Consumer complaint received 2026-01-23 00:00:00
Product: Payday loan, title loan, personal loan, or advance loan — Installment loan
Issue: Getting the loan — 
Company: BlueChip Financial
State: FL

Complaint narrative:
I am filing this complaint against XXXX  ( XXXX  / BlueChip Financial / related entities ) because I believe the loan and the way it has been serviced may involve murky or misleading legality, and I feel I was not given clear, fair, or transparent lending terms. 

1 ) The APR and repayment structure feel intentionally predatory and deceptive The loans APR is extremely high, and the payment structure appears designed to keep borrowers paying for long periods while making it difficult to meaningfully reduce the balance. Even when making payments as scheduled, it felt like most of the payment went toward fees/interest instead of principal, which made the loan feel like a debt trap rather than a fair installment loan. 

2 ) Confusing legal structure / tribal affiliation appears used to avoid consumer protections Spotloan appears to operate using a structure that implies tribal association or tribal lending protections. Based on what Ive seen and experienced, it appears this structure may be used to avoid state consumer protection laws and state interest rate caps, even though the loan is being offered to consumers like a normal online installment loan. 

As a borrower, it is not clear to me : what laws actually govern the loan ( state vs tribal vs federal ), whether the loan would be considered legally enforceable under my states lending rules, whether their licensing and compliance requirements apply normally, and whether the lending model is being used to bypass legal limits that would normally protect consumers. 

3 ) The disclosures did not make the true cost / reality of payoff clear While the loan may contain written disclosures, I do not believe the agreement made the real-world cost and how long repayment would actually take sufficiently clear to a normal consumer. The way the loan is presented feels misleading because it creates the impression the loan is manageable, while the actual cost becomes extremely large relative to the amount borrowed. 

4 ) The loan feels structured to keep consumers in repeat borrowing From my experience, this type of product encourages borrowers to remain in a cycle where they are constantly paying but not making enough progress. This is especially harmful when the borrower is under financial pressure and seeking short-term help. 

5 ) I want the CFPB to investigate whether the loan violates consumer protection standards I am requesting that the CFPB review whether Spotloans practices involve : unfair, deceptive, or abusive acts or practices ( UDAAP ), improper or unclear disclosures about the cost of credit, a lending structure designed to evade state lending limits and licensing rules, and whether the repayment terms are intentionally designed to trap borrowers. 

Resolution I am requesting I am requesting : a review of the legality and enforceability of the loan terms, a full accounting of how my payments were applied ( principal vs interest/fees ), correction of any inaccurate reporting to credit bureaus ( if applicable ), and relief related to excessive interest/fees if the loan is found to be improperly structured or unfair.

Company public response: Company believes it acted appropriately as authorized by contract or law
Company response to consumer: Closed with explanation