Spot loan, a subsidiary of BlueChip Financial is owned by the Turtle Mountain Band of Chippewa Indians of North Dakota (the Indian “Tribe”). Spot loans are intended to assist people with emergency expenses such as rent, medical costs, car repairs, or work-related expenses. Unlike a term loan, a spot loan is not intended to provide long-term financial assistance. For long-term financial assistance, you might be better off borrowing from friends or family, taking out a cash advance on your credit card, or applying for a personal loan.
Many of these loans are more difficult to obtain than they are worth for most borrowers. Despite their legal problems, questionable reputations, and high-interest rates, online payday lenders like Spotloan have some valid reasons to lend you money. As part of this review, we will discuss Spot loan, as well as the banks that Spotloan accept.
Banks That Accept Spotloan
No matter whether it’s a checking account or a savings account, Spotloan accepts any bank account in your name at a bank or credit union that’s not linked to other Spotloan accounts. It must be a current bank account that is not a prepaid debit card. The reason Spotloan doesn’t accept pre-paid cards is because of its policy.
Upon extending credit to you and providing services, Spotloan considers your information regarding your bank account valid for depositing loan funds. Additionally, they may find other bank accounts that you own during the process of collecting information about you. When assessing your loan application, they will consider these other accounts.
It is up to financial companies to decide how they will share your personal information. Under federal law, consumers are permitted to limit some, but not all, types of sharing. Spotloan must also inform you of how it collects, shares, and protects your personal information by federal law. Spotloan gathers and shares different information about you depending on the service that Spotloan provides. An example of this type of information would be:
- Your Social Security number and your income
- A history of payments and employment information
- The history of your credit and the score of your credit
How Does Spotloan Work?
The Spotloan company is a lending company that specializes in providing short-term loans at high-interest rates. In most cases, a small loan is granted for a short period and must be repaid in full within a short time. Spotloan promotes itself as an alternative to payday loans, which generally carry higher interest rates and require full repayment quickly. Despite this, critics contend that Spotloan’s loans are just as predatory as payday loans and take advantage of those desperately in need of cash. Spotloan is not licensed to offer loans in all states, so you should research the state laws in your state before applying for a loan.
Does Spotloan Approve of Everyone?
As an alternative to payday loans, Spotloan provides short-term loans. Their loans have higher interest rates and lower fees than traditional payday loans, and they claim to only lend to those who are able to repay them. For this reason, Spotloan does not approve every loan application. In order to decide, they consider each application individually and may ask for additional information from applicants. As a result, Spotloan does not require customers to have a clean credit history and is willing to work with people with poor credit histories. It may be worth considering Spotloan if other lenders have turned you down for a short-term loan.
What if the Loan Does Not Transfer to the Right Bank Account?
During the application process, Spotloan deposits your loan into your bank account using the information you provided. When Spotloan is notified of unreceived funds, it takes five to seven business days for the bank to return the funds to Spotloan so the funds can be deposited into the correct account.
Is My Bank Account Necessary?
You will need an active bank account that accepts electronic funds transfers to apply for a Spotloan loan. Once your loan has been approved, you will receive the funds the same day or the following business day. Cash access may take a while, depending on your bank. If you don’t know when you’ll be able to access your money, you should check with your bank.
How to Apply for a Spotloan?
There’s nothing complicated about applying for a Spotloan product. Visit the website and complete the steps as long as you have an income stream, a bank account, and an e-mail address. The details are as follows:
Choose a product
Spotloan makes it easy to understand its options. It’s up to the borrower what total principal balance they prefer and what monthly payment they want. Afterward, the website calculates how many payments the borrower will have to make and how long their repayment term will be.
Start the process
Once borrowers decide which loan term they want, this will take them to the application.
Check Your Identity
Hopefully, they’ll ask for a name and Social Security Number, so they can verify who the borrower is.
Provide Personal Information
Then they’ll ask for personal info, like address, contact info, and housing status (renting or owning). In order to complete the application process, you must provide all the necessary information.
Provide Income Details
They’ll want to know all about your income and employment. A lot of people decide whether or not their application will go through based on this section.
Give your banking info
The final step is to obtain the borrower’s bank account information. The information should include the name of the bank and its routing and account numbers. As a result, they are able to transfer funds in and out of the account using these details.
It is expected that Spotloan should be able to accept or reject an application almost immediately after receiving everything they need to decide. When everything goes right, it’s possible to fund the account within a day.
Best Way to Contact Spotloan
You can contact Spotloan at any time. If you need help, you can email [email protected] or call (888) 681-6811. It’s open Monday – Friday 7 a.m. until 8 p.m. Central time, and Saturday 9 a.m. until 6 p.m. Central time.
Spotloan Availability States
It is only possible to obtain a Spotloan in 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.