What is SpotOn Capital?

SpotOn Capital gives businesses access to the capital they need, but faster and easier than traditional loans. The fixed fee loans offered through SpotOn Capital are repaid with a percentage of daily card sales. There are no periodic interest charges, monthly bills, late fees or pre-payment penalties. Once approved, funds are deposited as soon as the next business day so you can invest in your business immediately to increase inventory, purchase equipment, hire employees, and more.

All loans through SpotOn Capital are issued by Blue Ridge Bank, National Association and serviced by Jaris Funding, LLC.

Capital loans range from $2,000 to $300,000 in principal and have terms that range from 120 days to 18 months. Monthly minimum payments are either 30-day or 60-day windows. The exact terms of your loan will be displayed on your Dashboard and can be found in The Pricing and Repayment Table in your loan agreement

How do SpotOn loans work?

SpotOn Capital is a small business loan with one fixed fee. You repay the loan and fee with a percentage of daily card sales. There are no periodic interest charges, monthly bills, late fees, prepayment fees, penalty fees, or any other fees.

The process is simple:

1. Submit your application through the SpotOn Dashboard

   Upon approval, receive your funds as soon as the next business day.

2. Repay automatically beginning the day you receive your funds with a percentage of card sales until your balance is paid in full. You can also make manual payments or even pay the loan in full with no early prepayment fee.

Will my credit score be affected if I apply for SpotOn Capital?

No, your credit score will not be affected based on your application. We run a “soft pull” which does not create an inquiry on your credit report. Though your credit score plays a role in determining whether you qualify, SpotOn determines your eligibility based primarily on your business’ sales history.

My credit report is locked. What should I do?

If your credit is locked or frozen, please contact the appropriate agency to allow us to run the soft credit pull at the time you are completing the application. If we cannot perform the pull, our servicing team will contact you for assistance.

Additionally, if you have a Fraud Alert on your credit report, our servicing team will reach out to verify your identity.

Does applying for a SpotOn Capital loan require collateral?

SpotOn Capital requires a Performance Guaranty where Owners are personally responsible for ensuring that the business meets the obligations of the loan agreement.  Additionally, as part of the agreement, you grant the lender a first lien security interest in the assets of the business.

Do I need to change anything about how I receive my sales?

No. You don’t need to change anything. With SpotOn Capital, repayments occur automatically as a percentage of daily card sales so as long as you are processing as usual your loan should be paid in full on time. Please note that if you move your card processing to another company your balance will be due in full.

Will my offer expire?

Your SpotOn Capital offer is good for a limited time. Your offer will have a specific expiration date and time and will remain available through the SpotOn site until such time. Once your offer expires, you will have to contact customer support.

What can I use my loan for?

SpotOn Capital loans are for business and commercial purposes only. Our customers use their loans to buy inventory or equipment, hire staff, open new locations, or help with temporary business cash flow needs.

How do I sign my agreement?

After you select your offer in the SpotOn Dashboard, you will be directed to a click-through process to digitally accept your agreement.

Can I cancel my loan?

If you would like to cancel your loan before it has been funded, you can do so in the SpotOn Dashboard. Please note, if you cancel your loan, a subsequent offer is not guaranteed.

What interest charges or fees do I have to pay with SpotOn Capital?

Unlike traditional loans, SpotOn Capital charges a single, fixed fee that you’ll know before you sign up. No ongoing interest charges, no hidden fees, and no late fees.

What is my fee?

The fee is the total borrowing cost, which is the one-time fixed fee. This fixed fee is the difference between your loan balance and the loan amount.

For Example:

Loan Amount - $2,000.00

Fixed Fee - $300.00

Total Amount Owed - $2,300.00

How is my fee calculated?

The fee is based on your sales history, your loan amount, and the repayment percentage.

How do I repay my loan?

Much like your card processing fees, repayments get automatically deducted from your settlement account as a percentage of card sales until the loan amount and fee are paid in full.

This means repayment matches your business’s cash flow—you pay more when the business is strong and less if things slow down. The total amount owed (the loan amount plus fixed fee) never changes. You may also make manual payments to repay the loan from the SpotOn Dashboard.

What is the repayment percentage?

The repayment percentage is the share of card sales that automatically goes toward repaying your loan.

Is there a minimum payment?

