The financial mantra to live below the means cannot be followed by everyone in the US today. The increased cost of living while relatively stationary incomes have forced many people to turn to payday loans to meet basic monthly expenses.
Payday loans refer to short term, low amount loans that are credited directly into the accounts of the borrowers. More than twelve million people in the US obtain these loans every year to pay for their financial expenses. The loan amount debited from the individuals' bank account once they receive their monthly salary.
Spotloan, a subsidiary of BlueChip Financial, offers an alternative to payday loans that provides the same benefits but at a lower cost. The company is governed by the laws of a federally recognized Indian Tribe known as the Turtle Mountain Band of Chippewa Indians of North Dakota. Individuals that obtain loans from Spotloan can save up to 50% as compared to applying for payday loans. There are no hidden charges, no surprises, or balloon payments that are normally associated with the payday loans. Some of the highlights of the Spotloan installment loans are discussed below.
Spotloans are customized to fit financial needs of the individuals. Individuals can select a loan amount and choose a payment size. They can also decide the installment amount they can afford to repay the loan amount. This greatly increases the chance that the loans are repaid within the specified time without the risk of default.
Spotloans offer flexibility to the individuals in repaying the loan amount. Individuals can repay the loan amount early to avoid paying extra finance charges and fees.
This greatly helps in ensuring the loan amount remain manageable for the individual, and thereby reduces the chances that they will default on the loan.
Spotloans allow individuals with good credit history to secure better rates on their next loans. When the individual successfully pay back the loan amount within the due date, the subsequent loan amount will automatically be offered at lower rates. This allows responsible individuals to save great amount of money on obtaining the loans.
Qualified individuals can obtain up to $800 on the spot. Once the loan application is approved the amount is credited to the individuals account. The loan amount due is debited from the individuals account once the salary is received by the individual.
To sum up, Spotloan offer great convenience to individuals in the US to obtain loans for fulfilling their financial obligations. The company does not make any discrimination based on color, race, religion, sex, age, marital status, and national origin when giving out the loan. Eligible individuals can easily obtain the loan without going through cumbersome or long loan application process.
The installment loan option allows individuals to borrow between $300 to $800 from the online company. They can choose a repayment schedule that is affordable for them in paying back the loan amount.