Is Spotloan real?

Asked by: Jayne Gleichner  |  Last update: May 26, 2023
Score: 4.6/5 (27 votes)

Spotloan is an online loan company owned by BlueChip Financial, a tribal lender that offers short-term personal loans with fixed payments. Spotloan offers loan amounts that range from $300 to $800 with repayment terms of up to 10 months.

Can I trust Spotloan?

They're the most trustworthy source for honest online reviews, and people can register complaints about any business with them. Unfortunately for Spotloan, their BBB profile doesn't paint a great picture. Spotloan has been open for eight years, so they've had ample time to build out their systems.

How long does Spotloan take to deposit?

Most people complete the process in about 10 minutes. If you accepted your loan terms on a Monday through Friday, before 11:30 a.m. CT, Spotloan will transfer the money to your bank by no later than the end of the same business day. If you accepted your loan terms on a Monday through Thursday between 11:30 a.m.

What credit score do you need for Spotloan?

Also, your credit score often needs to be at least 640 to qualify. As always, your credit score can determine the APR you're charged. The lower your credit score, the higher the interest rate—and vice versa.

What happens if you dont pay Spotloan?

You always have the freedom to pay off your Spotloan at any time with absolutely no prepayment penalty. No questions asked, and no prepayment penalties, ever. That's because Spotloans are installment loans and not payday loans. With Spotloan, you pick your loan amount and payment size.

Spotloan :30 Tara Richardson

15 related questions found

Can I go to jail for not paying online loans?

2. Can you be arrested and sent to jail if you fail to pay your debt? Many borrowers default on a loan every day, and the common question they ask is whether nonpayment of the loan will result in imprisonment. The answer is no.

How much can you borrow from Spotloan?

Spotloan offers loan amounts that range from $300 to $800 with repayment terms of up to 10 months.

Is Spotloan a hard inquiry?

When you apply for a Spotloan, we do a soft inquiry, so it won't lower your credit score. Also, Spotloan reports back to credit reporting agencies on your loan payment performance.

Does Spotloan go on your credit report?

While Spotloan checks your credit history with various credit reporting agencies, your application will not have a direct impact on your FICO score. Available in most states.

Is Spotloan a direct lender?

As a direct lender of online loans, Spotloan is revolutionizing the emergency loan market by utilizing the world's most sophisticated financial technology.

Can you pay off Spotloan early?

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.

What apps will spot you money?

Here are the best borrow money and paycheck cash advance apps you can use right now:
  • Wealthfront Cash Account. Wealthfront is one of the best robo-advisors out there. ...
  • Chime. ...
  • Empower. ...
  • Axos Bank Direct Deposit Express. ...
  • Earnin. ...
  • DailyPay. ...
  • PayActiv. ...
  • FlexWage.

What app Can I borrow money from immediately?

Here are five apps that let you borrow against future earnings, and some less expensive options to consider.
  • Earnin: Best for low fees. ...
  • Dave: Best for small advances. ...
  • Brigit: Best for budgeting tools. ...
  • Chime: Best for overdraft protection. ...
  • MoneyLion: Best for multiple financial products.

What is the best payday loan site?

Best Payday Loans Online:
  • MoneyMutual: Best pick overall.
  • SoFi: Get added perks easily.
  • CashUSA: Caters to all 50 states.
  • BadCreditLoans: Great for low credit scores.
  • ZippyLoan: A high loan maximum awaits you.
  • 247 Dollar Loan: Apply for your loan easily.

What's the biggest payday loan I can get?

Payday loans are short-term personal loans that you can use for unexpected expenses. Typically, borrowers receive loan amounts between $500 and $5,000, though some providers offer amounts up to $35,000 or higher.

What is Spot lending?

A commonly issued spot loan is a type of mortgage loan issued to a borrower to purchase a single unit in a multi-unit building, such as a condominium complex. Some lenders must approve an entire building before they agree to approve a loan for a unit within that building.

What's similar to Spotloan?

Our 7 top picks like Spotloan
  • If you're looking for lower rates: OppLoans.
  • If you're a repeat borrower: LendUp.
  • If you want to avoid a credit check: Possible Finance.
  • If you have collateral to back your loan: OneMain Financial.
  • If you need $50 today: Check Into Cash.
  • If you're not sure you'll need the funds: Ace Cash Express.

Which cash advance apps work with chime?

Cash Advance Apps that Work With Chime
  • Dave.
  • Other cash advance apps like Dave that work with Chime.
  • Cleo.
  • Albert.
  • Empower.
  • Varo.
  • MoneyLion.

Is Fast loans money legit?

Fast Loans appears to be in the business of defrauding consumers. Fast Loans is not licensed by DFI to conduct the business of a consumer lender. DFI could not verify the identity or contact information for the company and it appears to be a fictitious, illegitimate business entity.

Is MoneyLion legit?

Their site and application process are streamlined and simple, they offer reasonable interest rates, and they provide high-quality and reliable support. Financer.com can gladly say that MoneyLion is an excellent option when you're in need of a loan or other financial services.

What happens after 7 years of not paying debt?

Unpaid credit card debt will drop off an individual's credit report after 7 years, meaning late payments associated with the unpaid debt will no longer affect the person's credit score.

What happens if you ignore a debt collector?

Ignoring or avoiding the debt collector may cause the debt collector to use other methods to try to collect the debt, including a lawsuit against you. If you are unable to come to an agreement with a debt collector, you may want to contact an attorney who can provide you with legal advice about your situation.

Is not paying back a loan theft?

Failure to Repay Payday Loan Debt is Not Fraud

“Failure to pay back a loan is not necessarily fraud,” says Ben Michael, a criminal defense attorney at Michael & Associates. Fraud occurs when a person knowingly takes out a loan without intention of paying it back. It's a form of deceit.

How do I borrow $100 from Cash App?

How To Borrow Money From Cash App Borrow
  1. Open Cash App.
  2. Tap on your Cash App balance located at the lower left corner.
  3. Go to the “Banking” header.
  4. Check for the word “Borrow.”
  5. If you see “Borrow,” you can take out a Cash App loan.
  6. Tap on “Borrow.”
  7. Tap “Unlock.”
  8. Cash App will tell you how much you'll be able to borrow.

Can I borrow money from PayPal?

The process is easy: Select your loan amount. The maximum loan amount depends on your PayPal account history. Choose the percentage of your PayPal sales that will go toward repaying your loan and fee.