Spotloan installment loan review

Our verdict

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.

Pros

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

Cons

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

Spotloan Installment loan is not currently available on Finder

Have you considered Chime SpotMe®?

Access fee-free overdrafts up to $200 when eligible. Plus get your paycheck up to 2 days early with direct deposit. See Chime terms and conditions.

• Get up to $200
• Receive funds on the same day
• Fee free overdraft
• No credit check

Learn more

No thanks, compare other loan options.

Learn more

Min. Amount

$300

Max. Amount

$1,500

Partner terms and conditions

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 acceptance	Funding time
Weekdays before 11:30 a.m. CT	Same day
Monday – Thursday after 11:30 a.m. CT	Overnight
Fridays after 11:30 a.m. CT – anytime on Sunday	End 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.

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:
Spotloan
PO Box 720
Belcourt, ND 58316
Leave a few days for any mailed checks or money orders to arrive and be processed.

Spotloan Installment loan is not currently available on Finder

Have you considered Chime SpotMe®?

Access fee-free overdrafts up to $200 when eligible. Plus get your paycheck up to 2 days early with direct deposit. See Chime terms and conditions.

• Get up to $200
• Receive funds on the same day
• Fee free overdraft
• No credit check

Learn more

No thanks, compare other loan options.