Spotloan
Reviews and Complaints

Business charges a huge excessive amount of interest on loans and excessive amount on early payoffs and will not accept the amount qouted for payoff on the day qouted for payoff they will give you a payoff date 4 or 5 days out later. Your forced to pay when they want you to not when you want to. and there system will go down. It'll probably be more more money when I can pay I now have to wait for a call back if I even receive it This is a bad for business predatory lender.}

This is an abusive and exploitative lender. For a $600 loan, on 3/23, in under 90 days, I repaid $1375. My checking account shows they were paid 3 days ago, yet the lender still shows my account status as 'processing'. Had I not paid off this loan, I would be required to continue paying $300 a month, of which only $50 would be applied to the principal each time. This was a depressing, exhausting experience I will never repeat under any circumstances. Try Cashnet, very reasonable rates and honest.

Have used Spotloan more than once and have had great experiences with customer service. During COVID they suspended their interest rates for several months and have always been there to help when I needed to delay a payment due to an emergency. One thing that helps to avoid the high interest rates is to make double payments whenever you can and the website gives you the easy opportunity to set those up. Paying double payments once or twice during your loan can drastically change how long/amount of total loan. I love using them when Im in a bind!

I got got the loan so I could get a new futon before my paycheck came through because my futton was cheap and like hollow metal and stuff, so I got a loan through spotloan. Once my paycheck came through I called them and since I was paying it off so early I didn't have to pay any of the interest and I'm getting my futon a day early. (I know it sounds silly to take out a loan for a day but I hope no where to sleep so... :c ) Anywho, being able to pay it off early with no interest was awesome for me! Thanks guys, I will be back if I need help in the future.

FRAUD alert. I have a loan with them that was nearing the end. I had two more months to go. Me being a responsible adult wanted to pay OFF the loan and be done with that monthly bill. I set up a final pay off amount and then received an email with the final amount listed and an additional 2 payments for 2 MORE months- WHY? I have never been late- money has always gone through for the monthly payments from my bank. There is NO reason for them to have extra of my money. I shouldn't be penalized for paying off a loan! You have your money- leave me be. Very rude!

I got a loan from *** I was very excited that they excepted my poor credit after I receive the loan I lost my job and couldnt pay the payments they were persistent in collection efforts and really tried to assist me, however I called today to pay the loan out in it entirety payment and they refused to give me a confirmation number that my payment was received. In addition the agent was very rude and condescending almost like he didnt have any patience, nor was he interested in assisting me to receive this confirmation number. I even said I will never alone with you guys again and his response was OK

This place is a scam and will run you for all your money. They are not here to help and only look to take advantage of people's desperation. They run ridiculously high rates each time I made a payment I came back and the remaining balance was never reducing. I borrow 800 but I already own over 1600 and I know I've already paid a nice lump sum to them already. AVOID THIS PLACE WITH ALL YOUR MIGHT. SEARCH FOR BETTER OPTIONS. I've paid more money than I owe! The customer service is also not here to help you. This place deserves 0 stars and needs to be shut down for their ethics and practice. Signed struggling 28 yo recent graduated

I used to think they were good but during this pandemic they have been terrible. We all know that money is scarce right now with the expiration of CARES and still many closures. Spotloan did not bother to remind us of an upcoming payment, I guesstimated that it would be around now and contacted them, as their taking of a big sum close to $200 takes away our ability to buy food. They took it anyway and as a "courtesy" took away interest for 60 days. Paltry little interest that does zero for the situation at hand. My family suffers while they line their pockets. I hope they burn in hell, everyone from the CEO down to the mail clerk. Stay AWAY from them, THIEVES.

I tried to pay my loan in full. I have one of my two monthly payments due tomorrow. I was informed that I can not pay it off today, that I have to wait until they get their $99 payment tomorrow, because they consider tomorrow a pending payment. So all they are wanting is to get an extra $99 plus the full payoff tomorrow. Their payment is not due until after midnight tonight, but they still will not let me pay off the loan today. So I consider this a very *** not allowing the customers to pay in full, because they want more money first. I would not recommend this company to my worst enemy. Plus their customer service are all foreign so it is hard to understand their English.

