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Spotloan’s installment loans are limited compared to other providers — you can only borrow between $300 and $800, with a maximum term of 10 months.
But with Spotloan carrying annual percentages as high as 490%, it’s possible to find a cheaper option. Here are some companies and lenders that offer loans similar to Spotloan.
With an annual percentage rate (APR) cap of 160%, OppLoans offers lower cost funds than your typical installment loan provider. It also reports your payments to credit bureaus, which can help improve your credit score. And it offers the option to change your due date if you can't make a payment. But it has relatively high income requirements in some states and you must get paid through direct deposit to qualify.
Not available in: Colorado, Connecticut, Hawaii, Illinois, Iowa, Maine, Maryland, Massachusetts, Nevada, New Hampshire, New Jersey, New Mexico, New York, Pennsylvania, South Dakota, Vermont, West Virginia
Possible Finance is an app that doesn't even consider your credit history when you apply for a loan. However, it still reports all payments to credit bureaus to boost your score when you pay on time. And if you have a Visa debit card, you can get your funds the day you're approved. But with loans capped at $500 and terms no longer than to two months, it's closer to a payday loan than most other installment loans. People have also reported issues using the app in the past.
Available in: Alabama, California, Delaware, Florida, Idaho, Indiana, Iowa, Kansas, Louisiana, Michigan, Ohio, Oklahoma, Rhode Island, Texas, Utah, Washington
Ace Cash Express allows you to return your loan within 72 hours without any cost. This makes it a good option for when you're not sure how much you need to borrow — or if you'll need a loan at all. It also offers same-day funding if you apply in a store and other services like prepaid debit cards. But it doesn't disclose interest rates online, which can be the sign of a high-cost loan. And installment loans might not be available in your state.
Only available in: California, Delaware, Florida, Idaho, Kansas, Louisiana, Minnesota, Missouri, New Mexico, Ohio, Texas
LendYou allows you to compare offers from multiple lenders by filling out a quick online form when you don't have the time to shop around. It's one of the few connection services that's a member of industry organizations like the Online Lenders Alliance (OLA). But you might have to field calls and emails from short-term lenders after you use this service — even after you choose a loan. And you won't know the rates and fees available until after you submit personal information.
Not available in: Arkansas, New Hampshire, New York, Vermont, West Virginia
LendUp is a payday and installment loan provider that allows you to unlock higher loan amounts if you're a repeat borrower in good standing. For borrowers in some states, it also reports payments to credit bureaus to improve their credit score. But you won't qualify for an installment loan the first time around. And rates can top 1,000% APR.
Only available in: California, Louisiana, Mississippi, Missouri, Tennessee, Texas, Wisconsin
OneMain Financial is a personal loan provider that specializes in bad credit. It offers secured loans to help you qualify for a lower rate and could be one of the better deals available to you. With APRs from 18% to 35.99%, rates are high for a personal loan but lower than most bad credit options. But some credit history is required to qualify.
Not available in: Alaska, Arkansas, California, Connecticut, Massachusetts, Michigan, Rhode Island, Vermont
Check Into Cash is one of the biggest payday lenders in the country — and one of the only that offers loans as low as $50 in some states. If you apply in person at a location, you can get your money as soon as the day you're approved. But the fees charged create high APRs, and installment loans aren't available everywhere. Make sure it offers what you're looking for in your state before you apply.
You can read our review of Spotloan to get a full picture of how this provider works. But here are the main benefits and drawbacks of borrowing from Spotloan.
Pros
Variable repayment plans
Easy online application
Money available the next day if you apply by 5 p.m. ET
Anna Serio is a trusted lending expert and certified Commercial Loan Officer who's published more than 1,000 articles on Finder to help Americans strengthen their financial literacy. A former editor of a newspaper in Beirut, Anna writes about personal, student, business and car loans. Today, digital publications like Business Insider, CNBC and the Simple Dollar feature her professional commentary, and she earned an Expert Contributor in Finance badge from review site Best Company in 2020.
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