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Spotloan Installment loan
Min. Amount
Max. Amount

Our verdict

This lender offers up to $1,500 that you can pay back over multiple months.

Spotloan offers installment loans between $300 and $800 for newcomers and up to $1,500 for frequent borrowers. But it can be expensive, and you may find your monthly payments don't make much of a dent in the amount you owe. If you have fair credit and can qualify for lower rates, you should look elsewhere.

Best for: Bad credit borrowers in need of emergency funds and a longer repayment schedule.


  • Same-day approval and funding available
  • Longer repayment options than payday loans
  • Application takes 10 minutes or less


  • Low maximum loan amount
  • High interest rates
  • Not available in all states

In this guide

  • Our verdict
  • Details
    • Product details
  • Your reviews
  • Ask a question


Product details

Product Name Spotloan Installment loan
Min. Amount $300
Max. Amount $1,500
Loan Term 3 to 10 months
Loan Security Unsecured
Costs Varies
Requirements You'll need to be at least 18 years old, have a valid SSN, show proof of employment or another source of regular income, have a qualifying bank account and have a valid email address, phone number and mailing address.

How does borrowing from Spotloan work?

Start your application online. You select how much you want to borrow and an ongoing payment amount. Spotloan calculates how long it will take you to pay off your loan and show the terms of a possible contract to you.
Funding time depends on when your loan is approved and you accept the terms.

Loan approval/Term acceptanceFunding time
Weekdays before 11:30 a.m. CTSame day
Monday – Thursday after 11:30 a.m. CTOvernight
Fridays after 11:30 a.m. CT – anytime on SundayEnd of the next business day

Spotloan claims you can complete the application in 10 minutes or less.
You can make payments by automatic debits from your bank account, by checks or by money orders, and you have the option to repay your loan early without any prepayment penalties.
Spotloan is available in all states except Arkansas, Connecticut, the District of Columbia, Illinois, Maryland, Minnesota, New York, North Dakota, Pennsylvania, Vermont, Virginia and West Virginia.

Does Spotloan report payments to credit companies?

No, Spotloan doesn’t report monthly payments to the three main credit bureaus.
If you’re looking for a loan to show in good standing on your credit report, consider OppLoans. OppLoans is an installment loan lender that reports monthly payments to Equifax, Experian and TransUnion.

How does Spotloan Installment Loan compare with other loans?

Check the websites of any providers you’re interested in to confirm they operate in your state of residence.

Name Product Filter Values Loan amount Turnaround time Requirements
Finder Score: 4.7 / 5: ★★★★★
Get up to $100 per day or $750 per pay period.
1 to 3 business days, or same-day for a fee
Direct deposit sent to a checking account, a regular pay schedule, a fixed work location or an online timekeeping system at work
No mandatory fees, no interest and no credit checks. Subject to EarnIn terms & conditions.
LendYou Short-term Loans
Finder Score: 2.5 / 5: ★★★★★
LendYou Short-term Loans
Up to $1,000 for payday loans and up to $5,000 for installment loans
1 business day
$1,000+ monthly income, direct deposit, US citizen or permanent resident, ages 18+
Get offers from potential lenders in minutes by filling out just one online form.
Finder Score: 4.1 / 5: ★★★★★
Up to $250
3 to 4 days standard delivery, instant with delivery fee.
Not stated
Automatically monitor your spending plus access cash advances up to $100 at a time.
Not rated yet
Based on the amount of accrued PTO
2 to 5 days
18+ years of age, live in eligible state, have W2 job with salary of $30k+, have PTO days accrued
Tap your unused PTO for a cash advance so you can access that money early. Available in: CO, FL, IL, MA, NY, NJ, TX, VA, OR, AR, NE, TN, ME, CT, WV
Go to site
Dave ExtraCash
Finder Score: 4.2 / 5: ★★★★★
Dave ExtraCash
Up to $500
Up to 3 business days, or instant for a fee
At least two direct deposit paychecks to your bank account from your employer, extra money in your bank account
Borrow up to $100 to avoid hefty overdraft fees.
Fast5kLoans Short-term Loans Connection Service
Finder Score: 0.2 / 5: ★★★★★
Fast5kLoans Short-term Loans Connection Service
$100 to $35,000
As soon as the next business day
Regular source of income, Verifiable bank account, US citizen, Ages 18+
Get connected with multiple lenders you might qualify with — even if you have bad credit.
Fig Loans Installment Loans
$50 to $100, varies by state
As soon as the same business day
3 months of direct deposits, $1400 per month income, positive bank account balance
Get an affordable installment loan that comes with no fees, flexible terms and predictable monthly repayments.