I needed money for food. I did not catch it they were charging me 400% interest and I am on lowincome. I just paid in 2 weeks back 250 but the way they are going it will take me two more pay days to get this paid. I caught how much they were charging me per payday and then the total cost. Highway robbery never been caught like this in my life. I borrowed 400 and they want *** something back. I am not rich at all I am poor. Thanks a lot I did not catch that till a email showed up after I went to get food too late to cancel it. Never again will I be took when I am already struggling to get food gas pay my bills which are all higher you are taking advantage of people in need of money. I do not mind a little more but this is outrageous.

This is a dirty business and I warn anyone from dealing with them. Sell your children or pets to avoid dealing with these people, just kidding. Anyway, I borrowed 600 dollars and had some issues but had a payment agreement to pay them off in installments. I had one installment of 100 left and they processed it before the specified day, they did that multiple times and never took responsibility by repaying overdraft fees. Anyway, I was so incensed that I basically told them to "kick rocks" and three years later they put an entry on my credit report of 1400+ dollars. I am not going to go into details but I am now going through the attorney general of the state I lived in and have also enlisted the help of a law firm to deal with these crooks. STAY AWAY.

I took out a loan on August 18th which was to end on June 3rd 2022. I missed payments on September 10th and 24th but made a double payment on my October 8th due date which should have taken care of one of the missed payments which would have left me one payment behind, but it absolutely did not, but immediately after my first missed payment they added on another 3 months worth of payments at *** every 2 weeks! Thats another *** plus! All other payments were on time except for February 25th was paid a little late. Its bad enough that Im already paying *** back on a 500 dollar loan without an additional 450 dollars being added bringing my total to *** on a 500 dollar loan! I truly believe they are exceeding the amount of interest they are allowed to charge. Never ever ever borrow from Spot loan, they are greedy and just rip you off and keep adding money to your loan. I wouldnt even give this place 1 star if I had the choice. Most definitely a predatory lender. Needs to be shut down. Get your loans from opp loans, advance loans or fig loans or even speedy loans. Spot loans is nothing but a nightmare.

I have taken a loan on 3/13/2023 of $1200.00. I have been paying $195.18 two times a month and balance went down only by $11, then $19. I had a hardship where I was unable to pay $195.18 in May, so I paid a minimum of $50. After that my balance went up to 1320.01. On May 24 I started paying $195.18 again and spotloan only kept taking $15 out. I know intrest rate is high but its ridiculous that they take 195.18 two times a month and only $15 goes down from the remaining balance. After looking through all my spotloan emails and calculated how much I have been paying my remaining balance is now 1401.34. I don't understand why is this the remaining balance. I will never pay off this loan because they keep raising my balance higher and higher!

Against Spotloan #[protected]. due for Jun plus 7 more payments for $103.69 I accepted a loan for $300.00 in Dec. 2022 and had no idea I would still be paying for it until Dec. 2024, until recently, I was not sent the breakdown until earlier this month and I am on a fixed income and paid back my loan amount for eight months. Asked to rewrite the loan or reduce interest paid. It is far more than I borrowed. No response to my request. Company address p.o. box 720, Belcourt N. D 58316.

.I have been paying on a loan from them faithfully. I contacted them today, becuase today was my last final payment. With my adjustments my last payment was supposed to be Jan 5, 2021 in the amount of $111.60. I talked to a representative in January excited about my last payment and I was told that when I made the adjustment I was a couple of payments behind and my end date to pay was February 15 and the amount was not 111.60 but would be somewhere like 125 and change due to interest added. I check my account today 2/16 and they took $195.80. I called & they tell me the payment ss shows pending that they took but yes that was the total. I talk to the rep. and he looks into the account and doesn't see anything I have explained. Then he comes up with oh your payment should have been $193.40. I told him it shouldn't be any different than the email you sent with the payment schedule of 111. 60. I asked for the difference back even though I do not agree. They want me to give a bank statement showing they took the money. Now I won't have a statement until March. This isn't fair.. They shouldn't be able to take more money and can't do a refund without making it difficult.

