Spotloan Reviews

Insider Insights: Spotloan Reviews Explored

In 2024, when the expenses are as high as the sky, we often face emergency financial problems and move toward the loan, but it takes a couple of days to be approved!

In this situation, Spotloan can be a great solution that offers you a small personal loan in just a short time, but what exactly is this loan? 

Let’s look at its features and Spotloan Reviews that might be helpful for you while making the decision to apply for the loan.

What is Spotloan?

Spotloan is an online loan company that’s run by BlueChip Financial, an indigenous lender that offers personal loans ranging from $300 to $800 with fixed repayment terms for shorter amounts of time.

Spotloans are short-term installment loans that have a fixed term. If you have 10 or more loans and are considered a preferred borrower, you can receive up to $1500 or up to $800 if you are a new or repeated borrower.

As long as you accept your loan terms before 11:30 a.m., you’ll be able to receive your cash the same day if you’re approved. During Monday through Friday (12:30 p.m. ET and 9:30 a.m. PT), there will be CT time.

By confirming your loan on the weekend (Saturday or Sunday), the funds will be available by the end of the next business day. Starting from the beginning, you have up to 10 months to pay off your loan, making you ready for success.

In case your loan application is approved, the funds can be deposited into your bank account either on the same day or on the next business day. It’s important to remember that depending on your bank, there may be a delay before you can access your cash.

Also Read: Coffee Break Loans Review: Coffee Break Loans Safe?

Is Spotloan Safe and legit?

Spotloan’s tribal ownership base in North Dakota means it is exempt from following federal or state laws like the interest rate limit.

In 2012, Bluechip Financial was established, and it has been in business for 12 years with approximately 57 employees. Their strong recommendation rating on the SuperMoney community indicates that they are a highly reputable company.

Spotloan has legal operations, but their interest rates are extremely high.

What Spotloan offers

  • Spotloan provides a fixed-interest personal loan product that can be repaid at a maximum of 490% APR.
  • With a Spotloan, you have the option to determine the length of time you want to repay the loan. 
  • Spotloan offers repayments that can last up to ten months.
  • In ten minutes or less, you can apply online, and if you’re approved, you can get up to $800.
  • After completing your first loan with Spotloan, you will receive a better rate on your next loan.
  • Their customer service agents are highly trained to assist you every step of the way.

How to Apply for Spotloan

First, you have to fill out an online application on to apply for a loan from Spotloan. To apply, you must be 18 or older, have a valid job or other steady source of income, and have an email address, phone number, and bank account.

The following information is required to complete your application:

Full Name[Your full name]
Address[Your full address]
Date of Birth[Your date of birth]
Social Security Number[Your Social Security number]
Length of Time at Residence[Length of time at current residence]
Phone Number[Your phone number]
Email Address[Your email address]
Employer’s Name/Address[Your employer’s name and address]
Bank Account Details[Your bank account details]

Spotloan Reviews

Spotloan has been rated by the Better Business Bureau at 1.45/5 stars.

The company’s average rating is 4.4, and it has received over 22,000 Spotloan Reviews on Trustpilot.

Trustpilot allows companies to manually invite customers to write reviews, so it’s important to keep this in mind. This allows companies to select customers who have had a positive experience, which offsets organic negative reviews.

Many of their negative reviews mention that Spotloan’s fees are too high.

Also Read: Coffee Break Loans Review: Coffee Break Loans Safe?

Spotloan PROS & CONS of Spotloan


  • Simple application process
  • $0 prepayment fee.
  • Loan options with a $0 origination fee.
  • Apply for prequalification without affecting your credit scores
  • Funding is available within 1 business day.


  • Not available in all states
  • APRs as high as 490%.
  • Short loan terms (maximum of 10 months).
  • Small loan amounts (maximum of $800).
  • Does not offer pre-approval with a soft credit pull.
  • No co-signing option.

Alternatives to Spot Loans

Spotloan Reviews

If a spot loan doesn’t suit your financial situation even after Spotloan Reviews, don’t despair: There are other short-term financing options available.

Think about getting an unsecured personal loan with a co-signer. Small to moderately-sized installment loans, known as unsecured personal loans, don’t require collateral and can be used to cover a variety of expenses. If lenders are hesitant to offer you a personal loan due to low credit scores, limited income, or excessive debt, a co-signer can come in.

If you fail to make a payment or default, your co-signers will be legally responsible for your debt. By having a co-signer with good credit scores and a good credit history, the risk can be decreased. If a loan payment is not made on time, a lender will lose money. Having a co-signer can make lenders more likely to approve your loan application.

Yes, Spotloan Personal Loans transmits information about your account to a variety of credit reporting agencies:

  • Equifax
  • Experian
  • Clarity Services

Your financial responsibility can be demonstrated, and your credit may be improved by making regular, on-time payments to a creditor who reports to one or more credit bureaus.

When you apply for a Spotloan, they conduct a soft inquiry that doesn’t affect your credit score. Spotloan also provides credit reporting agencies with information on your loan payment performance.

Spotloan’s short-term loan application process only involves a soft credit pull, and your repayment performance will be reported to the major credit bureaus.

MoneyLion is a legitimate company located in New York City that has been providing cash advances since 2018. The app is rated 4.5 stars by over 100,000 users on Google Play and 4.7 stars by over 110,000 users on the Apple Store.



Hello, my name is Jennifer, and I’m a freelance writer.
Having worked in finance for the last 7 years, I founded, a blog that provides expert advice and insights on loan finance. I create high-quality content to promote financial literacy and consumer rights.

Similar Posts

Leave a Reply

Your email address will not be published. Required fields are marked *