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

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 who 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 February 20th, 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 Maximum Loan Amount Term of Loan Turnaround Time Requirements
OppLoans Installment Loans
Installment loans with competitive rates from a top-rated direct lender.
$4,000
9 to 36 months
1 business day
Open only to residents of AL, CA, DE, GA, KS, ID, IL, MO, MS, NV, NM, OH, SC, TN, TX, UT, VA and WI. Must have direct deposit and meet minimum income requirements.
Slam Dunk Loans
Potentially get approved for a short-term loan through this lender-connection service, even with poor credit history.
$2,500
Varies by lender
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.
CashNetUSA Loan
Apply for a short-term loan with an easy online application and dedicated customer service.
Varies by state
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.
HonestLoans Installment Loans
Get a flexible installment loan with fast funding through one easy online application form.
$2,500
Varies by lender
As soon as one business day
Must be employed and receive regular income, earn at least $800 a month, have a checking account and be an 18+ years old legal US citizen.
Blue Trust Loans Installment Loans
Get an installment loan from an online tribal lender. Perks for returning borrowers.
$2,000
6 months
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.
MaxLend Installment Loans
Get up to $1,000 as a first-timer, with loans of up to $2,000 and lower APRs for repeat borrowers.
$2,000
6 months
As soon as the next business day
Must be at least 18 years old and a US citizen, have a valid bank account and provide a verifiable source of income.

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.

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%%.

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.

Are you 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 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)

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?

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30 Responses

  1. Default Gravatar
    DorothySeptember 26, 2017

    What are you looking for , for qualifications?

    • Staff
      DanielleSeptember 26, 2017Staff

      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

  2. Default Gravatar
    EricAugust 12, 2017

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

    • Staff
      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

  3. Default Gravatar
    SSAugust 7, 2017

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

    • Staff
      ArnoldAugust 7, 2017Staff

      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

  4. Default Gravatar
    LeonardAugust 2, 2017

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

    • Staff
      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

  5. Default Gravatar
    RobinJuly 11, 2017

    I applied on 7/11/17 and I haven’t heard back from Spotloan to see if I was approved or not?

    • Staff
      HaroldJuly 11, 2017Staff

      Hi Robin,

      Thank you for your inquiry.

      Regarding your application details, the approval may vary depending on the lender. But typically, it would take 1 business day. Moving forward, you would need to contact the lender directly to clarify the status of your loan.

      I hope this information has helped.

      Cheers,
      Harold

  6. Default Gravatar
    DorothyJune 19, 2017

    I am receiving social security disabled, will i be denied because of this type of income

    • Staff
      AnndyJune 19, 2017Staff

      Hi Dorothy,

      Thanks for your question.

      Kindly note that one of the eligibility criteria to apply for Spotloan installment loan is for you to have a steady source of income.

      Alternatively, the lenders on this page may consider you for a loan. Kindly provide your correct state of residence on our search box to check your options.

      Cheers,
      Anndy

  7. Default Gravatar
    JacquelineJune 10, 2017

    Is Spotloan is available in Virginia state?
    If I want to take 300 or 500 , How much I’m going to pay monthly and for how long I need to finish to my the loan?
    How much is minimum of the loan and How much to pay monthly?

    • Staff
      HaroldJune 15, 2017Staff

      Hi Jacqueline,

      Thank you for your inquiry.

      1. Is Spotloan is available in Virginia state?
      Answer – As per checking, the areas where Spotloan is not available are: Arkansas, District of Columbia, Minnesota, New York, North Dakota, Pennsylvania, and West Virginia.

      2. If I want to take 300 or 500 , How much I’m going to pay monthly and for how long I need to finish to my the loan?
      Answer – Monthly repayment will always vary with the terms of your loan.

      3. How much is minimum of the loan and How much to pay monthly?
      Answer – As stated on #2 monthly repayment will always vary with the terms of your loan. It would be nice to coordinate directly with the lender about the minimum loan they allow.

      I hope this information has helped.

      Cheers,
      Harold

  8. Default Gravatar
    DouglasJune 1, 2017

    When will I know if I got the loan please

    • Staff
      AnndyJune 18, 2017Staff

      Hi Douglas,

      Thanks for your question.

      If you have submitted the complete documents as required, you should be able to get a call from Spotloan anytime soon to confirm the status of your application. Alternatively, you may also directly call Spotloan to inquire.

      If you’re approved before 8 p.m. Eastern Time you can receive your loan the following day.

      Cheers,
      Anndy

  9. Default Gravatar
    HeatherMay 19, 2017

    Ok the only source of income I have at the moment is child support which I only receive once a month. I am desperately trying to find a job and the main reason I need this loan is to fix my vehicle so that I have transportation to get to work. I have a bank account which I’m pretty sure I have 0 balance right now it is active, juse empty. I receive my child support on a debit card provided by the state. My question is this…will my empty bank account stand in the way of being approved for the loan?

    • Staff
      HaroldJuly 17, 2017Staff

      Hi Heather,

      Thank you for your inquiry.
      – Typically lenders will require the following:
      – You are over 18 years old in most states
      – You are an American citizen or a permanent resident of the US
      – You have a steady source of income
      – To apply online, you should have an operational checking account

      With your current circumstance, you may want to consider a secured loan here.

      I hope this information has helped.

      Cheers,
      Harold

  10. Default Gravatar
    PeggyMay 1, 2017

    Please to text or email for approval or deny the loan I applied

    • Staff
      HaroldJuly 4, 2017Staff

      Hi Peggy,

      Thank you for your inquiry.

      While we do not represent any company that we feature on our pages, we can offer you a general advice. You would need to contact the lender directly to check the procedure on how you are going to cancel the loan you applied for.

      I hope this information has helped.

      Cheers,
      Harold

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