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Hi all. I took out a $500 loan with Spotloan in January. I've been paying $97.65 every 2 weeks since February and have paid $683.06 to date. I sent them an email today saying that since they are not licensed in my state that they are exceeding the 45% APR that unlicensed lenders are capped at. I asked if they could lower my interest rate to a reasonable/legal rate (it's currently 490%). I have not heard back from them but I am currently unable to access my account. Any advice/experience with Spotloan?




Most likely, you won't get a reply from them.
They are illegal. So you're not required to pay interest. Rather, they should pay you $183 since you have paid more than the principal amount. But I have a doubt if they will give you a refund.
Most probably, they have closed your account.

Just revoke the ACH authorization as soon as possible.

Check this url for reference:
https://forums.debtcc.com/paydayloan/overpaymentappli edto-outstandingpri...

Sub: #1 posted on Thu, 05/10/2018 - 10:52

ditchdebt ditchdebt

(Posts: 661 | Credits: 253.26)

For an illegal pdl company, you're supposed to pay just the principal amount and nothing else. They can't sue you.

Sub: #2 posted on Fri, 05/11/2018 - 19:34

Good Nelly Good Nelly
Industry Expert
(Posts: 2659 | Credits: 531.75)

You've already paid them your principal amount, so stop the ACH authorization by calling your bank. You can mail spotloan and ask for a refund. But as Ditchdebt said earlier, the chances are pretty low that they'll reply back to you regarding this matter. But be assured that they won't be able to sue you at any cost.

Sub: #3 posted on Mon, 05/14/2018 - 13:14

tiarajoseph11 tiarajoseph11

(Posts: 300 | Credits: 42.48)

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