands Out

Spotloan is available to people with lower credit scores.

Spotloans is here to provide financial support to people who have credit that is less than exceptional or poor by making loans available to them.

The provision of aid to debtors who are presently going through difficult financial difficulties one of the primary focus of their organization. The minimum credit score that is accepted by Spotloan is 300.

Clarity on fees and terms.

When you get credit with Spotloan, on the other hand, you will find a straightforward and uncomplicated explanation of the cost of the loan.

On their website, in especially the "Frequently Asked Questions" section, you will find the answers to many of the questions that have been nagging at you.

They go so far as to disclose that, in the event that they are unable to reach you, they may speak with members of your family or friends, but they will not discuss the specifics of the loan.

It is essential to highlight the fact that there is no origination cost associated with a Spotloan.

Spotloan support small install loans.

The loan amounts available from Spotloan range from $300 to $800, and the repayment terms might be as long as ten months.

Where Spotloan Falls Short

Excessively high-interest rates

If you apply for a short-term loan through Spotloan, you should be aware that the loan's annual percentage rate, often known as the APR, could be significantly higher than the rates offered by other personal loan lenders if you get approved for the loan.

Your annual percentage rate (APR) with Spotloan might be as high as 490%, depending on the terms of your loan, which is more comparable to the APR you'd see with typical payday lenders. This makes the loan unaffordable and can serve as a debt trap.

Remember that the National Consumer Law Center suggests that the highest possible interest rate that a consumer may afford is 36%, so keep that in mind.

Therefore, prior to applying for any loan, you should read over the terms and ensure that the payments would be manageable within your financial plan.

Spotloan doesn't support a large amount loan.

The fact that Spotloan does not provide loans for very large amounts is one of the company's drawbacks. The highest loan amount you might acquire through Spotloan is about $800, and it can only be used to settle little bills that are urgent.

This is in contrast to the big loan amounts that are offered by Personal loams and other direct lenders, which can reach up to $20,000 or even more.

Spotloan has a poor online reputation.

In the interest of full disclosure, I present below what others on the internet have to say about Spotloan.

The Better Business Bureau should be your first stop when investigating a company (BBB). People can lodge complaints about any company and know they're being heard, making them the most reliable source for online reviews.

The Better Business Bureau report for Spotloan isn't very positive. There has been plenty of time for Spotloan to develop their infrastructure throughout their eight years in business. But over 190 complaints were filed by clients in the last three years.

Almost all of those comments concerned the business's billing and collection procedures.

Almost eighty percent of customer complaints involved the company's poor reimbursement processing. That's a concerning number for a company whose business model centers on lending money to customers and allowing them to pay it back in "payments you can manage".

Overall, though they have been in business for a decade according to BBB, they are rated only 1.39 stars out of 5.

However, consumer opinions on a company aren't limited to the BBB. Spotloan also prominently displays their Trustpilot profile on the site. With over 15,000 overwhelmingly positive reviews and an impressive overall rating of 4.6 stars, it's easy to see why.

Compare Spotloan to other lenders.

There is no immorality in receiving a confirmation and comparison. Spotloan may appear to be the best option for your personal loan needs, but you should still take the time to look into your other options and make an educated choice.

Compare the terms of the loans offered by Spotloan and other lenders, such as Personal Loans and, to find the best option for you.

In comparison to Personal Loans and, whose rates range from 5.99% to 35.99%, Spotloan's predicted APR is rather high at 490%. When looking at the two firms side by side, it becomes clear.

While Personal loans and provide up to $35,000 and $10,000, respectively, the maximum loan amount that can be obtained through Spotloan is just between $300 and $800, which is substantially lower.

Spotloan, unlike the other lenders in the table, does rigorous credit checks on all applicants. Spotloan's loan lengths are also shorter (up to 10 months) than those offered by Personal Loans and (which give terms from 3 to 72 months).

Personal Loans™
Up to 490%
5.99% to 35.99%
5.99% to 35.99%
$300 - $800
Loan Amount
$1,000 to $35,000
$500 - $10,000
Hard credit check
Credit Check
Soft credit check
Soft credit check
Up to 10 months
Loan Term
90 days - 72 months
90 days - 72 months

Those who require a loan for a higher sum and for a longer period of time are better served by looking into alternative financing options. Spotloan's application process is as quick and simple as those of other loan lenders, although those other lenders often charge cheaper interest rates.

