Spotloan Review: A Detailed Look at a Fast Cash Option

Spotloan Review: A Detailed Look at a Fast Cash Option


5 Min Read

Need some quick money to cover unexpected expenses? Look no further, because we’ve got your back with Spotloan review. It a online loan company owned by BlueChip Financial, a tribal lender that offers short-term personal loans with fixed installments. Want to find more? Let’s discover Spotloan features and see how they can help you get a suitable personal loan for your financial needs.

But before going deeper into the personal loans from Spotloan, let’s break down the pros and cons that will make your decision-making process easier:


  • You can borrow from $300 to $800;
  • Bad credit borrowers are welcome to apply;
  • Longer term credit payment schedule;
  • Funding in one business day.


  • High interest rates;
  • Low maximum amounts;
  • Available in fewer US states.

How Does Borrowing from Spotloan Work?

Borrowing money from Spotloan is really easy. You must meet their eligibility criteria and fill in the loan application form. One of the most important requirements is to have a bank account and a steady income source.

As you borrow traditional payday loans, you provide personal information like name, birth date, address and phone number. The same process occurs when you apply for a Spotloan installment loan.

How to Apply with Spotloan?

Spotloan claims you should be able to finish the application in 10 minutes or less. After you submit the application form, they review it and give you the answer. If your short-term loan was approved, they will transfer it within the same day up to two business days. While some lenders that offer payday loans may approve 30 days of repayment, Spotloan loans may be repaid up to 10 months. However, you must remember, the longer your repayment term, the more interest you’ll pay. You can make payments using automated debits from your bank account, checks, or money orders, and you can repay your loan early without penalty.

Things to Know About a Spot Loan Personal Loan

Spotloan is a good option for people with bad credit or no credit history. However, it’s important to note that Spotloan loans have high interest rates, so you should only borrow what you can afford to repay. Also, consider their short-term loans only as a quick solution for your financial problems, not a way to solve longer term credit problems. They suggest their customers get informed about the federal or state laws regarding lending of installment loans.

Does Spotloan Report Payment to Major Credit Bureaus?

No, Spotloan doesn’t report your monthly payments to credit companies. Thus, if you repay the loan on time, it won’t increase your credit score. So, their financial products aren’t considered credit builder loans.

How Much Will a Spotloan Cost Me?

When you apply for the loan, your repayments will be specified according to your financial situation. The amount you pay will be determined by the amount you apply for as well as the terms of your Spotloan contract.

However, remember that the maximum annual percentage rate (APR) for Spotloan is 490%, which is higher compared to a common credit card cash advance. Usually, the maximum interest for common personal loans must be 36%, so take care to read the loan agreement before going for their personal loan.

Also, if you pay by check and your bank returns it due to insufficient funds, you may be assessed a $10 fee. There can be other fees, such origination fees or late payment charges.

Online Reputation of Spotloan

Nowadays, there is so much information about businesses online that failing to search a restaurant would be foolish. Here’s what the internet has to say about Spotloan for your information:

  • BBB reviews: 1.21 out 5
  • Trustpilot: 4.4 out 5

Better Alternatives to Spotloan

Maybe you want to reconsider Spotloan and discover better options for getting suitable personal loans. Here is what we suggest:

  1. Small loans from trusted payday lenders that work with poor credit scores.
  2. Cash advance apps that you can access from your smartphone.
  3. Payday alternative loans that provide alternative forms of paycheck loans with longer repayment terms.

get a cash advance without any risk

A Final Thought on Spotloan Loans

Spotloan, unlike many loan providers, allows you to borrow a small amount and repay it over time, avoiding borrowing more than you need. However, if you do require additional funds, it may be worthwhile to compare different lenders to Spotloan and read more about other loans to ensure you’re getting the best offer.

Even if you were to employ an online payday (alternative) lender, you should generally avoid Spotloan. They are more ready to bend federal and state regulations designed to protect customers because they perceive themselves to be a Native American-owned business.

Frequently Asked Question

Is Spotloan a legit company?

The Turtle Mountain Band of Chippewa Indians Lending Commission has given a legitimate lending license to BlueChip Financial, which owns the Spotloan brand.

Does Spotloan pay instantly?

If you approve your loan terms by 11:30 a.m. CT on Monday through Friday, Spotloan will transfer the funds to your bank by the end of the business day. Spotloan will transfer your funds to your bank overnight if you accept your loan terms between 11:30 a.m. CT and 8 p.m. CT on Monday through Thursday.

Does Spotloan check your credit?

Spotloan performs only a soft credit check that isn’t made through major credit bureaus. So, through application, your credit score won’t be affected.

Do you need good credit for Spotloan?

No, you can apply with any type of credit or no credit.

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Kerry Vetter

Written by Kerry Vetter

Written by Kerry Vetter

Kerry is a finance expert thanks to her Boston College education during the 1990s. Today she shares this valuable knowledge through the pen and online from her home in Chestnut Hill, Massachusetts. The years of experience results in relevant, practical and wise advice.

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