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Spotloan installment loan review

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

$300

Min. Amount

$800

Max. Amount

Details

Product NameSpotloan Installment loan
Min. Amount$300
Max. 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.

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.

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 October 16th, 2019
Name Product Filter Values Max. Loan Amount Turnaround time Requirements
$1,200
As soon as the next business day
Regular source of income received biweekly or semi-monthly, Missouri or Utah resident, checking account with automatic deposits, not a military service member
Borrow up to $1,200 — but only if you live in Missouri or Utah.
$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.
$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.
$50,000
Same business day to 1 business days
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
Same business day to 1 business days
$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?

Ask an expert

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50 Comments

  1. Default Gravatar
    TC
    August 9, 2019

    CAN I GET ANOTHER LOAN

    • AvatarStaff
      Bella
      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,
      Bella

  2. Default Gravatar
    Ronda
    June 27, 2019

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

    • AvatarStaff
      Jeni
      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!

      Cheers,
      Jeni

  3. Default Gravatar
    Sheila
    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

    • AvatarStaff
      Bella
      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,
      Bella

  4. Default Gravatar
    Erycka
    May 6, 2019

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

    • AvatarStaff
      Jhez
      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.

      Regards,
      Jhezelyn

  5. Default Gravatar
    Sonya
    October 19, 2018

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

    • Default Gravatar
      joelmarcelo
      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. :)

      Cheers,
      Joel

  6. Default Gravatar
    Judith
    October 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
      joelmarcelo
      October 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

  7. Default Gravatar
    angie
    September 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
      joelmarcelo
      September 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

  8. Default Gravatar
    Evelyn
    July 23, 2018

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

    • Default Gravatar
      joelmarcelo
      July 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

  9. Default Gravatar
    janice
    July 16, 2018

    Does the lender report payments to credit companies monthly.I need a loan in good standing on my credit report

    • AvatarStaff
      nikkiangco
      July 18, 2018

      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

  10. Default Gravatar
    Samantha
    May 14, 2018

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

    • Default Gravatar
      Arnold
      May 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

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