Is spot a loan legit?

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Spotloan is an online loan company owned by BlueChip Financial, a tribal lender that offers short-term personal loans with fixed payments. Spotloan offers loan amounts that range from $300 to $800 with repayment terms of up to 10 months.

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Consequently, can I pay off Spotloan early?

You always have the freedom to pay off your Spotloan at any time with absolutely no prepayment penalty. … That’s because Spotloans are installment loans and not payday loans. With Spotloan, you pick your loan amount and payment size. After that, you can decide to make regular scheduled payments or pay the loan off early.

Additionally, does Cash app let you borrow money? Does Cash App Let You Borrow Money? Yes, Cash App lets you borrow money. However, it’s still in a testing phase, not available to everyone and limited to loans of $20 to $200. … But carrying a balance so long can add up — Cash App charges a 5% flat fee to borrow, plus another 1.25% per week after the grace period.

Also know, does Spotloan go on your credit report?

Spotloan does, however, report back to credit reporting agencies on your loan payment performance. Not paying your loan back according to the agreed-upon payment plan can negatively impact your credit score.

How can I get a loan if I can’t get money?

Using a credit card, getting a payday alternative loan from a credit union, or borrowing from family or friends are all options if you’re not able to get cash through a personal loan. These options aren’t perfect: Credit cards can have high interest rates, and getting loans from family can be risky.

6 Related Question Answers Found

How long does a Spotloan deposit take?

Deposits will be received within the same day if applicants accept their loan terms before 10 a.m. Spotloan deposits usually arrive within 24 hours, but can take one to two business days.

Is there an app that loans you money?

Cash advance apps are one-time options for emergency cash, but you may have cheaper alternatives. Cash advance apps like Earnin, Dave and Brigit let you borrow a small amount from your next paycheck before you receive it.

What credit score do you need for Spotloan?

640

Where can I borrow money fast?

  • Banks. Taking out a personal loan from a bank can seem like an attractive option. …
  • Credit unions. A personal loan from a credit union might be a better option than a personal loan from a bank. …
  • Online lenders. …
  • Payday lenders. …
  • Pawn shops. …
  • Cash advance from a credit card. …
  • Family and friends. …
  • 401(k) retirement account.

Which state can apply for Spotloan?

Spotloans are currently available to residents of all states except Arkansas, Connecticut, District of Columbia, Illinois, Maryland, Minnesota, New York, North Dakota, Pennsylvania, Vermont, Virginia, and West Virginia. Our maximum Annual Percentage Rate (APR) is 490%.

Who is Spotloan affiliated with?

BlueChip Financial

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