Spotloan reviews and complaints

BBB accredited No
BBB rating B
BBB customer reviews 1.21 out of 5 stars, based on 48 customer reviews
BBB customer complaints 177 customer complaints
Trustpilot Score 4.4 out of 5 stars, based on 24,727 customer reviews
Customer reviews verified as of 13 August 2023

SpotLoan earns mostly negative reviews on its Better Business Bureau pages but fares much better on Trustpilot.
Happy customers highlight the lender’s quick funding and great customer service, especially that their representation clearly explained what to expect in terms of interest rates. However, most negative reviews also cite Spotloan’s exceptionally high rates as their primary complaint.

How much will a Spotloan loan cost me?

Your repayments will be set out when you apply for the loan. The amount you pay will depend on how much you apply for and the terms of your Spotloan contract.
Spotloan has a maximum Annual Percentage Rate (APR) of490%.
If you make a payment by check and it is returned by your bank due to insufficient funds, you may be charged a $10 fee.

Am I eligible for a loan through Spotloan?

If you decide Spotloan is the provider for you, there are some basic qualifications you will need to meet:

  • You have an operational checking or savings account
  • You have a steady source of income
  • You are a US citizen or a permanent resident
  • You are at least 18 years old (varies by state)

To complete the application successfully, you’ll have to provide some basic information:

  • Your name, home address, email address and phone number
  • Your date of birth, Social Security number and details from a government-issued ID
  • Your employer’s name, address and phone number
  • Details about your income
  • Your bank account details (for online applicants)

Bottom line

Unlike many installment loan lenders, Spotloan allows you to borrow a small amount and pay it back over time, so you can avoid borrowing more than you need. But if you do need more, it may be worth your time to compare alternative lenders to Spotloan and learn more about installment loans, so you know you’re getting the best deal.

Frequently asked questions

Why do I need to have a valid phone number?
To be approved for a loan, your Spotloan relationship manager will contact you by phone. During the call, you can ask any questions you have about the loan and find out if you’ve been approved.
I can’t make a repayment. What do I do?
Get in contact with Spotloan as soon as you can to change your payment schedule or payment amount. Call or email at least two business days before your payment is due to give your relationship manager enough time to work out a plan with you.
How do I know my bank account qualifies?
You must have a checking or savings account that is 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.
Where do I mail my check or money order to?
If you’d prefer to pay by check or money order, you’ll need to send it through to the Spotloan mail processor. The address is:
PO Box 720
Belcourt, ND 58316
Leave a few days for any mailed checks or money orders to arrive and be processed.

Your reviews

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Ask a question

Ask a question

Elizabeth Finder

Senior editor

Hi there, looking for more information? Ask us a question.

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August 09, 2019



Bella Finder

August 10, 2019

Hi Tc,

Thanks for your inquiry.

You can take out one Spotloan at a time. When you pay off a Spotloan, you may apply again for another loan with Spotloan.

I hope this helps.

Kind regards,




June 26, 2019

How many repayments should I make to pay back for a $300 loan?


Jeni Finder

June 28, 2019

Hi Ronda,

Thank you for getting in touch with Finder.

Please note that your repayments will be sent out when you apply for the loan. The amount you pay will be listed on the terms of your Spotloan contract.

I hope this helps.

Thank you and have a wonderful day!



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June 03, 2019

Im just curious in my state they passed a law that you can no longer charge these exuberant interest rates. Not even the loan stores how is this legal? I read the BBB site as i received a card from spotloan theres alot of concern there


Bella Finder

June 04, 2019

Hi Sheila,

Thanks for your inquiry.

Generally, payday loans have a high-interest rate. If you want to check other lenders that you may want to compare with Spotloan installment loan, please refer to our comparison table above this page and just simply choose your state to see your options.

Just a reminder, to improve your chances of getting approved for a loan, please ensure that you meet the eligibility criteria and requirements of the loan option or lender and make sure to read the details, as well as the relevant Product Disclosure Statements / Terms & Conditions of the loan option before making a decision and consider whether the product or option is right for you.

I hope this helps.

Kind regards,


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May 06, 2019

How much would the interest be on $600 loan if it’s paid back within 2 weeks?


Jhez Finder

May 06, 2019

Hello Erycka,

Thank you for your comment.

Kindly get in touch with the Spotloan lender directly, so they can calculate how much your repayment in two weeks term. This is because the interest may vary per type of loan or per lender.





October 19, 2018

Hi getting a difficult time with filling an application.Interested in a spot loan.Thank you.



October 19, 2018

Hi Sonya,

Thanks for leaving a question on finder.

You can try clearing your cache before you apply to Spotloan online. If after clearing your browser cache and the application does not work properly, you can contact Spotloan directly by contacting their customer service.

Please send me a message if you need anything else. :)



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