Is "Returned Electronic Withdrawal Spotloan" fraud?

Written by Remi Russell

June 18th, 2024

Medium Risk

What is "Returned Electronic Withdrawal Spotloan"?

Spotloan is a company that has been in business since 2012. It offers short-term installment loans to consumers. The primary product provided by Spotloan is an online, small-dollar loan which is structured to be paid back over time through a series of scheduled payments. These loans are generally aimed at customers who may not have access to traditional credit services.

**Returned**: Indicates that the transaction was reversed or not completed successfully.

**Electronic**: Denotes that the transaction was done through an electronic medium, such as an online transfer.

**Withdrawal**: The action of taking money out of the account.

**Spotloan**: The entity or company involved in the transaction, in this case, Spotloan.

Verify if this transaction is fraud in 30 seconds

Verify With Receipt

The best way to tell if this charge is fraudulent is to find the receipt. You may have an electronic copy of the receipt, which you can finding by searching in your email accounts for.

Or, if you want to automatically find and reconcile receipts so you never worry about fraud, you can use SimplyWise to automatically match all bank and credit card transactions to email and paper receipts. The app instantly reconciles your expenses and flags anything that doesn't match.

STEP 1

Connect your Email

Download the SimplyWise app and connect your email account. SimplyWise will search through your emails and find all the receipts in your inbox. This allows you to understand what exactly you are paying for when you see a bank transaction on your statement.

STEP 2

Connect Your Bank

Connect to your bank account/credit card transactions through the secure (256 bit encryption) Reconciliation feature within the app.

STEP 3

Reconcile

Reconcile the charges reported by your financial institution against what you've recorded in your SimplyWise account. Find fraud quickly! SimplyWise will match your transactions to your bank/credit card spending and check those items off.