Here's a spot quiz for you, which tribal lender is growing faster than any other Native American lender in the country? If you answered Spotloan you are correct.
Spotloan was growing rapidly as 2013 started and with the announcement of Western Sky Financial no longer issuing new loans, that just gave a wide open door for Spotloan to just come charging through and they have done that with big results. Spotloan is one of the most highly searched tribal loan companies as of October 2013.
The company doesn't look like they will be slowing down anytime soon. Already the traffic coming to Spotloan outstrips that of a bunch of other tribal loan shops combined, including Clear Creek Lending, Ameriloan, Star Cash Processing, and you can throw in a few others as well. Spotloan has become the hot loan company to go to, and why shouldn't they be? The company offers a very simple, streamlined product that has a high degree of flexibility. The company has been doing a lot of strong advertising online and there's no doubt this has raised the level of awareness amongst those shopping for a loan.
One of the better facets of Spotloan is how they interact with their customers. Now I know what you might be thinking, which is the focus should be on interest rates, how long the loan will last (duration), and how much money can be borrowed. Those are the big three features that this site is always dedicated to asking and informing about, because those three components are really all anyone cares about when they borrow money. But in the case of Spotloan the customer service aspect actually needs to be mentioned and broken down, which right away shows how different the company is because at this site we pretty much ignore the customer service functions that tribal lenders provide.
Sometimes a tribal loan company will brag about how good their customer service is and that is normally met with either an overwhelming lack of concern or with a skeptical eye, because the pitch of great customer service will often disguise a terrible loan product being delivered with big (customer service) grins.
That's not the case with Spotloan. This company does mention they have good customer service, but in this case the company doesn't give themselves enough credit. At Spotloan there are two customer service teams. The first is what you would expect, which is a basic team of professional, courteous employees that treat you with a friendly demeanor.
That "regular" team of customer service is backed-up by a second team which are more akin to account managers. Just an aside, technically these account managers are given the title of relationship manager at the company. When you take out a loan at Spotloan you are essentially assigned an account manager who will work with you directly for any and all situations. These situations can include asking for an extension on a loan, asking for more money to be borrowed, asking for credit terms to be altered, making special payment arrangements, and other special tasks.
You wouldn't think having an account manager would make a difference for a short-term loan but it does. With a Spotloan account manager you basically have someone in the company who is willing to "go to bat" for you. In my experience that account manager was willing to go to management with more than a few requests, and without going into a high level of detail let's just say I received a better loan.
Spotloan advertises flexibility and unlike so many tribal lenders who just throw that word around to make themselves sound good, Spotloan actually delivers on the word flexibility. If you need dates changed, if you need a longer period of time on the front end of your loan, if you want a change in any of the credit terms just ask your account manager.
Now, the fact that you have an account manager isn't a guarantee that you will be getting everything you ask for. For instance, if you ask to have the interest rates reduced by half then you won't be very happy with the answer. But I will say this, if you ask for something and Spotloan can't make it happen, then there is a good chance that the company will find something else to try to help you. Spotloan truly tries to make your experience better and if you ask then you will get something beneficial to you.
Now that we've spent all this time talking about the two tiers of customer service at Spotloan, maybe we should touch base on the loan product offered by the firm. It's not a fancy loan, the maximum amount you can borrow is $800. This is the only drawback to the company. Hopefully, there will be a day that the $800 limit is raised to at least $1,500 so it can match a qualify company like Mobiloans.
Other factors to Spotloan that matter are the rates and the duration of their loans. The rates are competitive, at least against most other tribal lenders, with a maximum APR of 390% and remember that is the highest rate. If you have some mitigating factors, like you've been at the same job for over five years, if you have a decent credit score, or if you have been a customer at Spotloan before, then you will qualify for a lower interest rate. And remember you have your relationship manager to help you. Just be very upfront and honest with that manager, and tell them you want a lower interest rate because it will help you.
Mention that there is a much better chance of you becoming a repeat customer if you were to receive a lower interest rate. There is a good chance that the account manager will go speak to their manager and in very short order you should have a lower rate, which means lower finance charges.
Spotloan creates staggered repayment dates when it comes to the length of time that their loans can be issued. This too is a area of flexibility at Spotloan. If you want a loan that encompasses eight weeks then this can be tailored and issued. If you want a loan that spans 20 weeks the company can put that together and issue that as well. It should be noted, without much surprise, that the longer you have your loan the more in finance charges (interest) you will be paying. But some people need or want a longer time to repay, I know having more time was extremely important to me when I was managing and paying off more than one tribal loan.
Getting into debt is largely a balancing act, you have to make sure you schedule enough money to manage your current debts while also making sure you reserve enough money to pay for daily costs and bills.
Spotloan is great when it comes to customer service. The company is outstanding when it comes to flexible terms and arrangements. The truth is there isn't another tribal lender that has the degree of flexibility that this firm provides their clients. The interest rates are not the best, but those rates are not written in stone. If you push for a better rate then you will most likely get a better rate.
The timeframe of the loans is very adjustable and the loan can be constructed to your preferred timeline for repayment. The amount you can borrow is $800, which is better than most other payday loan companies which means it is better than most other tribal lenders. The dollar amount could be higher and hopefully someday it will be, but for now $800 is the maximum.
If you are in the market for a loan, especially a mid-sized loan that needs to issued for more than just a couple weeks, then consider Spotloan as a qualified option for your borrowing needs. Applying to Spotloan most likely means you'll be approved, but make sure that you work with your relationship manager so that you get the best possible terms for your loan.
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