Can Spotloan help me build credit?

No. It only reports your loan activity, if at all, to alternative credit agencies such as DataX and Clarity. It doesn't report to the major credit bureaus, TransUnion, Equifax and Experian, which is how you build credit.

Is Spotloan considered a payday loan?

No. Payday loans typically have to be repaid within two to four weeks, whereas Spotloan gives you up to 10 months. Loan amounts are typically smaller for payday loans as well.

How do I know if my bank account qualifies for Spotloan?

You must have a checking or savings account under your name and not associated with any other accounts at Spotloan. It needs to be held with a bank or credit union. Prepaid debit accounts are not accepted.

Can I change my repayment date with Spotloan?

Yes. If you think you won't be able to make your normal payment date, contact Spotloan at least two business days before your due date to discuss your repayment options.

Home Authors Lacey Stark

Lacey Stark

Writer

Lacey Stark is a freelance personal finance writer for Finder, specializing
in banking, loans, investing, estate planning, and more. She has 20
years of experience writing and editing for magazines, newspapers, and
online publications. A word nerd from childhood, Lacey officially got her
start reporting on live sporting events and moved on to cover topics
such as construction, technology, and travel before finding her niche in
personal finance. Originally from New England, she received her
bachelor’s degree from the University of Denver and completed a
postgraduate journalism program at Metropolitan State University also
in Denver. She currently lives in Chicagoland with her dog Chunk and
likes to read and play golf.