Spotloan Company was founded to offer the best alternative to instant money needs. The loan has very high interest rates however customers don’t get penalties on prepayment. So, if a person can pay it so fast, this kind of loan will assist him/her out in case of an emergency.
The main service that Spotloan offers is the online installment loan. Money is available from three hundred dollars to eight hundred dollars and a person can get it after one day of applying.
After getting Spotloan loan, a person has a maximum of 8 months to return it back. However, the interest rate will be above four hundred percent. This loan will cost a lot if the person is not able to pay it back fast.
The moment one applies for the Spotloan loan, he/she allows the lender to access and confirm his/her details. Those details may get revealed to salespeople, 3rd parties, workers, associates and subsidiaries as needed for applicants to get their loan.
This entity might additionally collect details about applicant’s bank, contact information and credit history. Additionally, applicants authorize the entity to contact them using the contact number they specify during working time through a live call or through sending messages.
How applicants use the services
The procedure for applying
- Pick the sum you wish to receive and a repayment plan that will work for you.
- Fill out personal details for instance address, name and the identification number.
- After answering all questions in the applicant’s form, send it. Immediately, applicants will find out if their application has been accepted or not.
- If you get accepted and confirmed by 8 pm Eastern time, you will get your funds the next day.
To qualify to receive Spotloan, a person needs to have a job or any other steady income source which will be proved. One should also have a savings or checking account, be above eighteen years old and have a working contact number and email address.
Spotloans are however not available in the states below: Minnesota, Columbia, Pennsylvania, Arkansas, North Dakota, West Virginia and New York
The user friendliness of Spotloan
- The steps of applying for the loan are straightforward and clear.
- The rules are easy to understand and the applicants’ form can get accessed quickly on nearly all types of browsers.
- After signing up, an applicant will get a call from the assigned manger that will assist him/her in completing the application.
Spotloan customer support
- The applicants are assigned a personal Manager who will update them about their application and also respond to all inquiries they might make.
- Applicants can be contacted through email, telephone or traditional mail.
BlueChip Financial (a tribal company run by Chippewa Indians’ Turtle Mountain Band) is the one which runs Spotloan.
Spotloan gives installment loans over duration of 8 months.
The lending is done through BlueChip Financial and other Turtle Mountain Band brands.
Is the loan safe or unsafe for applicants?
- The company shares applicants’ details for daily business use purposes.
- Applicants’ personal details can be shared for advertisement needs.
- Applicants’ details may be shared for joint advertising with various financing entities.
- Applicants’ personal information is not shared for the affiliates’ activities.
- Spotloan Company does not reveal applicants’ details to their associates to advertise them.
- The company may share applicants’ details for non-affiliates to market them. However, applicants can limit this.
With all that, Spotloan Company ensures to secure applicants’ details by using tools which comply with the law.
Advantages and disadvantages of SpotLoan
- Spotloan Company is open about its requirements and expectations.
- All paying options are straightforward.
- The turnaround time is fast and there are no upfront charges
- The available offers are not the best ones every time.
- Applicants have to wait for their manager to contact them before they finish the process.
- The APRs are good however they are extremely high.
Reviews by consumers
Most consumer complaints are about the process of paying loans and the interest rates. The money may be repaid quickly but it may be very hard to do it.
Spotloan Company was started to fix the issues created by payday loans but it still remains a lending entity and can do everything possible to get repayments.
Also Spotloan entity is situated outside America which only means that it is not necessary for it to adhere to certain specifications of people’s states.
Loan applicants should read the loan requirements carefully otherwise, if they don’t read or if they fail to repay on time, they might end up repaying it 2 or 3 times.
Frequently asked questions
- Does Spotloan affect the credit score or does it run one’s credit score? Yes, a person’s credit score will be checked. Checking only once will not affect one’s credit score but checking many times within a short time can make a person look like a higher risk. Also checking many times within a short time can reduce one’s credit score.
- Can failing to pay within the specified period affect one’s credit score? Delayed payment leads to extra charges, additional interest within the time of the loan and some extra charges if the person pays with inadequate money. When a person fails to pay in ninety days of the expected payment date, he/she will have defaulted on his/her loan and that will affect the credit score. Failing to make some payment cannot affect one’s credit score but failing to repay completely will.
If people are in a position to repay the funds they borrow from Spotloan early enough, then they can consider borrowing. But if you are not sure whether you can be able to pay it back, consider other options apart from it. It is advisable to collect money from your friend or your family than borrow from Spotloan which has unattainable APR rates.