Looking for a cash advance online? Here are some alternatives, with 0% interest.
Is Spotloan legit?
You know the feeling. You’re all set to make it to payday. Then you’re hit with an unexpected expense. A medical bill. A broken-down car. It ain’t fun.
So you’re frantically googling “I need $100 now.” This is where loan companies, payday lenders and cash advance apps come in.
Despite how stressed you might be, it’s always important to do some thorough research into a company before taking their money.
(If you're a bit nervous about the payday loan thing, we'll mention that you can get up to a $100 spot from Cleo. Eligibility requirements apply, but there's no credit checks or interest.)
What is Spotloan?
Spotloan is an online loan company owned by BlueChip Financial. It offers short-term personal loans with fixed payments.
The company is headquartered in Belcourt, North Dakota.
Spotloan’s website states that it offers 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.
The company offers up to ten months repayment.
You can apply online in ten minutes or less. If you are approved, you can get up to $800.
An important detail:
Spotloan’s 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.
So for example, 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, a total payback of $1,375.
Is Spotloan safe and legit?
Spotloan is a tribally-owned entity based in North Dakota. This means it doesn’t have to follow federal or state laws like North Dakota’s interest rate limit.
So while Spotloan are practicing legally, their interest rates are exceptionally high.
Does Spotloan report to credit bureaus?
Yes. On its website, Spotloan states:
“Spotloan reports back to credit reporting agencies on your loan payment performance. So, if you don’t pay your loan back according to your loan terms, it could negatively affect your credit score.”
The company also has over 22,000 reviews on Trustpilot. Their average rating is 4.4.
However, one thing to note is that Trustpilot allows companies manually to invite customers to write reviews. This means that companies can select customers who have had a positive experience, offsetting organic negative reviews.
Of their negative reviews, many complain that Spotloan’s fees are too high.
Alternatives to Spotloan
The Cleo app can spot you up to $100 (eligibility requirements apply) with no interest, no credit checks or employment verification needed.
This means if you borrow $100, you pay back $100.
Or if you’re looking to shop around for a cash advance with low-interest rates, there are plenty of options out there. We’ve made a list of our top 5 here.
This time we're talking to Chloe, who is all of the above. Chloe is a fellow coffee fiend and does virtual improv comedy classes to get through isolation. Hobbies? 10/10, but let's see how her spending ranks.