Spotloan

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.

Key Takeaways

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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

Spotloan Pros & Cons

Spotloan FAQ

What interest rates and personal loan terms does Spotloan offer?

Spotloan has lower than average interest rates for lenders reviewed on SuperMoney.

What fees does Spotloan charge?

What do you need to qualify for Spotloan?

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

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.

Is Bluechip Financial a legit company?

Bluechip Financial was founded in 2012, it is a well-established company with approximately 57 employees that has been in business for 10 years. Based on their "strongly recommended" SuperMoney community rating, they appear to be a very reputable company.