Spotloan installment loan review 2018 | finder.com
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Spotloan installment loan review

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Need up to $800? Apply online with Spotloan and pay it back in installments.

When you’re on the hunt for a loan to pay for that emergency car repair, unexpected bill or anything else, an installment loan may be the solution you need.

Spotloan is an online lender that offers installment loans between $300 and $800.

An installment loan is paid back in multiple repayments, unlike payday loans which usually have to be repaid by your next payday. Like short term loans, installment loans can be applied for online and have easy-to-meet criteria for borrowers who may not have the best credit.

The review below will help you determine if Spotloan is an appropriate lender for you.

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.

Rates last updated December 17th, 2018
Unfortunately, none of the short term loan providers currently offer loans in your state. Learn more about short term loans in your state to find an alternative.
Name Product Product Description Max. Loan Amount Turnaround Time Requirements
OppLoans Installment Loans
Installment loans with competitive rates from a top-rated direct lender.
$5,000
1 business day
Must have direct deposit and meet minimum income requirements
Jora Installment Loans
Installment loans with repayment terms up to 30 months, depending on your state.
$2,600
1–2 days
Must have an active checking account, regular source of income and email address.
CashUSA Installment Loans
A connection service for quick cash loans up to $10,000.
$10,000
As early as 1 business day
Must have a monthly income of $1,000+ after taxes and valid checking account.
Blue Trust Loans Installment Loans
Get an installment loan from an online tribal lender. Perks for returning borrowers.
$2,000
As soon as next business day
Must be at least 18 years old and have a verifiable source of income with direct deposit into your checking account.
LendYou Short-term Loans
Apply online with this loan-connection service offering unrestricted short-term loans with fast turnaround.
$15,000
1 business day
You must be a US citizen or permanent resident, age 18+ and have a regular income.
CashNetUSA Loan
Apply for a short-term loan with an easy online application and dedicated customer service.
Varies by state
1 business day
You must be a US citizen or permanent resident, be at least 18 years old and have regular income and a bank account.
Slam Dunk Loans
Potentially get approved for a short-term loan through this lender-connection service, even with poor credit history.
$2,500
As soon as next business day
Must be employed, receive regular income, earn at least $800 a month, have a checking account, be 18+ yrs old and a US citizen.

Compare up to 4 providers

How does borrowing from Spotloan work?

Start your application online. You select how much you want to borrow and an ongoing payment amount. Spotloan will calculate how long it will take you to pay off your loan and show the terms of a possible contract to you. If your loan is approved and confirmed before 8 p.m. EST, your funds may be available as soon as the following day.

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.

Does Spotloan report payments to credit companies?

No, Spotloan doesn’t report monthly payments to the three main credit bureaus. However, Spotloan does use consumer reporting agencies like CL Verify, LexisNexis, Thread Matrix and eBureau.

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.

Features of Spotloan

  • Easy application. The application shouldn’t take you more than ten minutes. After you apply, you’ll be assigned a relationship manager who will tell you whether or not you’ve been approved and guide you through the rest of the process.
  • Quick turnaround. If you’re approved before 8 p.m. EST, you can receive your loan the following day.
  • Repayment options. You can make your repayments via direct debit from your bank, a check or a money order.
  • Applying won’t affect your FICO score. While Spotloan checks your credit history with various credit reporting agencies, your application will not have a direct impact on your FICO score.
  • Available in most states. Spotloan is currently available in all states except Arkansas, the District of Columbia, Minnesota, New York, North Dakota, Pennsylvania, and West Virginia.

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) of 490% (Won't exceed)%.

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)

In order 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)

Have more questions about Spotloan?

Are payday loans available in my state?

Elizabeth Barry

Elizabeth is an editor for finder.com.au specialising in personal finance and fintech. She enjoys reading PDSs so you don’t have to.

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42 Responses

  1. 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. :)

      Cheers,
      Joel

  2. Default Gravatar
    JudithOctober 3, 2018

    Where can I find my loan history with you? This is not a duplicate question. Need to know when my loan is paid back.

    • Default Gravatar
      joelmarceloOctober 3, 2018

      Hi Judith,

      Thanks for leaving a question on finder. Please note that we are a comparison and general information website and we do not represent Spotloan or any of the providers on our page.

      I suggest giving Spotloan a call to get this info. I am sure they have this on their file.

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

      Cheers,
      Joel

  3. Default Gravatar
    angieSeptember 10, 2018

    I am trying to find out when my loan will be paid off with spotloan. I show only two payments left and want to know if that is so. Thank you

    • Default Gravatar
      joelmarceloSeptember 10, 2018

      Hi Angie,

      Thanks for leaving a question on finder.

