Spotloan

Spotloan: online installment loans from Ningo Lending

Spotloan is a brand of Ningo Lending LLC, a tribal limited liability company formed under the laws of the Turtle Mountain Band of Chippewa Indians of North Dakota, a federally recognized tribe and sole owner of the entity. Ningo operates and originates loans from the tribe's reservation, and its lending license is issued by the tribe's own Lending Commission, not by the states where borrowers reside. The company is headquartered in Belcourt, North Dakota.

Product: an installment loan, not a payday loan

Spotloan presents itself as an alternative to payday loans. It is an installment loan: the balance is paid down with each on-time payment, rather than requiring full repayment on the due date. The maximum amount is $1,500, although for new and repeat borrowers the limit is $800; preferred customers with ten or more loans can access up to $1,500. The term can extend up to ten months, with the option to pay early and reduce interest.

The company states that its loans can cost up to half as much as those from other small-dollar lenders, payday companies, and pawn shops, and that it does not charge hidden fees such as origination, renewal, or late fees. The site shows an example of a $600 loan with biweekly payments of $116 over 21 payments, based on a maximum APR of 490%, for a total of $2,436. The company itself warns that this is an expensive form of credit, intended only for short-term financial needs, and that more suitable alternatives may exist, such as borrowing from a friend or relative, using a credit card cash advance, a personal loan, or a home equity loan.

Typical uses of the loan

The company targets its product at emergency expenses. Examples it mentions include hospital bills, car breakdowns, rent, utility bills, new appliances, sick pets, and broken or lost cell phones.

Application and disbursement process

The application is completed entirely online and, according to the company, most applicants finish it in about ten minutes. If the application is approved and the borrower accepts the terms before 1:30 p.m. (Central Time) Monday through Friday, the funds are transferred the same day. The company states that most applications are underwritten within seconds and that credit history is not checked until the applicant completes the application and clicks "Submit."

Evaluation of applications with limited credit history

Spotloan notes that its evaluation model goes beyond credit bureaus and traditional scores, using an advanced algorithm that seeks to identify real people with real intent to pay, even with low scores or no credit history. The company states that it uses machine learning, artificial intelligence, and data science to detect fraud and predict repayment capacity, and it operates as a direct lender with no physical branches.

Track record and activity

The brand has existed since 2012 and, according to its data, has made more than 1.8 million loans. The site indicates that it has over one million customers. The company describes its activity as part of the economic development of Turtle Mountain, a community facing job losses and unemployment rates above 65%. According to its presentation, the revenue generated funds tribal community programs, including food and housing assistance, natural gas winter heating assistance, job training, suicide prevention, mental health counseling, community college curriculum and faculty, early childhood education, parenting programs, drug addiction treatment, gang prevention, and healthy living programs such as the dialysis center, healthy eating, and sports facilities.

Location and contact

Spotloan, PO Box 720, Belcourt, ND 58316 · Phone: 888-681-6811