Spot loans charges usury interest gates well above the legal rate in my state. 400% to pay back a loan is too much. I took out a loan for $500 back in 2017. It should have been paid but their high rates and number of payments (i.e. payment plan) put me in a financial hardship. I called several times to report and make arrangements but to no avail. Soon, Spot loan turned the loan over to a collection agent. I had to re-establish and work out a plan with the new collection agent. I began to make payments with the collection agent. Now, the collection agent is no longer accepting any payments on behalf of Spot loan as they too have learned that what spot loan is doing is illegal. The collection agent, has broken business relationships. I have paid back my principal amount and that should be fair. News about Spot loan lawsuits have hit local and National news network as well as social media. This impacts my credit score and credit report and could potentially be the reason why I am not able to pass a background check. Spot loan is passing accurate information to the major credit bureaus which has negative impacts. Spot loan should settle with principal amount and close the account.

Due to a financial emegency, I took a loan out from Spotloan in the amount of $600 on 6/13. I had five monthly ACH withdrawals in the amount of $238.51 each taken out of my bank account, totaling $1,192.55. This is a predatory loan company which should not be in business. I had already paid back almost double the principal amount due to their ridiculous interest rate. I reached out to the company on 1/20 informing them that they are not licensed in my state and that I had revoked my ACH authorization and asked that my loan be considered paid in full. They replied with an offer for me to pay them an additional $410, which would have made the total I paid to them $1,602.55 for a $600 loan. I declined their offer because I have paid them back more than enough and they need to stop their predatory practices. Today (3/31) I received a notice from them that they are sending my account to TrueAccord for collection on an outstanding balance of $1,233. I have more than paid off my loan and am requesting they make this sitation correct by marking my loan paid in full. This should serve as a warning to anyone reading the reviews/complaints for Spotloan to never consider doing business with such a predatory company.

I just lost my job in July. I contacted Spotloan on 8/24/2022 to inquire about settling my debt with them. I have next to no money to my name and I was prepared to give them what I had left to close out the account because of how astronomically high the interest rate is and I won't ever be able to pay off the loan at this current point with not having an income. The interest will get too high and it will become unmanageable. The gentleman that I spoke to was slightly rude and stated that the only option I had was to go on a payment plan or do partial payments until I "get back on my feet". I'm currently $15,000 in debt with no stable income. Keeping that loan will only make it worse. I had every intention of paying it back as soon as possible before I lost my job but now I am only able to settle the debt at this current point in time.I am willing to be cooperative to settle this debt within my financial capabilities so that both myself and Spotloan are satisfied and it prevents the default of the loan and it being sold to a collection agency. I ask that Spotloan be cooperative and allow me to settle the debt with out having to let it go to collections. I'd rather the money go to Spotloan themselves rather than a collection agency.

I contacted Spotloan on 8/24/2022 to explain that I lost my job in early July and that I would not be able to continue paying. I'm currently going through health issues and don't have a stable income. My current monthly bills add up to be $1500 a month. As someone with no income and isn't able to hold a job until I get my health situation figured out, it's an incredibly difficult situation to navigate. I offered to settle my debt with them with all the money that I currently had left which was $250. The gentleman that I spoke to was slightly rude and stated that settlements were only available to those who had numerous payments and my only option was to go on a payment plan until I "got back up on my feet". I am willing to cooperate with Spotloan to settle the debt so that it prevents them from having to sell it to a collection agency for less than what's owed and they get what money I do have directly from me. I have no assets to sell or use as collateral. I don't own a vehicle. I have no legitimate stable income. I want to work with Spotloan to come to a fair deal on this matter that I can financially afford and they are content with. I expect Spotloan to cooperate and agree to settle this debt so that it satisfies both parties involved.

