Spot Loan ReviewsSpotloan is a tribal regulated loans lender that has been providing fast access to money since 2012. Serving in almost all the states in the US, Company’s operations are fully governed by tribal laws. The lender has been offering loans to people with limited access to conventional loans services. The online application is easy and transparency is upheld in each stage. Website:https://www.spotloan.com
Spotloan is an online lending company providing installments loans to people with both good and bad credit. It is owned by Blue-chip Financial which is under the tribal ownership of Turtle Mountain Band of Chippewa Indians. This implies that Spotloan is not controlled by state lending laws and all business conducted by the lender is regulated by the tribal law.
The company has been in operation since 2012 and claims to offer what it calls “not-payday” loans. Initially, it was established to serve tribal members with installment loans but it has expanded and now provides the service across many US states.
Spot loans provides installment loans that are between $300 and $800. The borrowed money is designed to be repaid in a duration of up to 10 months in small payments. Considering that they are a tribally controlled company, the rules and regulations that govern lending in the various states do not affect their operations. Therefore, the amount you qualify to borrow will depend on your income and their qualification criteria.
Interestingly, Company appears to be very straightforward and transparent on the rates and fees of their loans. They even state that the loans are expensive and that’s something most lending companies will not do. This is practical in making sure that you know how much you are expected to pay back and plan accordingly.
The application process is simple with a short online application form that could take up to ten minutes to complete. After submitting your application, you will be contacted by one of their representatives to confirm the details on phone. During the call, you will also be informed whether you qualify or not and if you have any additional questions you are encouraged to ask.
To complete the online application you will be asked to fill out the following details:
- Your full names, phone number, home address, and a valid email address
- Date of birth, and social security number
- Employers names, and phone number
- Income details such as monthly income
- Your savings or checking account number
After the application is approved before 8:00 PM E.T, you will receive the money on the following business day. To make sure you agree with the terms and conditions of the loan, you will be sent a document with the loan details and a confirmation link. Spotloan.com advises its customers to first explore better options of borrowing before applying for the loan.
Normally, the company will conduct a credit check before deciding to loan you any money. It is worth noting that the credit check performed may affect your credit score.
Here’s what you’ll need to qualify for a loan:
- A steady source of income
- An active checking or savings account in your name
- A valid email and phone number
- Be 18 years or older
To make repayments for the borrowed money, you are provided with several options like automated debits, money orders, and checks.
Company allows you to make a decision of how much money you want and the payment period will automatically apply depending on the amount.
The loans can only be taken one at a time and for you to become eligible for the next loan, the previous one must be cleared.
The customer support is quick to respond on phone and they also seem to have almost all answers to the questions asked. And they do not solicit you to take a loan if you are not a customer but they will answer all your questions.
Because the company is tribe-regulated, disputes cannot be solved through the normal channels of dispute resolution. In fact, you will not have the state laws to protect you since the tribe is not a party to such. On the contrary, the only solution is using the tribal law to solve the issue.
Spotloan is very transparent in their fee structure and they claim you will be informed about the applicable charges down to the penny. From their website, the highest APR will be 490%.
Additional charges may apply if there is a returned check and you will be charged $10. These are the only charges they say you will pay and that there are no other hidden. However, if you make late payments, the interest for the loan tends to increase.
If you don’t pay off your loan, they will try to notify you and if you can’t pay within 90 days of the deferred payment, you’ll be given an additional 7 days to respond. Beyond that, Spotloan will move to either collect their due or seek legal dispute resolution.
As a tribe-controlled lender, one of the most outstanding benefits is the level of transparency in their pricing schedules. This lets you plan ahead of time because you will be having a real breakdown of all the money you are supposed to pay back.
The loans are flexible and they can allow you extensions. You could also pause your loan payment provided your account is in good rating. When possible you can pay back your loan in total at no extra charge and they seem to advocate for that.
The customer care department is responsive and unbiased to both customers and prospective customers. And both mail and phone are equally effective.
Return customers are offered better rates if they have a good credit history with Spotloan.
The application process is easy with a two-step online form. The relationships manager is prompt to contact an applicant to finalize the approval before releasing the funds in a day. Also when repaying the loan you get several options to make payments.
If you think you will not be able to make a scheduled payment, you can reach out to the customer service and inform them about your situation so that you can adjust the payment schedule.
Company’s Website serves all the other states in the US except:
Arkansas, Minnesota, District of Columbia, New York, Minnesota, Pennsylvania, North Dakota, and West Virginia.
Main Address :P.O. Box 927Palatine, IL 60078-0927
Company does not appear to offer any discount codes for use at their website. However, return customers are promised a lower rate on consecutive loans.