Learn About Our #1 Short-Term Lender: CashNetUSA
Spot Loan is a short-term lender we’d never heard of but in our research, they kept coming up. They’ve been around for just 5 years and they operate online only.
So here’s the deal with Spot Loan. They are a tribal lender based in North Dakota. More specifically they are a part of “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”. It’s the first lender we’ve covered that is a tribal lender.
What is a Tribal Lender?
In our experience, tribal lenders are not a good thing. Tribal lenders are in a constant battle with the CFPB and other government authorities over what they can and can’t do.
Tribes are generally sovereign entities that are allowed to govern themselves. Where the law becomes blurry is once you start involving people that are outside of the tribal land. The tribes often claim to be exempt from following state and federal laws regarding interest rate caps, fair lending practices and so on.
Government agencies have a tough time regulating these lenders. Several years ago they were able to slow them down by instead regulating the banks that deal with them. Stopping the transactions from taking place.
So here’s the thing, we’re not saying Spot Loan is up to anything shady. But just be fully aware you’re dealing with an entity that is not bound by the same laws as the other lenders we’ve reviewed.
What States Does Spot Loan Lend To?
Spotloan operates in most states with the exception Arkansas, District of Columbia, Minnesota, New York, North Dakota, Pennsylvania, and West Virginia.
What Services Does Spot Loan Offer?
- Installment Loans
What Does the Spot Loan BBB Page Say?
The BBB page for Spot Loan is fairly typical for a short-term lender. They have 8 positive reviews, 14 negative and 112 complaints. If you want to read more you can here.
Business Contact and Profile for Spotloan
|Address:||PO Box 720
Belcourt, ND 58316-0720
|Type of Business:||Payday Loan|
|Principal:||Terrance Malaterre, Manager|
|BBB Accreditation:||This business is not accredited with the BBB and has a B-.|