ComplaintsforSpotloan
Loans
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Complaint Details
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Initial Complaint
07/04/2024
- Complaint Type:
- Product Issues
- Status:
- Answered
I took out.a loan with this company Feb 2 2023, for $800 not realizing the interest rate was.460%. As of todays date 7/4/24 I have paid them back $2,566.52 (this amount also includes the payment they're taking out of my account on 7/5/24). They try and claim Tribal Immunity when it is works for them, but this is predatory lending. In ************* (which if they are licensed to loan here) Regulation 209 CMR ***** prohibits rates this high. All I want is for my loan to be considered paid in full with no further payments or collection activity or derogatory credit remarks listed on any of my reports.Business response
07/10/2024
We at Spotloan pride ourselves on excellent customer service and we strive to be fair and transparent throughout the loan process. Spotloan takes all customer complaints seriously, and we have reached out to the customer to address their concerns.Initial Complaint
06/20/2024
- Complaint Type:
- Order Issues
- Status:
- Answered
i took out a $500 loan with spotloan & the interest is 460%. they want $184.01 once a month until april 2025. which means i will be paying more than double the loan amount.Business response
06/21/2024
We at Spotloan pride ourselves on excellent customer service and we strive to be fair and transparent throughout the loan process. Spotloan takes all customer complaints seriously, and we have reached out to the customer to address their concerns.Initial Complaint
06/17/2024
- Complaint Type:
- Billing Issues
- Status:
- Answered
This just seems criminal. The exact date is escaping me, but it was either June 13th or 14th when I logged into my Spotloan account with the intent to pay off my loan early. As I attempted to submit payment for that exact day, I was only given a couple options (and paying off that exact day was not an option). The soonest and ONLY pay off date listed was 6/18/24. I submitted for that only option given to me. I contacted customer support via email to inquiry actually why was a date so far ahead the only earliest pay off date I could choose on the website. The representative, **************** was tactless. I asked why was I only given an early pay off date of 6/18/24 when I wanted to pay off 4-5 days ago to avoid the DAILY interest that accrues. She went on to blame me saying I shouldve called. That isnt always an obvious next step, which was my point. There should be no reason why what Spotloan can do over the phone and what can be done online should differ. If it does, then make sure you CYA and state online Call if you dont see a date that works best. I feel like Ive overpaid in interest that I didnt intend to pay to begin with.Business response
06/21/2024
We at Spotloan pride ourselves on excellent customer service and we strive to be fair and transparent throughout the loan process. Spotloan takes all customer complaints seriously, and we have reached out to the customer to address their concerns.Customer response
06/21/2024
I am rejecting this response because:
I do not feel that my concern is being taken as seriously as company claims. Representative just reiterated all things that the original representative stated, but just more nicely. The point I am trying to make is being overlooked or brushed off. I am saying that I was ready to pay off my loan in full on June 14, but was just not given the option to, but 5 days later. I wanted to avoid the extra interest that I ended up having to pay, but was trapped into paying. Like youre saying call, but if that was an option to avoid paying additional interest, then that should be made clear on the web portal.Business response
07/02/2024
We at Spotloan pride ourselves on excellent customer service and we strive to be fair and transparent throughout the loan process. Spotloan takes all customer complaints seriously, and we have reached out to the customer again to address their concerns.Initial Complaint
05/24/2024
- Complaint Type:
- Product Issues
- Status:
- Answered
No transaction occurred. I never heard of Spotloan, had no dealings with them, never knew such a company existed, no loan with them until they started sending me texts that my loan ( which never existed) had gone into collection. I thought it was a total scam, because I never borrowed any money from them, so I kept deleting the messages before trying to find out if it was a legit company. I never borrowed money from Spotloan, never paid them any money. I want my credit report cleaned up and want that company to stop trying to notify me to collect on something that never existed. Thank you for your helpBusiness response
05/31/2024
We at Spotloan pride ourselves on excellent customer service and we strive to be fair and transparent throughout the loan process. Spotloan takes all customer complaints seriously, and we have reached out to the customer to address their concerns.Customer response
06/03/2024
I am rejecting this response because:Initial Complaint
05/11/2024
- Complaint Type:
- Service or Repair Issues
- Status:
- Answered
I agreed to pay Spotloan in a settlement and I paid the amount in full to them plus the additional payments I had made. Never did anyone tell me if I needed a loan in the future that there would be any issue in doing so and I have done it twice since then and have been denied I feel ripped off and I dont appreciate the deceptive behavior of this company also then sending me pre approvals and when I log into their website it says I can apply for a loan. There should be no issues and they do not even provide a reason for the denial and I want a full refund of all the money I gave themBusiness response
05/20/2024
We at Spotloan pride ourselves on excellent customer service and we strive to be fair and transparent throughout the loan process. Spotloan takes all customer complaints seriously, and we have reached out to the customer to address their concerns.Customer response
05/20/2024
I am rejecting this response because I believe I should be refunded the interest I paid and also I complained several times because I was trying resolve issues with miscommunications and not noting information that was important to make sure it was clear what was going to be paid and whenInitial Complaint
05/02/2024
- Complaint Type:
- Product Issues
- Status:
- Answered
I have been using Spotloan for years. They have made a ton of money of of me with their predatory lending. I have never missed a payment for years!!! unitl now. I am having financial difficulties, and they won't even work with me! I called and was given no help and sent an email ... also no help.They should be shut down for such predatory lending practices!!!Business response
05/07/2024
We at Spotloan pride ourselves on excellent customer service and we strive to be fair and transparent throughout the loan process. Spotloan takes all customer complaints seriously, and we have reached out to the customer to address their concerns.Customer response
05/07/2024
I am rejecting this response because:
NO! You did not provide any solutions! Just told me to call and I am not calling again because I do not trust you as you already did nothing to help on the last call! You should be able to correspond via email so there is a record! It's predatory lending!