      Please note that you are speaking with finder. We are a comparison and general information website. You can see when your payment will be paid off and how much credit you still have when you access your Spotloan account in their website. For further information, you can speak to them directly to clarify on this matter.

      Cheers,
      Joel

  4. Default Gravatar
    EvelynJuly 23, 2018

    If I borrow 500 how much do I pay back with sporloan

    • Default Gravatar
      joelmarceloJuly 24, 2018

      Hi Evelyn,

      Thanks for leaving a question on finder.

      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) of 490% (Won’t exceed)%.

      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.

      Cheers,
      Joel

  5. Default Gravatar
    janiceJuly 16, 2018

    Does the lender report payments to credit companies monthly.I need a loan in good standing on my credit report

    • finder Customer Care
      nikkiangcoJuly 18, 2018Staff

      Hi Janice!

      Thanks for leaving a question on our page.

      Spotloan doesn’t report monthly payments to the three main credit bureaus. However, Spotloan does use consumer reporting agencies like CL Verify, LexisNexis, Thread Matrix and eBureau.

      If you need a loan to have a good standing show on your credit report, you may want to consider OppLoans, an installment loan lender that reports monthly payments to Equifax, Experian, and TransUnion.

      Hope this helps!

      Thanks!
      Nikki

  6. Default Gravatar
    SamanthaMay 14, 2018

    I got my check going direct deposit with netspend could I apply for a loan

    • Default Gravatar
      ArnoldMay 14, 2018

      Hi Samantha,

      Thanks for your inquiry

      You apply for your short-term loan using a prepaid debit card either online or in a store. Once approved, the lender transfers the approved funds into an eligible loan account. It then registers a prepaid debit card with that account, either handing it to you in person or mailing it to your home. For more information about this, please check out this link.

      Hope this information helps

      Cheers,
      Arnold

  7. Default Gravatar
    DorothySeptember 26, 2017

    What are you looking for , for qualifications?

    • Default Gravatar
      DanielleSeptember 26, 2017

      Hi Dorothy,

      Thank you for contacting finder. We are a comparison website and general information service, we’re more than happy to offer general advice.

      If you decide Spotloan is the provider for you, there are some basic qualifications you will need to meet:
      – You are at least 18 years old (varies by state)
      – You are an American citizen or a permanent resident of the US
      – You have a steady source of income
      – An operational checking account (for online applicants)

      I hope this helps.

      Cheers,
      Danielle

  8. Default Gravatar
    EricAugust 12, 2017

    If my loan was approved on Saturday will it get deposited on Sunday?

    • finder Customer Care
      MariaAugust 12, 2017Staff

      Thank you for reaching out to us.

      While we do not represent any of the companies that we feature on our pages, we can offer you general advice.

      As of this posting, Spotloan deposits can take one to two business days, but usually arrive within 24 hours.

      It would be best to confirm with them directly on the date of your payout.

      Should you need the cash on the weekend and would be able to repay it by the next payday, you may also compare your options here on Weekend Short Term Loans.

      I hope this helps.

      Cheers!
      Maria

  9. Default Gravatar
    SSAugust 7, 2017

    If I pay off my spotloan early will that reduce the interest rate? Or total paid?

    • Default Gravatar
      ArnoldAugust 7, 2017

      Hi SS,

      Thanks for your inquiry.

      Yes, that is possible. Depending on the kind of loan and the agreement between both parties, this option may be allowed by the lender.

      Hope this information helped.

      Cheers,
      Arnold

  10. Default Gravatar
    LeonardAugust 2, 2017

    Would like to save on interest by paying it off early.

    • finder Customer Care
      HaroldAugust 3, 2017Staff

      Hi Leonard,

      Thank you for your inquiry.

      You can make payments by automatic debits from your bank account or by checks or money orders, and you have the option to repay your loan early without any penalties.

      I hope this information has helped.

      Cheers,
      Harold

US Payday Loans Offers

Important Information*
CashNetUSA Loan

Apply for a short-term loan with an easy online application and dedicated customer service.

Check into Cash Payday Loan

With 1,000 branches in 30 states, get $50 to $1,000 in days from this direct lender.

OppLoans Installment Loans

Installment loans with competitive rates from a top-rated direct lender.

LendYou Short-term Loans

Apply online with this loan-connection service offering unrestricted short-term loans with fast turnaround.

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