If you've ever searched for Native American loans then there is a decent chance you came across Spot On Loans. I considered using this company in the past (back in the desperate days of borrowing money) but decided not to go with them. This wasn't due to the quality of the company or the interest rates they charged, it was due to the fact that they were a small lender. First time customers can only get a maximum loan of $300, and returning customers could only get $500. That was just too low for me and I know it's too low for a lot of would-be borrowers, too.
The thing about Spot On Loans is that as of June 10, 2013 the company ceased to exist as Spot On Loans. But the company didn't die, they just got a new name and they've been completely rebranded.
Spot On Loans is now known as Greenline Loans. When you search for Spot On Loans the company still pops up in the search engine but when you try to go to their site you get forwarded automatically to the new Greenline Loans website.
Not much has changed at the new Greenline Loans versus the old Spot On Loans. On thing that I did notice that seemed different was that the company is now more flexible with their repayment time frames. For instance, the example they provide shows a $300 loan that has six repayment dates with a $113 repayment amount for each date. But then they have a longer version of that same installment loan (for $300) that is stretched over 10 repayment dates (it's a 20 week loan) that has varying repayment amounts. This loan starts with repayment amounts of $90 every two weeks, but then the amounts bubble into $140 for Week 5 and $125 for Week 6 and so on.
This is just not very helpful. For someone who is searching for a real loan (at least $1,000) the product offered by Greenline isn't getting the job done. And even if the (pending) borrower was only looking for a $300 loan, this installment loan doesn't do much to entice. Yes, it's true that installment loans are superior to payday loans. That's most of the time. In this instance I wouldn't say that a payday loan is the better option but I would ask the question what is the difference between this loan and a payday loan? Yes, there is an 'ultimate' end date after week 20 of the loan but that's not enough.
Frankly, the product offered by Greenline Loans is just a little too greedy. If the repayment amount remained at $90 then perhaps it could be considered a more valuable option. But with those bubbled (increased) repayment amounts in the middle of the loan it just takes away any incentive to take out this loan.
If Greenline could break one way or the other it would help them, and would probably get them more customers. They need to either break to the upside with the loan amount, and go from a maximum of $500 to something more like $1,500 or $2,000. Or they could break that interest rate down so that repayments were more like $70 flat or maybe even a flat $80 repayment. In other words, they have to lower the rates from what a payday loan company would charge. That's what installment lenders usually do, they offer that discounted rate as part of the sweetener to go for the longer loan time. And that's only fair because they will be making more money out of the loan than a (technical) payday loan that will conclude much more quickly.
The real problem I have with Greenline Loans is that the amount they offer for first time customers is $300. I have communicated with the company and this is a hard cap; the firm is limiting their risk to customers they don't know. But then they only go up another $200 for customers that they do know. Not much here.
When I first saw their rebranded title I thought the company was moving to larger loan amounts. One could take away that the term "Greenline" is related to getting a line of credit. That would be a first, a tribal lender extending an open line of credit? But it's not to be, as we discover quickly that the Greenline doesn't go very far. The line of green stops at $300. That's a pretty short line for someone looking for a real loan for real problems in life.
Separately, on more mention about the old name Spot On Loans. Some people thought the company name was an inference to, or just a little to similar to, the much larger Native American lender called Spotloan. You can bet that Spotloan didn't appreciate this proximity to their own branded image, although there is no (public) chatter as to any conflict between the two companies. But I do find it interesting that Spot On Loans has decided to go with a new name. Perhaps there was some pressure at some level between the two companies. Either way, we'll never know, it's just pure speculation.
Make sure if you are searching for Spotloan you do not accidentally land at the Spot On Loans site. Spotloan is a completely different company that is still in business and is still one of the leading tribal lenders out there. You will be able to tell when you get to the Spot On Loans page as you will get a message about the name change and it will send you to Greenline Loans.
As far as working with Greenline Loans it's just not much of a proposition that makes too much sense. If you could negotiate with them and get a lower interest rate then perhaps it would be worth the time. The extended repayment schedule is not much of a benefit if the customer is being charged at payday loan rates.