I have a loan through Spot Loan. Last week on January 29, I submitted a pay off request on the website and was informed by the website that the payoff would not be on my next scheduled payday (January 31, every other Friday), but they would be stretching the payment out an additional week, February 5. Adding additional interest for that week. Making the payoff of a $700 loan, $953.39. I sent an email to Relationship Manager Joann G., [protected]@spotloan.com, phone number , expressing my disapproval of Spotloan just "adding" an additional week and refusing to close my account as I requested. The next Monday, February 3 I receive an email from Ricardo Q., Investigations Agent, Ricardo.[protected]@spotloan.com, phone giving a long and winded explanation of how tribes calculate the interest. He offered a payoff of $891.65 and I accepted. It is now February 5 and I received yet "another" email from Ricardo Q., stating now I need to call him to set up payment, designate what bank account I want the payment drawn from. This was covered on the website back in January. Why is this being dragged out, more interest? I requested to payoff the loan, expressed my disappointment in the extended week, was offered a lower payoff, accepted and here we are a week later and this loan is still open, collecting interest.

I did acquire a Loan with Spot Loan to help me. They say that they do not have to follow state guidelines for interest; in the state of SD it is a law that on these type of loans you can only charge 36% no more; they say they are their own company and do not have to follow state laws. I have called to try and pay off this loan several times and hold times are long. When I finally got through on Thursday to payoff the lady told me the computers were down and she said that she would have someone call me back at 12:30 my time to get the payoff. No one called me back until 4:30 and by the time I got off work they were closed. On Thursday my balance was $404.87; I made a payment today of $70.64 and now my balance has gone up to $417.88; that makes no sense at all. It is like they do not want me to payoff the loan so they can get more money from them. I have paid well over the $400 I borrowed and they are not willing to assist me or follow state guidelines. I still cannot get in touch with anyone to payoff my loan; but I refuse to now pay a higher balance when I just made a payment as well. They need better customer service and to treat people fair when it comes to these loans. If I cannot get a reasonable payoff I will pursue further action as I have tried several times to work with them and payoff the loan without getting more fees but they are doing a great job of avoiding me so they can keep that balance getting higher.

I live in Florida and have since researched and found that payday lenders must be licensed by the state of Florida in order to offer loans to its residents. Since this company does not have a license in my state, the loan contract I have with you is not valid. Although not legally required to do so, I intend to pay back the full principal balance of this loan. To date, I received a deposit of $800 on and have made a payment for $438.32. Your company is now saying my balance due is ~$659 which is illegal and absurd. Additionally, if I were to follow their pay schedule I would end up paying $919.57! This is ridiculous! Given what I've paid already, I only intend to repay the remainder of the principal which is $361.68. Furthermore, when you log on to your site, none of my account information is available. I have emailed their support team about this and they claim I can log into my account, but that isn't true (email is available as proof). I've called them even to get to the bottom of this and all they mention is "there's a glitch" or "the system is updating." Total BS! I have revoked authorization for ACH withdrawals and any wage assignment I may have signed. A copy of these revocations has be mailed to SpotLoan (sent certified mail, have receipts as proof) and has also been given to my bank and employer. Any future attempts to collect funds in this way will be blocked. Please respond with acknowledgement that my account will be satisfied in full when the principal amount has been repaid.

I applied for a loan on 02/15 because I had an extremely over due bill and was in desperate need. I was ALLEGEDLY approved for the loan. I did the necessary steps that were asked of me, i.e. e-signed documents, etc. I also received email confirmation that I was approved for the loan and that I would have to confirm the loan before 10am CST., in order to receive the funds on the same day which was supposed to be deposited into my bank account. As of today, no funds have been deposited into my account. I tried calling the number () and every time that I was prompted to speak with someone, the automated system would say that they are experiencing "technical difficulties" which prohibited me from speaking with anyone. This is unprofessional and bad business. My concern is that they have all of my information (bank account, ssn etc) and I am afraid that it may be a scam. If there were any discrepancies, on would think that this business would be professional enough in letting me know instead of keeping me in limbo. I am going to be furious if my account is billed for a loan that I have never received. I have emailed them and have not yet to receive a response. If I do not hear from them withing the next few hours, I will take other necessary steps just in case they are a scam and fraud. I am HIGHLY disappointed. It is sad that individuals who may be in need of help due to an financial hardship, can not trust anyone. Either I hear from them or I would like to cancel the loan all together. This needs to be rectified NOW!

