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.
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)
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 lenders like Spotloan and learn more about installment loans so you know you’re getting the best deal.