SpotOn Capital specializes in providing loans to small businesses. One of the more attractive features is that the loan repayment is made by deducting a percentage of your daily credit card sales.
This article provides a detailed guide to SpotOn Capital loans, including how to find the Spot On loans phone number if you need support.
Here’s what we’ll cover:
- Who is eligible for a SpotOn Capital loan?
- How do I apply for a SpotOn Capital loan?
- How are SpotOn Capital loans repaid?
- What are the fees associated with SpotOn Capital loans?
- How do I contact SpotOn Capital? (Hint: We’ll help you find that Spot on loans phone number!)
So, if you’re a small business owner looking for financing, read on to learn more about SpotOn Capital and whether it’s the right fit for you.
SpotOn Capital Loan Eligibility and Requirements
If you’re considering a SpotOn Capital loan, here’s what you need to know about eligibility and requirements:
General Eligibility Criteria
The primary requirement for a SpotOn Capital loan is having a payment processing account with SpotOn. Loan offers are based primarily on your business’s sales history, so the more sales you process through SpotOn, the better your chances of approval and receiving a favorable loan offer.
SpotOn will conduct a soft credit pull on your personal credit history. A soft credit pull doesn’t affect your credit score, but it allows SpotOn to assess your overall creditworthiness.
Keep in mind that SpotOn regularly reviews eligibility. If you’ve successfully repaid a SpotOn loan in the past, you may be eligible for future loan applications. Building a solid repayment history is a good way to improve your chances of getting approved for more financing.
State-Specific Restrictions
SpotOn Capital loans are available in 49 states and Washington, D.C. (Vermont is coming soon!). However, minimum loan amounts and overall availability can vary by state.
For example, the minimum loan amount in Rhode Island is $25,000, while in New Mexico, the minimum is $5,000. Be sure to check the specific loan requirements and availability for your state.
Reasons for Loan Decline
If your SpotOn Capital loan application is declined, SpotOn will send you an email explaining the reasons for the rejection.
Potential reasons for decline include insufficient sales history, credit issues, or other factors that don’t meet SpotOn’s lending criteria. Reviewing the reasons for decline can help you understand what you need to improve to potentially qualify for a loan in the future.
Applying for a SpotOn Capital Loan
If you’re a SpotOn customer, applying for a SpotOn Capital loan is simple and convenient, all managed through your SpotOn Dashboard.
Application Process Overview
The application process is designed to be quick and easy:
- Submit an Application: Log into your SpotOn Dashboard and look for the SpotOn Capital loan application. It only takes a few minutes to complete.
- Check for Pre-Approved Offers: Once you’ve submitted your application, check back in your SpotOn Dashboard. You may see pre-approved loan offers waiting for you.
- Fast Approval: You’ll typically receive an approval decision within one business day.
Required Information
You’ll need to provide some basic information about your business, including business details and sales history, to complete the application.
Canceling an Application
You can cancel your loan application at any time before the funds are disbursed. Contact SpotOn directly through your account to cancel your application.
Addressing Credit Report Issues
In some cases, you may need to unlock your credit report to proceed with your SpotOn Capital application. If your credit report is locked, contact Experian to unlock it. SpotOn can’t unlock your credit report for you.
Understanding SpotOn Capital Loan Terms and Repayment
SpotOn Capital loans can provide a helpful infusion of cash to grow your business. It’s important to understand the terms and repayment process before you accept the loan.
Loan Structure
SpotOn Capital loans are commercial loans issued by Blue Ridge Bank, National Association. Jaris Lending, LLC handles the servicing of these loans. Repayment happens via a fixed fee.
Repayment Process
The repayment process for SpotOn Capital loans is designed to align with your business’s cash flow. Here’s how it works:
- Automated Daily Deduction: Repayments are automatically deducted from your daily card sales. This means that on days when your business is doing well, a slightly larger payment is made, and on slower days, the payment is smaller.
- Repayment Percentage: You’ll need to understand your repayment percentage, the minimum payment required each period, and what happens if you default on the loan. All of these things will be explained clearly in your loan agreement.
- Manual Payments: You can make additional manual payments on your loan at any time, without penalty.
Loan Maturity vs. Estimated Payback Period
It’s crucial to understand the difference between the loan’s maturity date and the estimated payback period. The maturity date is the date the loan is officially due. The estimated payback period is an estimate of how long it will take you to repay the loan, based on your average daily card sales. Your actual repayment period could be shorter or longer than the estimate depending on your business’s performance.
Minimum Payments and Default
Missing minimum payments or failing to meet your repayment obligations can have serious consequences, including late fees, a negative impact on your credit score, and potential legal action. Be sure you understand the terms of your loan agreement, and reach out to SpotOn Capital customer support if you’re struggling to make payments.