Hello- I submitted a complaint early October - this account was to be to be removed from my credit profile due to a settled class action law suit- any account issued prior to a certain date would be forgiven due to the companies unfavorable lending practices. The company stated they would repurchase the debt from the collection agency and then retire the account. To date this has not occurred and the item is still appearing on my credit report. I have contacted the company numerous times- they always state they will request the update again. It is now going on the end of 3 months with no resolution. This is a copy of the e-mail from the company: Help at Spotloan Fri 10/9 1:11 PM Dear Jodie, Spotloan has received a copy of the complaint that you filed with the Complaintsboard.com. At Spotloan, we have high standards for customer service and take your complaint very seriously. Having reviewed the complaint, we understand your concerns regarding the credit inquiry with Experian. In accordance with our customary practices, Spotloan sold your loan on June 16, to an independent third party (debt buyer) unaffiliated with Spotloan after not receiving a payment from you in over 90 days. We never received a payment. Spotloan sold and transferred to the debt buyer all of our rights, title, and interest in this loan and has not attempted to collect on this debt since the date of the sale. However, due to your concerns, we have requested to buy back your account from JTM Capital Management/United Holdings Group. Once this is complete Spotloan will retire the account. We have also reached out to Experian and they have confirmed that the inquiry for loan 3208708 has been removed. If you have any questions, please contact me at [protected]. Sincerely, Susan D Contact Center Supervisor susan.[protected]@spotloan.com [protected]

I took out a loan around May 22. I as unable to make payments and so the account was turned over to collections. I had been making payments with the collection agency on a settled amount for $50 a month. In July this year, 2021, I had to be out of work due to surgery and so I contacted the collection agency (***) to advise that I would not be able to make the July payment and may need additional time on others. I was told that the account which had been paid down to about $230 was now back with Spotloan so I contacted them and spoke with *** was agreed that they would still settle for the $230 remaining and so two payments of $115 were set up. I advised at this time that due to I had been out of work that I may not be able to keep the arranged dates and was told as long as I called to advise this would not be a problem. I of course have not been able to keep most of the dates so I have called each time. I did do one payment in October for $115 which brought the payoff down to $115 and that was set for 11/15. On 11/15 I was unable to do the $115 and was given until 11/26 and each time I have advised agents of the original conservation that I may not be able to do these dates and may need to change. I again was unable to do the 11/26 date so I called when I was able on 11/29 and was told the settlement agreement was no longer any good. I ask to speak with Skye *** and was told she was not in and did not handle and when ask to speak with a supervisor I was refused that as well being told that the supervisor is the one who said the agreement was no longer good and to just call when I could do another payment and they would see what could be done. This is very unprofessional on Spotloan's part not wanting to try and resolve the issue while I am trying. At this point I just want the account to be considered as paid in full. Loan amount $500--they say $600.36 remaining---total paid by me $611.

On June 22nd I took out an online loan with Spotloan due to an emergency situation. I borrowed $500 that was directly deposited into my account. The interest rate on the loan is 490% and the payment schedule is $91.11 every 2 weeks beginning July 1st. The total amount that is to be paid back is $1913.31. Allegedly, Spotloan is owned by BlueChip Financial, a tribally-owned entity organized under and governed by the laws of the Turtle Mountain Band of Chippewa Indians of North Dakota, a federally recognized Indian Tribe and is located on and operates within the Tribe's reservation. This means that the laws of the state of Iowa do not apply to them because they are tribal sovereign immunity. However, it seems that ZestFinance and Douglas *** provided the capital, marketing, underwriting, and other resources for BlueChip Financial dba Spotloan. ZestFinance and Douglas *** are non-tribal entities. The affiliation of ZestFinance and Douglas *** with the Turtle Mountain Band of Chippewa Indians is a rent a tribe scheme to avoid state usury laws and to be able to make usurious loans to consumers. The most recent class-action lawsuit filed against ZestFinance, Inc., BlueChip Financial dba Spotloan, and Douglas *** has been settled for $18.5 million and is going to dissolve $170 million in consumer debt. The defendants say they did nothing wrong but wanted to settle the lawsuit. This tells me that they are not doing business legally and they know they would lose in court. This is not the only lawsuit that has been filed against Spotloan, either, and they have not listened to cease and desist orders from 2 states. I have contacted Spotloan informing them they are not a legal lender in Iowa and that I will pay back the principal amount only. They are still hiding behind their "we are a tribal lender" shield. This predatory lending has to stop, especially in the midst of a pandemic! Americans deserve better!

