What Is Spotloan?

Spotloan is a short-term installment loan company that offers a cheaper cash advance than Payday Loans. Though they pose themselves as not a payday lender they still charge rather high interest rates. However, terms are rather convenient and affordable with no prepayment penalties. So if you pay back the loan fast, even before the due date, it may help you out in an emergency. Keep reading to see if this is the right service for you. Or compare Spotloan to other short-term lenders.

Loans like Spotloan 

To compare Spotloan cash advance with other similar loans sees the table below depicting the most important details on loans from different lenders in comparison with Spotloan:

Lender Spotloan Check Into Cash Jora Credit Loan By Phone Lend You Greenlight Cash Loans
Loam amount $300 - $800 $500 - $3000 $500 - $2600 $500 - $3000 $1000 - $5000 $1000 - $5000
Terms 3 - 8 months Varied 24 months Varied Varied Varied
APR up to 450% Varied by state 170% - 349% Varied by state from 6.63% Varied by state
Turnaround time 1 business day 1 business day 1 - 2 business days 1 business day 1 business day 1 business day
Guarantor or Collateral None, Unsecured None, Unsecured None, Unsecured None, Unsecured None, Unsecured None, Unsecured

Direct lenders like Spotloan 

Spotloan portrays itself as a payday loan alternative, providing the same quick cash online payday loans, but with more manageable repayment terms. It promises savings of up to 50 percent compared to traditional payday lenders. But is it really true? Compare the pros and cons of direct lenders like Spotloan:

LendYou will help you get the cash you need when you need it. You can apply for Payday Loans, Installment Loans or Personal Loans, etc. Compare the lenders and get matched with the best one.

  • MIN Loan Amount: $100
  • MAX Loan Amount: $35000
  • Terms: Varied
  • Rates and fees: Starting at 4.99% APR
  • Turnaround Time: 1 business day
  • $100 - $1000 Payday Loans
  • $1000 - $5000 Installment Loans
  • $5000 - $35000 Personal Loans
  • 18 years of age or older
  • U.S. citizenship
  • Valid checking or savings account with direct deposit
  • Minimum regular income of $1,000 per month
  • Not be a regular or reserve member of the Air Force, Army, Coast Guard, Marine Corps or Navy (or be a dependent of someone who is,) serving on active duty under a call or order that does not specify a period of 30 days or fewer.
  • High up to $15,000 loan amounts. 
  • Minimal restrictions on how you can use your loan.
  • No collateral or guarantor.
  • Bad credit is OK. 
  • It's not a direct lender, so you'll need to clarify rates and terms with the company you are matched with. 



Spotloan is a direct lender that offers short-term installment loans with longer repayment terms and at cheaper rates than Payday Loans. 

  • MIN Loan Amount: $300
  • MAX Loan Amount: $800
  • Terms: 3 - 8 months 
  • Rates and fees: Гз ещ 450% APR
  • Turnaround Time: 1 business day
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Installment Loans

  • An operational checking or savings account
  • A steady source of income
  • A US citizen or a permanent resident
  • At least 18 years old (varies by state)
  • 4/5 rating at Consumer Affairs.
  • Transparent rates and policies with no hidden fees.
  • Affordable repayment options.
  • A quick turnaround time of 1 business day with no upfront fees.
  • Easy and secure application.
  • You can pay the loan back via direct debit from your bank, a check or a money order.
  • Applying won’t affect your FICO score.
  • Available in most states. Spotloan is currently available in all states except Arkansas, the District of Columbia, Minnesota, New York, North Dakota, Pennsylvania, and West Virginia.
  • Spotloan offers may not always be the most competitive.
  • You must wait for Spotloan to contact you before you can complete your application.
  • Spotloan's APRs are rather high.



Check Into Cash offers Payday Loans, Title Loans, Personal Installment Loans and other money products at affordable rates with convenient repayment. 

  • MIN Loan Amount: $50
  • MAX Loan Amount: $3000
  • Terms: Vary by state.
  • Rates and fees: 261% to 782% APR
  • Turnaround Time: 1 business day
  • Payday Loans
  • Online Payday Loans
  • Title Loans
  • Installment Loans
  • Online Installment Loans
  • Line of Credit
  • Flex Loans
  • Other Services
  • Check Cashing
  • Bill Pay
  • Western Union 
  • U.S. Money Card
  • Cell Phone Top-Ups
  • Sell Us Your Gift Cards For Cash
  • Active checking account open for 90+ days
  • US citizen or permanent resident
  • Personal and work phone number
  • Valid email address
  • 21+ years old (19+ in Alabama)
  • Social Security number (for Indiana residents only)
  • You can get even as low as $50.
  • Quick funding on the next business day.
  • Money can be used for any personal needs.
  • Not available in every state.
  • APR can be more than 153.73% depending on your state.
  • High late payment fees.



Jora Credit offers Installment Loans and Lines of Credit.

  • MIN Loan Amount: $500
  • MAX Loan Amount: $2600
  • Terms: 24 months
  • Rates and fees: 170% - 349% APR
  • Turnaround Time: 1 business day
  • Installment Loans
  • Line of Credit
  • You reside in a state we currently serve.
  • You are at least 18 years old (19 if residing in AL).
  • You have a job or other proven source of income.
  • You have a valid e-mail address.
  • You have an active and valid checking account.
  • Simple - it’s easy to apply right from your phone, laptop or tablet – anywhere, anytime.
  • Secure - сomplete the secure online application, find out how much you can be approved for.
  • Fast - accept your loan by 10:30am Central time and you can get your funds on the same day.
  • Helpful - with Jora, you’ll have helpful tools to increase your earnings and maximize your career.
  •  Not available in all US states. 
  •  At 349%, highest rate of APR is not too dissimilar to a Payday loan.