Spotloan vs. Personal Loans

Spotloan, in comparison to Personal Loans, charges its customers a higher interest rate, which, the majority of the time, makes the loans unaffordable and can lead to indebtedness for the customers who take out the loans.

However, the loan amounts that are accessible through Spotloan are rather low, and they range from just $300 to $800, whereas the maximum amount that can be borrowed through a Personal Loan is $35,000.

Personal loan, in contrast to Spotloan, does not do a comprehensive credit check on its applicants, but Spotloan performs this on all of its customers.

Personal loans offer a more beneficial choice of loan terms, with options ranging from three months to seventy-two months, in comparison to the ten months that are available through Spotloan.

Spotloan vs.

This comparison is not being made because of; rather, it is intended to highlight the differences between the two online lenders.

Spotloan offers an interest rate that is around 490% greater than; however, the loan amounts that may be obtained through Spotloan are significantly lower, ranging from $300 to $800 as compared to $10,000 for

Once again., on the other hand, does not perform a rigorous credit check like Spotloan does (as can be seen in the table to the top).

Borrowers who obtain loans through have the option of selecting repayment terms anywhere between three and seventy-two months, in contrast to the three to ten month range that is available through Spotloan.


The requirements for qualification for the loan are quite simple they are well explained below.

  • Confirm your identity: They will ask for your name and Social Security number in order to verify that you are who you claim you are when you apply for a loan.
  • Personal Information: Next, they'll ask borrowers to hand up their personal information, such as their address, contact information, and housing particulars (renting or owning).
  • Shared Earnings Breakdown: They will question about the borrower's employment in addition to any and all other monthly revenue sources. This part of the application is almost always the deciding element in terms of whether or not the process will continue.
  • Give Any and All Banking Numbers: Last but not least, they will inquire about the borrower's banking information. This information consists of the name of their bank as well as their banking and routing numbers.

    These details provide users with everything they need to transfer monies into and out of their account.

Spotloan should be able to decide whether or not to accept an application almost soon after providing them with all of the information necessary to make a judgment. They will be able to fund the account within one business day, presuming that everything goes according to plan.

How to Apply for Spotloan

To submit your request for a loan from Spotloan, you will need to complete an application that can be found online at

To be eligible for the application process, you need to be at least 18 years old, have a bank account, a phone number, an email address, and a verifiable employment history or other regular source of income.

In order to finish your application, they will require the following information from you:

  • Name and address in its entirety
  • Date and time of birth
  • Identifier for social security purposes
  • Duration of stay at the current location
  • Telephone number and electronic mail address
  • Name and address of the employer
  • Specifics about one's bank account

Applicants who are approved for a loan and who accept the terms of that loan may receive their funds on the same day or within two business days at the latest.

A Closer Look at Spotloan License

Spotloan is not permitted to conduct business in the state of North Dakota because it makes the claim that it is connected to BlueChip Financial, which is a tribally owned company whose operations are governed by the laws of the Turtle Mountain Band of Chippewa Indians.

These laws make it illegal for Spotloan to conduct business in North Dakota. BlueChip has its headquarters on the reservation, which is also the place where the tribe first got its start, and it serves the local Native American community there.

Payday lending providers are more accommodating toward tribal borrowers as a result of the tribal status of the borrowers.

They contend that because they are governed by a foreign government, they are immune from having to comply with state and federal regulations, such as the interest rate cap that is in place in North Dakota.

And it is important to mention that Spotloan may not qualify to give you an installment loan.

How CreditYelp rates Spotloan

Overall 2.5/5 Spotloan receives a only a fair rating on CreditYelp, which indicates that the company should not be applauded for its overall performance.
Requirements & Application 4/5 The application process is easy, and the requirements are easy to meet.
Loan Accessibility 3.5/5 Most states in the United States can apply.
Affordability 1/5 Its interest rate is exceptionally high.
Customer experience 1.5/5 It has a low score on BBB and meets some complaints.

Spotloan FAQs

Q1: How does Spotloan compare to payday loans?

Spotloan provides loans for shorter periods of time. That implies that in contrast to a conventional payday loan, which could demand payback as soon as you receive your next paycheck, you might have several months to repay the loan.

Q2: Does Spotloan check my credit?

Your application will not have an immediate influence on your FICO score; nevertheless, Spotloan does examine your credit history with a number of different credit reporting agencies. Obtainable in the majority of states.

Q3: What happens if I make a late payment?

At Spotloan, the response could not be simpler. Spotloans provide you the flexibility to repay the loan whenever it's convenient for you, and there are never any prepayment fees assessed.

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