I foolishly accepted a 300.00 loan from this company, they sent me an e-mail with an attachment on my phone of terms. I was never able to download the attachment from them. I was supposed to start payments in december, unfortunately my spouse became very ill and could not make the required payment. I called spotloan to defer, they said fine, but because i was changing the date it would extend the loan and i would be charged more for doing so. so i have paid already in january , 154.80 as agreed. They are stating that my balance is 415.00. I questioned this to them and also asked again recently to defer febuary payment due to my husband being diagnosed with skin cancer. I called today, monday jfebruary 1st and spoke to "karen" i was hung up on then i immediately called back. A woman with an indian accent took the call. Now before this I received an email from a Spotloan investigator by the name of SKYE D on January 28th at 6:34 p.m. in her email she states that Blue chip financial and an entity by the name of Turtle mountain bend chippewa indians was licensed and regulated by the tribal lending commission. she goes on to explain that every day i am charged interest. I have the email from her telling me as a courtesy they will not charge me interest for the next thirty days. When inquiring this morning and updating my situation concerning my spouse, i was told as of today, february 1st, my balance is 431 instead of the 415. 300. plus the interest. I think it is wrong not only that i did not research this company but also am being taken advantage of being a senior now with a cancer ridden spouse to pay this back. On february 3rd another payment of 154.80 is to be withdrawn from my account. I refuse to pay after this as I did not receive any paperwork detailing amounts or terms they sent an attachment to my phone which i could not open as my phone does not have the capable program. Also another issue, i wish to clear up banks listed under decor/furn.spotloan

In April , I was in a financial bind and sought out for a Pay Day Loan. I found SPOTLOAN on-line and applied for a loan on their WEB Page Site in the amount of $800. To my knowledge there was no mention of their policies or Loan costs on their Website.I intended to repay the Loan $800 in May but before I could, I noticed Apr.24 Spotloan had already started deducting $161.94 monthly from my Bank Acct. It wasn't until August , that I checked my balance at the SpotLoan Site to see that by now it was paid off. However, not only was it NOT paid off but I saw that Spotloan was deducting bi-weekly payments per month totaling $323.89 per month. I then became alarmed, Called Spotloan and search to to read the SPOTLOAN page not knowing they were charging me 490% interest rate. So August my balance was Still $800 plus.I called the company and asked why was this charge and I was told that this is Spotloan policy and that I had signed a contract agreeing to it. Had I known their policy upfront, I would never in life borrow money with 490% interest rate. I am desperately taking funds from my mortgage to try to pay them. I am a 71 year old Senior Citizen on a fixed income. To date I have paid SPOTLOAN $4000 for an $800 loan.I have scheduled a final payment on 2/14 of $578.00. There must be something illegal about this type of Loan. I believe this is a type OF PREDATORY PAY LOAN SHARKING AND SHOULD BE AGAINST THE LAW.!. I am waiting for Spotloan to close this Account as of 2/14. But I was told that I had to wait for 20 days. This is an outrage. 490% interest on an $800 Loan causes grave hardships to me anyone that have not gotten all the information prior to borrowing money from Spotloan. In January ,They finally sent me a 12 page Contract which they said I signed but my signature is not there.The contract was NOT readily available on their site to inform people so they are not trapped in this type of Loan. SpotLoan needs to be investigated by the FBI.I need 1/2 of money refunded.