Take the stress out of finding a lender by using this connection service.
Spotya makes it easy to find a loan when you don’t have the best credit by connecting you with payday lenders that may be able to help. But with no reviews and minimal company details available, you might want to consider your other options first.
Elizabeth Barry is Finder's global fintech editor. She has written about finance for over six years and has been featured in a range of publications and media including Seven News, the ABC, Mamamia, Dynamic Business and Financy. Elizabeth has a Bachelor of Communications and a Master of Creative Writing from the University of Technology Sydney. In 2017, she received the Highly Commended award for Best New Journalist at the IT Journalism Awards. Elizabeth's passion is writing about innovations in financial services (which has surprised her more than anyone else).
What is Spotya?
Rather than provide loans directly, Spotya is a short-term loan connection service that works with lenders offering up to $1,000.
You don’t have to meet strict eligibility criteria to qualify, either. As long as you have a steady source of income and a checking account, you may be able to find a lender that can help. The process is quick, and you’ll find out if you’ve been connected shortly after you fill out an online form.
While you don’t have to pay Spotya any fees to use its service, you should still borrow with caution: Short-term loans often come with high interest rates that can result in you paying hundreds of dollars in interest.
What are the benefits of using Spotya?
From its fast service to its free educational resources, there are a few perks of using Spotya:
Quickly compare offers. You can complete the online form in a matter of minutes and potentially get connected with lenders that can help.
Bad credit accepted. Even if you don’t have the best credit, Spotya may still be able to connect you with a lender.
Educational resources. Spotya has a blog that covers an array of topics, including responsible borrowing, credit card debt, payday advances and online lenders.
What to watch out for
Expensive to borrow. While Spotya doesn’t charge a fee to use its service, payday loans are notorious for their high APRs that can range anywhere from 200% all the way up to 1300%.
Need a bank account. Because Spotya only works with online lenders, you’ll need to have a bank account in order to receive your funds and pay back your loan.
Minimal company information available. Spotya has an about page, but it doesn’t go into company details or its history. You may want to give customer support a call to learn more about Spotya before you use its service.
No reviews. Despite having a page on the Better Business Bureau (BBB), there are no reviews for Spotya — meaning you won’t know how well the process works until after you fill out the online form.
How does Spotya compare to direct lenders?
Check the websites of any providers you’re interested in to confirm they operate in your state of residence.
It doesn’t cost anything to use Spotya’s service, but you’ll still be on the hook for high interest charges and fees if you take out a payday loan from one of its partner lenders. Short-term loans can often end up costing you double or even triple the amount you borrowed, which could result in you owing much more than you bargained for.
In general, yes — though no online lender can ensure your information stays 100% safe. Spotya has standard encryption security on its website to keep your personal details secure. But because it’s a short-term loan connection service, your information may still be sold, rented or shared with third-party lenders. This is normal for a connection service, but it does mean you might receive unwanted phone calls or emails long after you borrow a loan.
Spotya reviews and complaints
Customer reviews verified as of
16 October 2020
There isn’t much out there about Spotya. While it has a page with the BBB, it isn’t accredited or rated. In fact, there are no complaints or reviews listed for the company. This isn’t uncommon, though — most borrowers only leave reviews for the lender they’re connected with, not the connection service.
Am I eligible?
In order to be connected with a lender, you must meet a few basic eligibility criteria:
Have an operational checking account.
Have a steady source of income.
Be a US citizen or permanent resident.
Be the age of majority where you live — 18 years old in most states.
How do I get started?
Spotya’s online form only takes a few minutes to fill out. Here’s how you can get started:
Visit Spotya’s website. Enter your full name, email and state, then click Get Your Cash.
Enter the amount you want to borrow, your address and your date of birth.
Enter your employer’s name and phone number, as well as your monthly income, driver’s license number, phone number and Social Security number.
Select how frequently you’re paid and your next two pay dates, then enter information about your bank account.
It may take a few minutes for Spotya to go through its network of lenders and find one that suits your borrowing needs. If you’re connected with a lender, you’ll be redirected to its website to complete the application.
I was connected with a lender. Now what?
If you’re approved, you’ll receive a loan offer document that gives you a clear indication of what you’ll have to pay during the course of the loan. How much your loan ends up costing depends on how much you borrow, your lender and your state regulations. In general, you can expect to pay a fixed fee of $10 to $15 per $100 borrowed. And if you can’t pay the loan off as per the schedule, you might have to pay late charges.
Always budget before you borrow to make sure you have enough to cover the cost of your loan on its due date. You might also want to sign up for automatic payments to make the repayment process a bit simpler.
Spotya can help you find a lender offering up to $1,000 — even if you have bad credit. But the lack of reviews or information about the company might make it hard to trust, especially since everything takes place online.
While Spotya’s partner lenders allow you to borrow up to , how much you qualify for depends on state laws and your ability to repay.
The borrowed funds, along with applicable fees, are debited from your bank account automatically on the due date. You can also make a payment ahead of time by contacting your lender.
Yes. Because the entire process takes place online, your lender will need to confirm you have a functional bank account so it can deposit your loan funds and debit payments when they’re due.
It depends on your state and the lender you’re connected with. However, it’s best to only borrow one loan at a time to avoid high fees.
It depends on your lender. If it is allowed, be careful — changing your loan’s due date can mean you have to pay extra fees.
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