Frequently Asked Questions

That’s easy! Send an email to [email protected] or call 888-681-6811. Our hours of operation are: Monday - Friday 7 a.m. - 8 p.m. CT and Saturday 9 a.m. - 6 p.m. CT.

At Spotloan, we take identity theft very seriously.  If you believe an unauthorized person has submitted a Spotloan application or received a loan using your personal information, you have the right to request from us any business records that we maintain relating to transactions and accounts that resulted from the theft of your identity.

To request these records, please mail your request to:

Spotloan

P.O. Box 720

Belcourt, ND 58316.

With your request, please include:

• Proof of your identity, such as a copy of a government-issued identification card;
• A copy of the police report you filed regarding the identity theft; and
• A completed affidavit of identity theft similar in form to the one that can be created using the FTC's Identity Theft Report at www.IdentityTheft.gov

You may also authorize a law enforcement officer to make the request on your behalf.

Please note that if we are unable to verify the identity of the person asking for the information, if in our judgment the request for records appears to be based on a misrepresentation, or if you’re requesting Internet navigational data or similar website visit information, we will not be able to honor such requests, in accordance with the Fair Credit Reporting Act.

While we do not charge late fees, you may be subject to additional interest charges on the balance due and nonsufficient funds fees (if applicable). Late and unpaid amounts may be reported to credit reporting agencies. Failure to pay your loan may also result in your account being transferred to a collection agency.

If you find yourself unable to make your upcoming loan payment, be sure to contact us two days before your payment due date to discuss payment options.

We deposit your funds using the bank account information you provided us during the application process. When you make us aware that funds have not been received, it takes five to seven business days for a bank to return the funds to Spotloan so we can deposit the funds into the correct account.

Spotloan is owned by BlueChip Financial, a tribal lending entity wholly owned, organized under, and governed by the Turtle Mountain Band of Chippewa Indians, a federally recognized Indian Tribe, located within North Dakota and operating within the Tribe's Reservation. We comply with applicable tribal lending laws and federal lending laws that do not conflict with our Tribe's sovereignty, including Federal Truth in Lending Act, Equal Credit Opportunity Act, Fair Credit Reporting Act, Electronic Funds Transfer Act, Gramm-Leach-Bliley Act privacy requirements, and those applicable implementing regulations.

Spotloans are currently available to residents of the following states: Alaska, Alabama, Arizona, California, Colorado, Delaware, Florida, Georgia, Hawaii, Idaho, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Massachusetts, Michigan, Mississippi, Missouri, Montana, North Carolina, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, Ohio, Oklahoma, Oregon, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Washington, Wisconsin, and Wyoming.

If we receive a proper written information request from a governmental authority (any agency or department of the U.S., or any officer, employee, or agent thereof) requesting the financial records and transactions of a Spotloan customer, we disclose the requested information to the governmental authority.

Also in compliance with the Financial Privacy Act, Spotloan will provide a copy of the government request and the disclosed Spotloan records to the affected Spotloan customer if: (i) the customer requests such information from Spotloan, and (ii) there is not a court order blocking the disclosure of such information to the customer.

You can find a copy of our Terms of Use here.

Responsible lending is all about acting in the customer's best interests. To do so means to ensure affordability, provide transparency of terms and conditions, and to support a customer if and when they experience repayment difficulties. Customers can only have one open Spotloan at a time.

At Spotloan, we aim to abide by responsible lending best practices. We believe that Spotloans are a much better alternative to payday loans because they can cost up to half as much as competing loan products. Spotloans are however, still an expensive form of credit. Spotloans are designed to help you deal with emergencies such as medical bills, funeral costs, car repairs, or expenses related to your job. We highly recommend that before you apply for a Spotloan, you fully research alternatives that can save you money.

Our loans aren’t intended to solve long-term credit or other financial needs. You may have better alternative forms of credit, such as borrowing from friends or relatives, using a credit card cash advance, taking out a personal loan, or using a home equity loan or savings.

When you pay off your current Spotloan and your payment clears, you may apply for another Spotloan.

Yes. We request data from many sources, including non-traditional credit reporting agencies such as DataX and Clarity. Your consent is requested at the time of your loan application.

The typical non-traditional credit check we run provides Spotloan with insight into any accounts where you have accepted credit. These accounts will include mortgages, credit cards, loans, and any credit agreements that you have, such as items purchased using various loan or financing programs.

We may report loan activity to non-traditional credit reporting agencies such as DataX and Clarity.

At Spotloan, we care about protecting consumers' identities and federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account with us for our services.

You can call us at 888-681-6811 or email us at [email protected] to update your information.

A qualifying bank account can be a checking or savings account that’s under your name at a bank or credit union and is not associated with other accounts at Spotloan. Spotloan does not accept pre-paid debit accounts.

