
Spotloan
Would you recommend Spotloan to your friends?
Community Rating | Strongly recommended |
APR (Fixed APR) | Up to 490% |
Loan Amount | $300 - $800 |
Loan Term (Months) | Up to 10 months |
Number of Reviews | 21 |
Spotloan Review
Spotloan is offered by Bluechip Financial, a direct lender founded in 2012 and based in Belcourt, ND. Spotloan is available in 39 states across the USA.
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- Fast access to funds. In some cases you can get your money within 1 business day.
- Small-dollar loans. Spotloan has a maximum loan amount of just $800.
- No origination fee. Spotloan does not charge a loan origination fee.
- No late fees. Missing a payment can seriously damage your credit, but Spotloan will not charge additional fees if you miss the due date on a payment.
- Minimum income of $12,000. You will need an annual income of at least $12,000 to apply for Spotloan, which is below average for the lenders in our database
Pros | Cons |
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What interest rates and personal loan terms does Spotloan offer?
Spotloan has lower than average interest rates for lenders reviewed on SuperMoney.
What interest rates does Spotloan offer?
Spotloan offers a fixed APR personal loan product up to 490% APR.
How much can you borrow via Spotloan?
Business loan amounts start at $300 and go up to $800.
What is the maximum loan term you can get with Spotloan?
Spotloan offers loans with terms of up to 10 months.
Personal Loan Amount | $300 - $800 |
Loan Term | up to 10 months |
APR | up to 490% |
What fees does Spotloan charge?
Does Spotloan charge an origination fee?
Spotloan does not charge a personal loan origination fee.
A personal loan origination fee is what some lenders charge for processing, underwriting, and funding a personal loan. Typically origination fees range from 0.5% to 5% of the personal loan amount. Whenever possible, go with lenders that don’t charge origination fees.
Does Spotloan charge a late fee?
No, Spotloan will not charge you a late fee if you miss one of the monthly payments.
Does Spotloan charge prepayment fees?
No, Spotloan does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the personal loan off early.
Origination Fee | No |
Prepayment Fee | No |
Late Payment Fee | No |
What do you need to qualify for Spotloan?
Spotloan does not require or does not disclose a credit score minimum. The minimum age to be eligible is 18 or the state minimum, whichever is higher.To qualify for personal loans with Spotloan, applicants need a minimum annual income of $12,000 or higher. Spotloan will consider borrowers regardless of their employment status if they can prove their ability to repay their obligations.
The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. APRs for the Spotloan product fall outside of the MLA limits, and as a result, the product cannot be issued to these applicants. Active duty service members and their covered dependents are considered “covered borrowers" under the Military Lending Act.
U.S. citizens are, of course, eligible for the services offered by Spotloan. Permanent resident / green card holders are also eligible to apply.
To qualify, applicants may need to provide the following documentation:
- Applicants must have an active and valid personal checking account
- Driver's license
Minimum Age | 18 |
Bank Account Required? | Yes |
Application Types Accepted |
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Credit Score | N/A |
What is the estimated funding time for a personal loan via Spotloan?
Spotloan will typically provide a credit approval decision in less than an hour and fund the loan within 2 business days.
Does Spotloan report your account activity to credit bureaus?
Yes, Spotloan reports your account activity to the following credit reporting agencies:
- Equifax
- Experian
- Clarity Services
Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help improve your credit.
Message From Bluechip Financial
Availability
- Alaska
- Alabama
- Arizona
- California
- Colorado
- Delaware
- Florida
- Georgia
- Hawaii
- Iowa
- Idaho
- Indiana
- Kansas
- Kentucky
- Louisiana
- Massachusetts
- Maine
- 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
- Wyoming
Feature Breakdown
No Origination Fee | |
No Prepayment Fee | |
No Late Fees |
Spotloan Community Reviews
Would you recommend Spotloan to your friends?
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