Who owns BlueChip Financial?

BlueChip Financial is a tribally owned entity organized under and governed by the laws of one of the country’s largest federally recognized Indian Tribes, the Turtle Mountain Band of Chippewa Indians of North Dakota.

Where does BlueChip Financial operate?

BlueChip Financial owns Spotloan, an online loan lender established in 2012 and has provided half a million loans to hundreds of thousands of Americans in need.

Spotloan's call center operations are entirely managed and based on the reservation in Belcourt, North Dakota. 

What is the competitive advantage of being an online loan lender?

As a direct lender of short-term online loans, Spotloan has revolutionized the emergency loan market by using sophisticated machine learning (artificial intelligence) and big data to detect fraud and predict payback.

By providing online loans directly to borrowers through desktop or mobile devices, we are able to underwrite those loans in a matter of seconds without making the applicant fill out a lengthy application. Spotloan is dedicated to providing fair and transparent access to credit.

Without the overhead costs of brick-and-mortar locations, and by doing a better job of detecting fraud and predicting payback, we’re able to offer borrowers access to emergency capital that many other lenders can’t. We can offer loans to “thin file” borrowers, the unbanked and the underbanked at up to half the cost of other small-dollar lenders, payday companies and pawn brokers, without the hidden fees—such as origination, rollover, and missed payment fees—that others often charge.

What is the impact of BlueChip Financial for economic development?

BlueChip Financial is an integral part of economic development for Turtle Mountain. We provide much-needed opportunities to a community facing major job losses and unemployment rates of more than 65%.

Funding from Spotloan provides critical revenue to the tribal government. This funding supports community programs including food and housing assistance,  winter heating assistance, job training, suicide prevention, mental health counseling, early childhood education and parenting programs, drug addiction treatments, gang prevention efforts, and healthy living programs (such as the dialysis center, healthy eating programs, and physical fitness facilities and programs).

BlueChip is proud to have been named “Business of the Year for 2017” by Turtle Mountain.