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.
Similarly one may ask, can I go to jail for not paying a loan?
You can’t be arrested for debt just because you’re behind on payments. No creditor of consumer debt — including credit cards, medical debt, a payday loan, mortgage or student loans — can force you to be arrested, jailed or put in any kind of court-ordered community service.
In respect to this, can you go to jail for not paying online loan?
The Consumer Financial Protection Bureau, which is responsible for regulating payday lending at the federal level says “No, you cannot be arrested for defaulting on a payday loan”. A court can only order jail time for criminal offenses in the US, and failure to repay debt is not a criminal offense.
Can you have two spot loans?
You can have more than one personal loan with some lenders or you can have multiple personal loans across different lenders. You’re generally more likely to be blocked from getting multiple loans by the lender than the law. Lenders may limit the number of loans — or total amount of money — they’ll give you.
Does Spotloan do a hard inquiry?
When you apply for a Spotloan, we do a soft inquiry, so it won’t lower your credit score. Also, Spotloan reports back to credit reporting agencies on your loan payment performance. … * When you apply for a mortgage, car loan, credit card, business loan, or other major credit line, the lender typically does a hard pull.
How do I pay off Spotloan?
Spotloans are short-term installment loans, which means you pay back your loan over time. You choose how long you want to pay the loan back – anywhere from three to ten months. Plus, you can pay your loan off early with no prepayment penalties.
How long does it take for Spotloan to deposit?
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 MoneyLion legit?
Yes, MoneyLion is a legit and legal banking service/ company that utilizes a secure website and MoneyLion app. When you sign up, you may need to sign in to your bank account using a secure mobile process.
Is Spotloan a payday loan?
Spotloan was founded in 2012 and offers payday loans to people with no credit or bad credit. It is owned by BlueChip Financial, which is owned by the Turtle Mountain Band of Chippewa Indians of North Dakota. It is a direct lender, offering installment loans from $300–$800, for a maximum loan term of 10 months.
What app will spot you money?
1. Earnin: Best for low fees. Earnin is a paycheck advance app that tracks your hours worked — using either a timesheet or by tracking your location — and lets you borrow money you’ve earned. The app also has a feature that notifies you when your bank account balance is low and a feature that will top it off for a fee.
What bank is cash App?
What credit score is needed for Spotloan?
What happens if you dont pay Spotloan?
You always have the freedom to pay off your Spotloan at any time with absolutely no prepayment penalty. No questions asked, and no prepayment penalties, ever. That’s because Spotloans are installment loans and not payday loans. … Whatever you choose, we’ll work with you to keep you and your loan on track.