Spotloan Review
Line of Credit from $300 to $800
Fast approval • Secure application • No commitment
Spotloan at a Glance
About Spotloan
Founded in 2012 and operated by BlueChip Financial LLC (a tribal lender based in Michigan), Spotloan offers online lines of credit ranging from $300 to $800 to borrowers across the United States. As a tribal lender operating under the sovereignty of Native American tribes, Spotloan is not subject to state lending laws, allowing them to operate in all 50 states and offer products in states where payday lending is otherwise banned.
Unlike traditional payday loans that require full repayment in 2-4 weeks, Spotloan provides a revolving line of credit with repayment terms of 3-10 months. Borrowers make automatic bi-weekly payments that reduce the principal balance over time. This installment structure makes Spotloan more manageable than lump-sum payday loans, especially for borrowers who can't afford to repay $500+ in a single payment.
Spotloan's application process is entirely online and takes about 10 minutes. Approval decisions are typically made within 1 hour, and approved funds are deposited into your bank account within 1 business day (same day if approved early). There's no credit score requirement—Spotloan focuses on your income and ability to make bi-weekly payments. First-time borrowers are welcome, and bad credit won't automatically disqualify you.
With a 7.4/10 rating and 32% approval rate, Spotloan appeals to borrowers who need small amounts quickly and appreciate the installment flexibility. However, their APRs range from 390-590%, which is significantly higher than traditional installment loans from banks (6-36% APR). A $800 loan at 490% APR repaid over 6 months would cost approximately $750 in interest—nearly doubling the borrowed amount. Spotloan is best suited for short-term emergencies when you've been declined by state-licensed lenders and need more time to repay than a traditional payday loan allows.
Expert Opinion: Recommended with Caution
Spotloan is a viable option for borrowers who live in states where payday lending is banned and need $300-$800 with more time to repay than a traditional 2-week payday loan allows. The bi-weekly installment structure (3-10 months) is significantly more manageable than lump-sum payday loans, reducing the risk of rolling over debt. However, Spotloan's 390-590% APRs are still extremely expensive—you'll pay nearly double the borrowed amount in interest over 6 months. As a tribal lender, Spotloan operates with limited state oversight, which means fewer consumer protections if disputes arise. We recommend Spotloan only if you've been declined by state-licensed lenders like MoneyLion, Possible Finance, or OppFi, and you need more flexibility than a traditional payday loan. Before using Spotloan, exhaust cheaper alternatives: credit union payday alternative loans (28% APR), payment plans with creditors, cash advance apps (Earnin, Dave—0% APR), or family loans. If you do use Spotloan, borrow the minimum needed, set up automatic payments to avoid late fees, and pay off the balance as quickly as possible to minimize interest costs.
Example Loan Cost
Representative example of a typical Spotloan loan:
*This is a representative example only. Your actual APR and costs will depend on your credit profile, loan amount, and state regulations. Always review your loan agreement before accepting.
Pros & Cons of Spotloan
Advantages
- ✓ Available in all 50 states (including states where payday lending is banned)
- ✓ Installment repayment over 3-10 months (vs. 2-4 weeks for payday loans)
- ✓ No credit score requirement—accepts first-time borrowers and bad credit
- ✓ Fast approval within 1 hour with same-day funding if approved early
- ✓ No prepayment penalty—pay off early to save on interest costs
- ✓ Revolving line of credit—borrow again after paying down balance without reapplying
- ✓ Automatic bi-weekly payments align with most paychecks
- ✓ 100% online application—no store visits or phone calls required
Disadvantages
- ✗ Very high APR range (390-590%)—nearly 10x higher than traditional personal loans
- ✗ Tribal lender status means limited state regulatory oversight and consumer protections
- ✗ Low maximum loan amount ($800) compared to other installment lenders ($5,000+)
- ✗ 32% approval rate is lower than mainstream lenders like MoneyLion (55%)
- ✗ Does not report to credit bureaus—no credit-building benefit for on-time payments
- ✗ Automatic bi-weekly debits can cause overdrafts if funds are insufficient
- ✗ Late payment fees and returned payment fees add to already high costs
How to Apply for a Spotloan Loan
Start Your Application
Visit Spotloan's website or use our comparison tool to submit your application. You'll need basic personal information, employment details, and bank account information.
Get Approved
Spotloan will review your application and make a lending decision within 24 hours. You'll receive notification via email or SMS.
Review & Accept
Carefully review the loan terms, including APR, fees, repayment schedule, and total cost. Only accept if you understand and agree to all terms.
Receive Funds
Once you accept the loan, Spotloan will deposit funds directly into your bank account. Funds typically arrive within 24 to 48 hours.
Frequently Asked Questions
How do I apply for a Spotloan line of credit?