Early Repayment
SpotOn Capital does not charge a fee for repaying your loan early. If you have extra cash flow, paying down your loan balance can save you money on interest and get you out of debt faster.
Fees and Charges Associated with SpotOn Capital Loans
When you’re considering a loan, it’s important to understand the fees you’ll be charged. SpotOn Capital does things a little differently than some other lenders. Here’s what you need to know:
Fixed Fee Explanation
Instead of charging interest, SpotOn Capital charges a fixed fee. The fee is based on a few different factors, including your sales history, the amount you’re borrowing, and the percentage of your daily sales that will go toward repayment. SpotOn Capital emphasizes that their fee structure is transparent, so you should know exactly what you’ll owe upfront.
Fee Calculation
As mentioned above, the fixed fee is calculated based on your sales history, loan amount, and repayment percentage. Let’s look at an example. Say you borrow $2,000.00, and the fixed fee is $300.00. That means the total amount you owe is $2,300.00. The fee doesn’t change, and you know from the start exactly what you’ll be paying back.
Avoiding Hidden Costs
One of the best things about SpotOn Capital’s loans is that there are no hidden fees. What you see is what you get. There are also no penalties for paying your loan off early. If you have the cash flow to pay it off faster than expected, you can do so without incurring any extra charges.
Finding the SpotOn Capital Phone Number and Other Contact Information
If you need to contact SpotOn Capital for support, here’s how to find their contact information:
Official SpotOn Capital Website
The best place to start is the official SpotOn Capital website. Look for a “Contact Us” or “Support” section, usually located in the website’s header or footer. There, you should find a phone number to call for assistance.
Contacting jaris Lending, LLC
SpotOn Capital loans are issued by Blue Ridge Bank, National Association and serviced by jaris Lending, LLC. That means that if you have questions about your loan, or if your business is having trouble making payments, you should contact jaris Lending, LLC directly.
To find jaris Lending, LLC’s contact information, do a web search for “jaris Lending contact.” Their website should appear at the top of the search results. Once you’re on the jaris Lending website, look for a “Contact Us” or “Support” link to find their phone number and other contact methods.
Alternative Contact Methods
In addition to a phone number, SpotOn Capital or jaris Lending may offer other ways to get in touch. Check their websites for an email address or online chat function.
What to do if your business is having difficulty
If your business is facing financial hardship, don’t hesitate to reach out to jaris Lending, LLC. They may be able to offer solutions or assistance to help you manage your loan during challenging times.
Frequently Asked Questions
How do I get out of a Spotloan?
Getting out of a Spotloan involves several options. The most straightforward is to pay it off as quickly as possible, minimizing interest charges. Explore refinancing with a lower-interest loan or consider a debt consolidation loan. Seek credit counseling for personalized advice. If you’re struggling, contact Spotloan directly to discuss potential hardship programs or payment plans.
Does Spotloan run your credit?
Yes, Spotloan does check your credit history. While they consider more than just your credit score, they will perform a credit check as part of their application process. This check helps them assess your creditworthiness and determine the terms of your loan. Having a good credit score can improve your chances of approval and potentially lead to more favorable loan terms.
What happens if I don’t pay Spotloan?
Failure to repay a Spotloan can lead to serious consequences. Your credit score will likely suffer due to missed payments, making it harder to secure loans in the future. Spotloan may also pursue debt collection actions, including contacting you or hiring a collection agency. Unpaid debts can potentially lead to wage garnishment or a lawsuit. It’s crucial to communicate with Spotloan if you’re facing difficulties to explore available options.
Is Spotloan real or fake?
Spotloan is a real, legitimate online lender offering installment loans. However, like all loans, it’s essential to understand the terms and interest rates before borrowing. While Spotloan is a real company, high-interest loans can be risky, so carefully evaluate your financial situation and ensure you can comfortably repay the loan before committing.
Summary
SpotOn Capital offers commercial loans to small businesses. These loans are repaid through a fixed percentage of your daily credit and debit card sales, making repayment automatic and (ideally) manageable. Loan offers are based primarily on your business’s sales history, and SpotOn typically conducts a soft credit pull rather than a hard one.
SpotOn loans come with a fixed fee, which means you know the total cost of borrowing upfront. This can be helpful for budgeting and financial planning, but it’s also crucial to understand exactly how that fee translates into an APR, and to compare that APR with other loan options.
Before you apply for a SpotOn Capital loan, take the time to fully understand the terms and conditions. Pay close attention to the percentage of your daily sales that will be used for repayment, how minimum payments work, and what constitutes a default. If anything is unclear, don’t hesitate to reach out to SpotOn’s support team for clarification.
Taking out a loan is a big decision. It’s important to carefully evaluate your business needs and financial situation before committing to any financing. Consider whether a SpotOn Capital loan is the right fit for your business, and be sure you can comfortably afford the repayments before moving forward.