Business response
05/13/2024
We at Spotloan pride ourselves on excellent customer service and we strive to be fair and transparent throughout the loan process. Spotloan takes all customer complaints seriously, and we have reached out to the customer again to address their concerns.Initial Complaint
04/28/2024
- Complaint Type:
- Service or Repair Issues
- Status:
- Answered
I have paid an INSANE amount of money to Spot loan over the past 2-4 years due to not being able to get out of their vicious cycle of scrumblimg money to pay them just to be so poor from the high interest rate that I have to choose another loan or homelessness. My current loan number with them is ********. I dont know my exact interest rate because they dont show it on there. I know its between 750-850% APR! My loan was for $1200. My balance due online right now is $2385.58. Talk about stress. I spoke with a supervisor and he offered a payment arrangement settlement of paying $1500, 6 payments of $250. I took it out of desperation. Every time I call spot loan now they tell me he should not have done that but they are going to honor it. Im really trying to at least make that arrangement happen, but Im absolutely terrified for what Spotloan may do or say if I cant. I have paid them $525 of the $1200 they loaned me. I would like to set up a payment arrangement to pay the reaming principal of $675 and be done with Spotloan. They can blacklist me for all I care. Thank you.Business response
05/07/2024
We at Spotloan pride ourselves on excellent customer service and we strive to be fair and transparent throughout the loan process. Spotloan takes all customer complaints seriously, and we have reached out to the customer to address their concerns.Initial Complaint
04/23/2024
- Complaint Type:
- Service or Repair Issues
- Status:
- Answered
They are now contacting again me again about a closed evaluation...this is ridiculous they loan u 900.and want ************************************************************* aloneBusiness response
04/30/2024
We at Spotloan pride ourselves on excellent customer service and we strive to be fair and transparent throughout the loan process. Spotloan takes all customer complaints seriously, and we have reached out to the customer to address their concerns.Initial Complaint
03/27/2024
- Complaint Type:
- Order Issues
- Status:
- Answered
It is insane to me that this company has not been shut down. I took out a $400 loan which has now been paid off but yet I will still be paying $140 a month for almost another year. They do not make things clear when you take the loan out. Now I am stuck paying for something I cant afford. I want my payments to stop. Or I will just take it up with my bank.Business response
04/02/2024
We at Spotloan pride ourselves on excellent customer service and we strive to be fair and transparent throughout the loan process. Spotloan takes all customer complaints seriously, and we have reached out to the customer to address their concerns.Initial Complaint
03/27/2024
- Complaint Type:
- Order Issues
- Status:
- Answered
08/06/2023 Original loan $800 Paying over $3000 Monthly payments $304 Loan payoff amount is continuing to rise by hundreds of dollars each month, even with on-time monthly payments. This makes paying this loan off impossible. This was supposed to be an installment loan with no pre-payment penalties. However, the loan continues to rise each month despite it being an installment loan with set monthly payments.Business response
04/02/2024
We at Spotloan pride ourselves on excellent customer service and we strive to be fair and transparent throughout the loan process. Spotloan takes all customer complaints seriously, and we have reached out to the customer to address their concerns.
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Customer Complaints Summary
187 total complaints in the last 3 years.
70 complaints closed in the last 12 months.