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

Spotloan installment loan review

We value our editorial independence, basing our comparison results, content and reviews on objective analysis without bias. But we may receive compensation when you click links on our site. Learn more about how we make money.

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 August 16th, 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
Open to residents of AL, AK, AZ, CA, DE, FL, GA, ID, IL, IN, KS, KY, MI, MN, MO, MS, NE, NV, NM, OH, OK, OR, SC, TN, TX, UT, VA, WI and WY. Must have direct deposit and meet minimum income requirements.
CashUSA Installment Loans
$10,000
As early as 1 business day
Monthly income of $1,000+ after taxes and valid checking account.
LendYou Payday Loans
Apply online with this loan-connection company offering unrestricted short-term loans at high maximums — fast turnaround.
$15,000
1 business day
You must be a US citizen or permanent resident, age 18+ and have a regular income.
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.
BadCreditLoans.com
With straightforward, simple qualifications, these loans offer easy approval for people with poor credit.
$5,000
Varies
Depending on lender requirements, people from all 50 states may not be eligible for a personal loan.
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.
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.
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.

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.

Was this content helpful to you? No  Yes

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our and .

36 Responses

  1. Default Gravatar
    EvelynJuly 23, 2018

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

    • finder Customer Care
      joelmarceloJuly 24, 2018Staff

      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

  2. 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

  3. Default Gravatar
    SamanthaMay 14, 2018

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

    • finder Customer Care
      ArnoldMay 14, 2018Staff

      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

  4. 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

  5. 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

  6. Default Gravatar
    SSAugust 7, 2017

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

    • finder Customer Care
      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

  7. 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

  8. 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?

    • finder Customer Care
      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

  9. Default Gravatar
    DorothyJune 19, 2017

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

    • finder Customer Care
      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

  10. 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?

    • finder Customer Care
      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

US Payday Loans Offers

Important Information*
Slam Dunk Loans

Potentially get approved for a short-term loan through this lender-connection service, even with poor credit history.

LendUp Payday Loans

LendUp offers $250 loans for first-time borrowers. Good credit is not required. Visit the site to see if available in your state.

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.

Go to site