Visit spotloan.com and complete the 10-minute online application. You'll need to provide your name, address, Social Security number, employer information, monthly income, and bank account details. Spotloan will verify your employment and income but does not require document uploads. Most applicants receive a decision within 1 hour. If approved, review your credit line terms showing the maximum amount, APR, and bi-weekly payment schedule. E-sign the agreement and funds will be deposited via direct deposit within 1 business day, often the same day if approved before noon.
What are the requirements to qualify for Spotloan?
You must be at least 18 years old, have a regular source of income of at least $800/month after taxes, maintain an active checking account that's been open for at least 30 days, provide a valid email address and phone number, and be a U.S. citizen or permanent resident. Spotloan does not require a minimum credit score and accepts first-time borrowers. However, they will verify your income and bank account as part of the approval process. Having a history of overdrafts, recent bankruptcies, or outstanding payday loans with other lenders may reduce your approval odds.
How fast can I get money from Spotloan?
Spotloan typically approves applications within 1 hour during business hours. Once approved and you accept the line of credit terms, funds are deposited via ACH direct deposit within 1 business day. If you're approved before noon Eastern Time, you may receive same-day funding. However, your bank's processing time may add an additional 1-2 business days. Spotloan does not offer instant funding to debit cards—only standard ACH transfers are available.
What is the APR for Spotloan loans?
Spotloan's APR ranges from 390% to 590% depending on your state of residence and credit profile. For example, a $800 loan at 490% APR repaid over 6 months (13 bi-weekly payments of approximately $115 each) would have a total repayment of about $1,500, meaning you pay $700 in interest on a $800 loan. These APRs are extremely high because Spotloan is a tribal lender not bound by state usury caps. While higher than payday loans in some states (300-400%), Spotloan's longer repayment terms make individual payments more manageable.
Can I get a Spotloan with bad credit?
Yes, Spotloan accepts borrowers with bad credit, no credit history, or past bankruptcies. They focus primarily on your income and ability to make bi-weekly payments rather than your credit score. Spotloan performs a soft credit inquiry that doesn't affect your credit score during the approval process. However, having bad credit may result in higher APRs (closer to 590%) and smaller initial credit lines ($300-$500 instead of the full $800). After demonstrating on-time payments, you may become eligible for credit line increases.
Is Spotloan a direct lender or broker?
Spotloan is a direct lender operated by BlueChip Financial LLC, a tribal lending entity. They fund loans with their own capital and make all lending decisions in-house. As a tribal lender, Spotloan operates under the sovereignty of a Native American tribe, which means they are not subject to state lending regulations but are governed by tribal law and federal oversight. This allows them to offer loans in states where traditional payday lending is prohibited.
Does Spotloan charge any fees besides interest?
Spotloan's primary cost is the APR-based interest on your outstanding balance. There are no origination fees, application fees, or prepayment penalties. However, late payments incur a fee (typically $25-$35 depending on state), and returned payment fees (NSF charges) apply if your bank account has insufficient funds when Spotloan attempts to debit your payment ($25-$35). To avoid these fees, ensure your bank account has sufficient funds on each bi-weekly payment date, or pay off your balance early to eliminate future interest charges.
What states does Spotloan operate in?
As a tribal lender, Spotloan is available in all 50 U.S. states and Washington D.C., including states like New York, Pennsylvania, Connecticut, and Arizona where traditional payday lending is banned or severely restricted. However, loan amounts, APRs, and terms may vary slightly by state due to tribal lending agreements and federal regulations. Some states may cap loan amounts at $500 instead of $800.
Alternatives to Spotloan
While Spotloan is a solid choice, you may also want to consider these alternatives:
- → Credit Union Payday Alternative Loans (PALs) – Lower APRs (28% max) but slower approval
- → Installment Loans – Longer terms (6-24 months) with smaller monthly payments
- → Cash Advance Apps – $50-$250 advances with low/no fees (Earnin, Dave, Brigit)
- → Compare Other Lenders – See all 30 lenders in our network
Ready to Apply with Spotloan?
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High-Cost Loan Warning: Spotloan loans have APRs ranging from 390% to 590%, which is significantly higher than traditional bank loans. These loans are intended for short-term financial needs only and can be expensive if not repaid quickly.
Responsible Borrowing: Only borrow what you can afford to repay on time. Late or missed payments can result in additional fees, collection actions, and damage to your credit score.
Editorial Independence: Credizen.net is a comparison service. We may earn a commission when you click on lender links or apply for a loan through our platform. All reviews and ratings are based on publicly available data and user feedback. Spotloan has not influenced this review.
Emergency Financial Help
If you're experiencing financial difficulties, contact your local financial counseling service.
- South Africa: National Credit Regulator - 0860 627 627
- Romania: ANPC - 0213142200
- Colombia: Superintendencia Financiera - (571) 594 2222
- Poland: KNF - 22 262 5000