NorthWestern Financial Review


Spotloan Overall rating: ★★☆☆☆ 1.5 based on 6 reviews.
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Online Payday Personal Consumer Loans up to $5,000

Easy Application, Fast Processing, Quick Approval, Any Credit Score

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Spotloan is an online service that claims to be an “excellent payday loan alternative”. They offer small-dollar, short-term, high-interest installment loans. Unlike most payday lenders, Spotloan allows their clients to repay their loans in several payments. The company still charges high rates that are similar to payday loans. Spotloan is not licensed because they claim to be a subsidiary of BlueChip Financial, a tribally-owned direct lender founded in 2012 and based in Belcourt, ND.

Company name Spotloan
Founded 2012
Address PO Box 720, Belcourt, ND 58316
Phone number
(888) 681-6811
spotloan site


  • Fully online experience
  • Easy application
  • Fast funding
  • Can repay loan over months
  • Small loan amounts
  • No prepayment penalties
  • Bad credit is ok
  • No origination fee
  • Several payment options
  • Prequalification does not affect your credit scores
  • Educational resources


  • Not available in all states
  • Excessively high interest rates
  • Large loan amounts not available
  • Poor customer service and communication practices
  • Ignores federal and state protections for consumers due to tribal ownership

Bottom line

If you find yourself in a difficul situation that requires emergency expenses, a small-dollar installment loan from Spotloan could be a nice option rather than using a traditional payday loan which would have a shorter payment schedule. This company is also suitable if you have poor credit or zero credit. If you have good credit or want a larger loan amount, we suppose you can find a cheaper loan before you borrow from this lender.

Types of loans

The lender offers unique short-term installment loans that differ from traditional payday loans that are repaid in one lump sum on the day you get paid. They offer installment loans lasting from 3 to 10 months. Payment schedules usually require bi-weekly payments. Loans can be anything up between $300 and $800. The maximum APR is 490%.

Eligibility criteria

Here are the Spotloan borrower requirements:

  1. Be a US citizen or permanent US resident;
  2. Have a stable income;
  3. Have a valid personal bank account;
  4. Have a phone number and email address;
  5. Be 18 years old or above;
  6. Provide proof of identity (SSN).

Category: Online Loans

Tags: 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, South Carolina, South Dakota, Tennessee, Texas, Utah, Washington, Wisconsin, Wyoming

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Spotloan Reviews

Do not, I repeat, do NOT get a loan through Spotloan. I must not have been paying any attention or was way too desperate, because I have a $500 with a 490% APR. Yes, you read that correctly. My interest rate is higher than even those that were involved with their predatory interest rate lawsuit back in 2019-2020. I called to settle the debt with them today because I'm currently out of work and they were hateful. They told me I didn't have the option to settle because I haven't payed enough into it and that most people who get the option to settle pay at least 10-11 payments before they can do that. Sounds like an excuse to rack up interest then make the customer settle at the original price of the loan, right? I needed money badly too. Trust me. But if you're reading and actively paying attention to anything I've wrote so far, DO NOT ACCEPT OR EVEN APPLY TO THIS LOAN.
- Geoff M.

The cost of my loan was sky high. Worst experience ever! Please use it as a very last resort due to high interest. I’m not sure it is legal to charge this much interest.
- Terri Gile

Very easy to get a loan, payments are easy too, and the company helps you solve any issues until the end of your loan. Use Spotloan products when in need only as interest rates are still high.
- Thomas Nelson

I took a loan and repaid it in full on 3, January, 2022, before the due date. now they are saying that I owe $410 more on the loan with no explanation. I think it is illegal!!!
- Michelle Tucker

Spotloan is a real shark that takes advantage of vulnerable people. I have already paid $882 on a $600 loan!! And yet my balance is $579 – just $20 less than what I initially borrowed! Stay away from them!
- Anna Este

I took out a loan in December of 2021 for $400 and so far I have paid $902. That’s ridiculous!!! And I still own them money! I would like to be done with this. I will never get another loan with Spotloan.
- Marvin Minor

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