Loan By Phone offers Payday Loans, Installment Loans and Line of Credit.

  • MIN Loan Amount: $100
  • MAX Loan Amount: $3000
  • Terms: Varied
  • Rates and fees: Vary by state
  • Turnaround Time: 1 business day
  • Payday Loans
  • Installment Loans
  • Line of Credit
  • 21 years of age
  • Social Security Number
  • Proof of Income (from your job, pension, welfare, or other source)
  • Valid email address
  • Active checking account (open for at least 90 days)
  • Current cell/home and work phone number
  • All loan applications and requests are guaranteed confidential and all transactions are governed in accordance with the laws of your state of residence.
  • Flexible repayment.
  • Available in most states.
  • High interest rates.
  • If you don't pay back on time your data may be sold to third parties.



The main difference between Spotloan and a typical payday lender is that Spotloan offers longer repayment terms while most payday lenders want their money back within a couple of weeks. Spotloan as well as other Payday Loan lenders offer small, short-term loans with high interest rates. It offers loans between $300 and $800 at 450% APR. That is over 12 times more expensive than the highest rate most personal loan providers charge. Luckily, the company doesn’t charge hidden or prepayment fees, so you won’t be penalized if you pay your loan off early, but this may not be an option for everyone.

Choosing an Installment Loan provider take these details into account. Or apply now to get the best offers from our 300+ partners.

Is Spotloan Legit?

Spotloan is a legitimate short-term, high-interest loan service operated by BlueChip Financial, which is an entity of the Turtle Mountain Band of Chippewa Indians in North Dakota.

However, there are several considerations you should keep in mind:

  1. High Interest Rates. Spotloan, like many short-term lenders, often charges high interest rates. These rates can be significantly higher than those offered by traditional banks or credit unions.
  2. Lending Terms. Always be sure to read the full terms and conditions of any loan. Understand the repayment terms, any fees associated with the loan, and what happens if you cannot make a payment.
  3. Reviews and Complaints. It's a good idea to check reviews and any complaints about Spotloan or any other lender. The Better Business Bureau (BBB), Consumer Financial Protection Bureau (CFPB), and other online review sites can provide insights into customer experiences and any potential issues.
  4. Legal and Regulatory Considerations. Since Spotloan is affiliated with a tribal entity, it may assert that it is only subject to tribal laws and not state laws. This can affect your rights as a borrower. Always be sure you understand the legal implications of any loan agreement you enter.
  5. Responsible Borrowing. Only borrow what you can afford to pay back. Short-term loans can be helpful in an emergency, but they can also lead to a cycle of debt if not managed properly.

In summary, while Spotloan is a legitimate lender, it's essential to approach any high-interest, short-term loan with caution and a thorough understanding of the terms.

Spotloan Credit Requirements

  • Spotloan, like many short-term lenders, tends to have more lenient credit requirements than traditional banks or credit unions. This is because their products are designed for individuals who may not qualify for conventional loans due to poor or limited credit histories.
  • Spotloan might not require a specific minimum credit score. This means even individuals with poor credit could potentially be approved. However, they will likely check your credit as part of their decision-making process.
  • Spotloan will generally want to see proof of consistent income. This assures them that you have a way to pay back the loan.
  • A valid checking account may be required. The reason for this is twofold: it allows Spotloan to deposit funds directly into your account, and it provides a way for them to set up automatic payments for loan repayment.
  • There could be other requirements or checks that Spotloan uses to determine eligibility. This might include reviewing any outstanding loans or debts, verifying employment, or other criteria to assess your financial stability.
  • Spotloan operates under the sovereignty of the Turtle Mountain Band of Chippewa Indians, a federally recognized Indian Tribe. Because of this, they may assert that they are only subject to tribal laws, which could affect loan terms and regulations.

Spotloan Customer Service

When considering the customer service of any company, reviews can offer valuable insight into the experiences of past and current customers.

As with many lenders, especially those in the short-term loan sector, Spotloan reviews can be mixed. Some customers have praised the company for its fast approval and disbursement process, while others have raised concerns about high interest rates, communication issues, and other aspects of the borrowing experience.

One common theme among negative reviews tends to be the high interest rates associated with Spotloan's products. This is not unique to Spotloan; many short-term lenders charge high interest rates. However, some customers may not fully understand or anticipate the cost associated with such rates, leading to dissatisfaction.

On the positive side, customers have mentioned that Spotloan can be a useful resource when faced with financial emergencies, especially for those who might not qualify for traditional bank loans due to credit issues.

Websites like the Better Business Bureau (BBB), Trustpilot, and other online review platforms can provide more up-to-date and specific reviews on Spotloan's customer service and overall lending experience.

Bottom Line

In conclusion, Spotloan offers a legitimate short-term lending solution, especially for those with limited credit options. However, its high interest rates and mixed customer reviews mean it may not be the best fit for everyone. Before deciding, individuals should weigh the immediate benefits against the long-term costs and consider all available financial alternatives.