If you want to make a one-time payment, setup recurring payments, or cancel an upcoming payment click here!

We have lots of options! Please note that we need at least two business days to process changes to payment schedules or loan payoffs.

Here’s a breakdown of your payment options:

‍Automatic Debit (ACH):

Automatic debits from your bank account are the easiest way to make sure your payments are made on time.

97% of Spotloan customers choose to make their payments using ACH because it is a convenient way to make loan payments, and it can also save you money over the life of your loan by helping you avoid missed payments.

Customers that choose not to use ACH for their payments are almost five times more likely to default on their programs. Those missed payments can result in additional finance charges, which make the loan more expensive over time.

Call us at (888) 681-6811 to set up ACH payments.

Debit Cards:

One-time debit card payments can be made online or via phone. Please call us at (888) 681-6811 to set up recurring payments via debit card.

Checks and Money Orders:

To make a payment by check or money order, mail it to us at:

Spotloan

P.O. Box 720

Belcourt, ND 58316

Your payment will be on time as long as the check or money order is received by your payment due date and your payment clears. It can take your bank seven to ten days to clear your payment.

We understand that sometimes you may need to change your payment schedule or payment amount. Just call or email us at least two business days before your next payment is due and a Customer Service Representative will work with you on repayment options.

If you defer a payment, additional interest will accrue on your loan. In most cases, this will increase the total cost of your loan.

Only you can decide if a Spotloan is right for you.

It is important to note that a Spotloan is an expensive form of credit and is intended only for short-term financial needs. Spotloans are designed to help you deal with emergencies such as rent, medical bills, car repairs, and expenses related to your job. Spotloans are not intended to solve longer-term credit or other financial needs, and alternative forms of credit may be better for you, including borrowing from a friend or relative, using a credit card cash advance, taking out a personal loan, or using a home equity loan or savings.

Spotloans and payday loans are completely different. Spotloans are short-term installment loans, which means you pay back your loan over time. With a Spotloan, you choose how long you want to pay the loan back - up to ten months. Plus, you can pay your loan off early with no prepayment penalties.

On the other hand, payday loans are less flexible. When the loan term is up, usually within two weeks, you need to pay back the entire amount.

There are no hidden fees associated with a Spotloan. The fees that you are responsible for are outlined when you apply for a Spotloan, and in your loan documents.

Our maximum annual percentage rate (APR) 490%. APR is the annual percentage rate of your loan, or the cost of your credit as a yearly rate. Repeat customers may be eligible for a lower APR.

APR

Our maximum Annual Percentage Rate (APR) is 490%. APR is the annual percentage rate of your loan, or the cost of your credit as a yearly rate.

For example, on your first Spotloan your APR is 490%. If you borrow $600 and choose a bi-weekly payment schedule of ten payments over five months, then you would pay approximately $775 in finance charges, for a total payback of $1,375. (This assumes that your first payment occurs 14 days after the loan is funded and you make all scheduled payments in full and on time.)

Interest

A Spotloan is a simple interest loan. Interest is charged daily based on the outstanding principal balance of your loan. For every day you carry a principal balance on your loan, you will be charged a daily interest rate as calculated by your APR.

For our maximum APR of 490%, the daily interest rate will be approximately 1.34%. This is the interest rate that will be charged daily on your outstanding principal balance.

If you pay off your first Spotloan in full and on time, you may be eligible for a lower rate of 330% to 460% APR on your next Spotloan. Customers with an established track record with us will earn an even lower rate of 99% APR, starting with their tenth Spotloan.

Spotloans are currently available to residents of the following states:

Alabama, Alaska, Arizona, California, Colorado, Delaware, Florida, Georgia, Hawaii, Idaho, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Massachusetts, Michigan, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, North Carolina, Ohio, Oklahoma, Oregon, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Washington, Wisconsin, and Wyoming.

To apply for a Spotloan, you’ll need:

• A job or other regular source of income
• A checking or savings account
• A SSN, a valid email address, a mailing address, and phone number
• To be at least 18 years old

Once you apply for a Spotloan, we’ll be able to tell you whether or not you qualify for a Spotloan. Please note that as part of the loan application, you may be required to verify your identity before a loan decision can be made. In that case, you’ll be required to verify your identity with our third party provider.

For most applications, as soon as you complete your application online, you’ll know within one minute or less if you are approved.

If you accepted your loan terms on a Monday through Friday, before 1:30 p.m. CT, Spotloan will transfer the money to your bank by the end of the business day.

If you accepted your loan terms on a Monday through Thursday between 1:30 p.m. CT and 8 p.m. CT, Spotloan will transfer your funds to your bank overnight.

If you accepted your loan terms on a Friday after 1:30 p.m. CT through anytime on Sunday, Spotloan will transfer your money over the weekend and it will arrive at your bank by the end of the next business day.