Spotloan installment loan review 2019 | finder.com

Spotloan installment loan review

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Spotloan Installment loan

This lender offers up to $800 that you can pay back over multiple months.

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.

Product NameSpotloan Installment loan
Min. Loan Amount$300
Max. Loan Amount$800
Loan Term3 to 10 months
Loan SecurityUnsecured
CostsVaries
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.

Updated June 27th, 2019
Name Product Filter Values Max. Loan Amount Turnaround Time Requirements
$5,000
1 business day
Direct deposit, meet minimum income requirements
Comes with the option to change your due date so you won’t fall behind on repayments.
$2,600
1 to 2 business days
Active checking account, regular source of income, email address
Get access to tools to help you plan a career move, make some extra cash or search for a better-paying job.
$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.
$50,000
1 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.
Get a flexible installment loan with fast funding through one easy online application form.
$15,000
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.
$10,000
As early as 1 business day
$1,000+ monthly income after taxes, valid checking account
Explore its online education center to get tips on budgeting, how to prioritize your bills and more.
Varies by state
1 business day
Regular source of income, bank account, US citizen or permanent resident, ages 18+
Sign up for its discount program to get access to coupons and deals on everything from dining out to tax services.

Compare up to 4 providers

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?

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46 Responses

  1. Default Gravatar
    SheilaJune 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
      BellaJune 5, 2019Staff

      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,
      Bella

  2. Default Gravatar
    EryckaMay 6, 2019

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

    • Avatarfinder Customer Care
      JhezMay 7, 2019Staff

      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.

      Regards,
      Jhezelyn

  3. 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

  4. 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

  5. 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

  6. 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

  7. 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

    • Avatarfinder 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

  8. 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

  9. 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

  10. Default Gravatar
    EricAugust 12, 2017

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

    • Avatarfinder 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

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