Spotloan installment loan review

This lender offers up to $800 that you can pay back over multiple months.’s rating: 3.6 / 5.0


Spotloan offers installment loans between $300 and $800. But it can be expensive, and you may find your monthly payments don’t make much of a dent in the amount you owe.


Min. Amount


Max. Amount


Product NameSpotloan Installment loan
Min. Amount$300
Max. Amount$800
Loan Term3 to 10 months
Loan SecurityUnsecured
RequirementsYou'll need to show proof of employment, have a qualifying bank account, and a valid email address.

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.

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.

1 - 0 of 0
Name Product Filter Values Loan amount Turnaround time Requirements
$500 to $10,000
As soon as next business day
Depends on lender requirements, poor credit borrowers may still be able to qualify for a loan. Must live in an eligible state.
With straightforward, simple qualifications, these loans offer easy approval for people with poor credit.
OppLoans Installment Loans
$500 to $4,000
1 business day
Direct deposit, Meet minimum income requirements, Live in eligible state
Comes with the option to change your due date so you won’t fall behind on repayments.
Fast5kLoans Short-term Loans Connection Service
$100 to $35,000
As soon as the next business day
Regular source of income, Verifiable bank account, US citizen, Ages 18+
Get connected with multiple lenders you might qualify with — even if you have bad credit.
LendYou Short-term Loans
$100 to $2,500
Same business day to 1 business day
$1,000+ monthly income, direct deposit, US citizen or permanent resident, ages 18+
Get offers from potential lenders in minutes by filling out just one online form.
Monevo Installment Loans
$500 to $100,000
Varies by lender
Credit score of 500+, legal US resident, ages 18+
Quickly compare multiple online lenders with competitive rates depending on your credit.
Fig Loans Installment Loans
$200 to $800, varies by state
As soon as the same business day
3 months of direct deposits, $1400 per month income, positive bank account balance
Get an affordable installment loan that comes with no fees, flexible terms and predictable monthly repayments.

Compare up to 4 providers

Spotloan reviews and complaints

BBB accreditedNo
BBB ratingB
BBB customer reviews1.77 out of 5 stars, based on 39 customer reviews
BBB customer complaints168
Trustpilot score4.7 out of 5, based on 13,490 customer reviews
Customer reviews verified as of16 October 2020
SpotLoan earns positive reviews from customers on both its BBB and Trustpilot pages. However, both complaints and negative reviews note that Spotloan charges high rates that resulted in some customers paying over three times the amount they borrowed.

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)

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

Frequently asked questions?

Are payday loans available in my state?

Short-term loan ratings

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★★★★★ — Subpar

★★★★★ — Poor

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Read the full methodology of how we rate short-term loan providers and similar services.

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  1. Default Gravatar
    August 9, 2019


    • Avatarfinder Customer Care
      August 11, 2019

      Hi Tc,

      Thanks for your inquiry.

      You can take out one Spotloan at a time. When you pay off a Spotloan, you may apply again for another loan with Spotloan.

      I hope this helps.

      Kind regards,

  2. Default Gravatar
    June 27, 2019

    How many repayments should I make to pay back for a $300 loan?

    • Avatarfinder Customer Care
      June 28, 2019

      Hi Ronda,

      Thank you for getting in touch with Finder.

      Please note that your repayments will be sent out when you apply for the loan. The amount you pay will be listed on the terms of your Spotloan contract.

      I hope this helps.

      Thank you and have a wonderful day!


  3. Default Gravatar
    June 4, 2019

    Im just curious in my state they passed a law that you can no longer charge these exuberant interest rates. Not even the loan stores how is this legal? I read the BBB site as i received a card from spotloan theres alot of concern there

    • Avatarfinder Customer Care
      June 5, 2019

      Hi Sheila,

      Thanks for your inquiry.

      Generally, payday loans have a high-interest rate. If you want to check other lenders that you may want to compare with Spotloan installment loan, please refer to our comparison table above this page and just simply choose your state to see your options.

      Just a reminder, to improve your chances of getting approved for a loan, please ensure that you meet the eligibility criteria and requirements of the loan option or lender and make sure to read the details, as well as the relevant Product Disclosure Statements / Terms & Conditions of the loan option before making a decision and consider whether the product or option is right for you.

      I hope this helps.

      Kind regards,

  4. Default Gravatar
    May 6, 2019

    How much would the interest be on $600 loan if it’s paid back within 2 weeks?

    • Avatarfinder Customer Care
      May 7, 2019

      Hello Erycka,

      Thank you for your comment.

      Kindly get in touch with the Spotloan lender directly, so they can calculate how much your repayment in two weeks term. This is because the interest may vary per type of loan or per lender.


  5. Default Gravatar
    October 19, 2018

    Hi getting a difficult time with filling an application.Interested in a spot loan.Thank you.

    • Default Gravatar
      October 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. :)


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