The Pricing and Repayment Table in your loan agreement includes the minimum amount you must repay each payment period. If your cumulative daily payments for that payment period do not meet or exceed the required minimum payment you will need to make a manual payment in the dashboard to catch up. If no payment is made your loan will enter default. If a payment isn't made within 5 days of Default, we will auto-debit your account the difference owed.

Can I make additional payments toward my loan balance, independent of my sales?

Yes. You are welcome to make additional payments or even pay the loan in full with no early repayment fee. You can make manual payments at any time from the SpotOn Dashboard. Automatic payments as a percentage of your sales will continue, even if you make additional payments through the SpotOn Dashboard until your balance is paid in full.

Can I pay off my loan early?

Yes, you can submit prepayments or pay off your loan at any time at no additional cost in the SpotOn Dashboard.

Will I see savings or have to pay an early repayment fee if I make additional payments?

No. Your fixed fee is determined at the time of application and won’t change as a result of additional payments. There is also no early repayment fee if you make additional payments or pay the loan in full.

What is the difference between the loan maturity and the estimated payback period?

The loan maturity is the date on which the loan is due and can be found in the Pricing and Repayment Table in your loan contract. The estimated payback period is the period of time within which most loans are repaid given the automatic deductions from card sales. Any outstanding balance due at the end of the term will be collected automatically via ACH.

Once I pay off this loan am I eligible for a new one?

If your business currently has a loan through SpotOn Capital, it may become eligible for a subsequent loan offer. SpotOn Capital will automatically reevaluate your business for new offers—no need to even ask! Rest assured that we are routinely reviewing your account for eligibility, but keep in mind that another offer is never guaranteed.

How long does it take to receive loan funds?

Once your application is approved, funds are automatically transferred to your account as soon as the next business day.

When does repayment begin?

Repayment begins the same day funds are deposited into the merchant bank account. A fixed percentage of your daily card sales is automatically deducted and applied toward your loan balance as soon as sales occur.

Why don’t I see an offer in my Dashboard?

If you don’t see an offer in your SpotOn Dashboard, your business isn’t currently eligible for SpotOn Capital. Accounts are reviewed for eligibility on a daily basis and we will automatically update your Dashboard and notify you by email when you have an offer. Eligibility is based on a variety of factors related to your SpotOn account, including payment processing volume, account history, and payment frequency.

Note: SpotOn Capital is unable to manually generate offers. 

How can I become eligible?

Eligible merchants receive an offer in their SpotOn Dashboard. Please keep in mind that each offer is subject to credit review and receiving an offer does not guarantee that your loan will be approved.

Why was I declined after receiving an offer?

After you receive an offer for a loan through SpotOn Capital, your information goes through a verification process. The reason your loan was declined can be found in the email notice you received.

We understand being declined can be disappointing, and we’d like to do our best to increase transparency behind this process.

What are the reasons for being declined?

There are various requirements that must be met in order to qualify for a loan. Some of the reasons for a loan to be declined include material changes in the company's health such as delinquencies, drops in transaction frequency, bankruptcy, and a significant drop in credit scores.

Why was I declined for an additional loan?

We review every offer on a case-by-case basis, independently from any loan. Even though your most recent request for a loan through SpotOn Capital has been declined, it does not prevent you from becoming eligible for another one through SpotOn Capital in the future. We routinely review the eligibility of our sellers and if your business becomes eligible to request a loan again, you will see loan offers in your SpotOn Dashboard. Offers are based on a variety of factors including payment processing volume, account history, and payment frequency.

Do you offer loans in all 50 states?

We provide loans to 47 states and Washington D.C. and are planning to expand into the remaining states soon. Loans are currently not available in Nevada, North Dakota, and Vermont.

Why can’t I obtain a loan for less than $25,000 if my business is in Rhode Island?

Rhode Island requires additional obligations for companies offering loans of $25,000 or less. We are working with state regulators to offer smaller loans but until then we can only offer loans greater than $25,000 to sole proprietors.

Why can’t I obtain a loan for less than $5,000 if my business is in New Mexico?

New Mexico requires additional obligations for companies offering loans of $5,000 or less. We are working with state regulators to offer smaller loans but until then we can only offer loans greater than $5,000.

What if my business is having difficulty?

If your business is having trouble, or there are any changes to ownership or processing, please contact our servicing partner, Jaris Funding, LLC, immediately at support@jaris.io or by phone at (888) 802-2858 between 8am - 5pm PT, Monday through Friday.