What credit score do you need for Spotloan?

What credit score do you need for Spotloan?

640
Also, your credit score often needs to be at least 640 to qualify. As always, your credit score can determine the APR you’re charged. The lower your credit score, the higher the interest rate—and vice versa.

Does Spotloan check credit?

When you apply for a Spotloan, we do a soft inquiry, so it won’t lower your credit score. Also, Spotloan reports back to credit reporting agencies on your loan payment performance. (Remember that 35 percent of your FICO score is based on your payment history.)

Why was my payday loan declined?

The most common reasons you would get denied for a payday loan (or any loan) would be your credit score, your income, and your past borrowing history. While many payday lenders do cater to borrowers with less-than-average credit scores, some won’t lend to you if they know you don’t have the ability to repay the loan.

How do you get a loan when you keep getting denied?

If you believe that your finances are as strong as you can make them, you don’t have to wait before applying again after a rejection; approach another lender and apply for a loan with them. Try a local bank or credit union, and check with online lenders.

Who is Spotloan affiliated with?

BlueChip Financial
Spotloan is an online loan company owned by BlueChip Financial, a tribal lender that offers short-term personal loans with fixed payments. Spotloan offers loan amounts that range from $300 to $800 with repayment terms of up to 10 months.

How much can you borrow from Spotloan?

Spotloan offers loan amounts that range from $300 to $800 with repayment terms of up to 10 months.

Can you be denied a cash advance?

If your business wasn’t approved for a merchant cash advance, don’t worry; you’re not alone. If you don’t meet their requirements, you won’t be approved for a merchant cash advance. Regardless, don’t let a denial letter get you down! No one likes getting rejected.

What 2 things should you do if your lender rejects your loan application?

Try these four short-term tactics to increase your approval odds if a lender denies your loan application.

1. Prequalify With Other Lenders. Since different lenders have different lending requirements, try prequalifying with other lenders.
2. Provide Collateral.
3. Request a Lower Loan Amount.
4. Increase Your Down Payment Amount.