Finder makes money from featured partners, but editorial opinions are our own. Advertiser disclosure

Spotloan installment loan review

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

No reviews yet. Write a review

Our verdict

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
Learn more

Min. Amount


Max. Amount


Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC. Direct deposit: Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date. SpotMe: Chime SpotMe is an optional, no fee service that requires a single deposit of $200 or more in qualifying direct deposits to the Chime Checking Account each at least once every 34 days. All qualifying members will be allowed to overdraw their account up to $20 on debit card purchases and cash withdrawals initially, but may be later eligible for a higher limit of up to $200 or more based on member’s Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. Your limit will be displayed to you within the Chime mobile app. You will receive notice of any changes to your limit. Your limit may change at any time, at Chime’s discretion. Although there are no overdraft fees, there may be out-of-network or third party fees associated with ATM transactions. SpotMe won’t cover non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. See Terms and Conditions.

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.

1 - 0 of 0
Name Product Filter Values Loan amount Turnaround time Requirements
OppLoans Installment Loans
Finder Rating: 4.7 / 5: ★★★★★
OppLoans Installment Loans
$500 to $4,000
As soon as the same business day.
+18 years old, Receive paychecks through direct deposit, Meet minimum income requirements, Live in eligible state
Comes with the option to change your due date so you won’t fall behind on repayments.
Not rated yet
$20 to $250
3 to 4 days standard transfer. Same day with $3.99 express fee.
Not stated
Automatically monitor your spending plus access cash advances up to $100 at a time.
LendYou Short-term Loans
Finder Rating: 2.5 / 5: ★★★★★
LendYou Short-term Loans
$100 to $1,000
Same business day to 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.
Fast5kLoans Short-term Loans Connection Service
Finder Rating: 3.5 / 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.

More guides on Finder

Ask an Expert provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and Terms of Use.

Questions and responses on are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

50 Responses

    Default Gravatar
    TCAugust 9, 2019


      BellaAugust 11, 2019Finder

      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,

    Default Gravatar
    RondaJune 27, 2019

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

      JeniJune 28, 2019Finder

      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!


    Default Gravatar
    SheilaJune 4, 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

      BellaJune 5, 2019Finder

      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,

    Default Gravatar
    EryckaMay 6, 2019

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

      JhezMay 7, 2019Finder

      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.


    Default Gravatar
    SonyaOctober 19, 2018

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

      Default Gravatar
      joelmarceloOctober 20, 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. :)


Go to site