Spotloan Loans in Huntsville (AL)

Spotloan Loans
This page provides a detailed overview of all Spotloan loans in Huntsville (AL), including lending terms, interest rates and customer reviews. Compare offers and choose the best loan product for your needs.
Offers: 2
Updated:
21.07.2024
13:07
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Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
100.00 – 5000.00 $
Rate
i

Interest rate

from 0.05 %
Term
i

Loan term for the financial product

5 days – 3 months
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Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

3.43
(20 Ratings)
Recommended FinScore™
0
300
650
1000
300.00 – 800.00 $
Rate
i

Interest rate

to 490.00 %
Term
i

Loan term for the financial product

to 10 months
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How to Apply for a Spotloan Loan in Huntsville (AL)?

  1. Ensure you meet the eligibility criteria: a regular income source, a bank account, a Social Security Number, a valid email address, a mailing address, a phone number, and be at least 18 years old​.
  2. Visit Spotloan's website and select your loan terms, considering how much you need and what repayment schedule works for you.
  3. Complete the online application form, which usually takes about 10 minutes.
  4. Upon approval, verify your identity if required.
  5. Once verified, accept the loan terms to get the funds deposited into your bank account on the same day if done before 11:30 a.m. CT on weekdays.

Conditions and Requirements

Conditions

  1. Interest Rates. The maximum Annual Percentage Rate (APR) is 490%. Interest is charged daily based on the outstanding principal balance.
  2. Fees. No hidden fees, origination fees, or prepayment penalties. A $10 fee may be charged for any returned checks.
  3. Repayment. Spotloan offers short-term installment loans with a flexible repayment term of up to 10 months, with the option for early repayment without penalties.
  4. Loan Amounts. Loans range from $300 to $800.
  5. Eligibility. Spotloan is available in specific states, with a list of required personal and banking information for application.

Requirements

  1. Age. Applicants must be at least 18 years old.
  2. Residency. Loans are available to residents of specific U.S. states.
  3. Income. A job or another regular source of income.
  4. Bank Account. A checking or savings account to receive the loan funds and make repayments.
  5. Personal Information. A Social Security Number, a valid email address, a mailing address, and a phone number are required for the application process.

Important

Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.

How to Choose a Lender

  1. Make sure to confirm whether the lender is licensed to operate in your state. You can verify this information with your state regulator or attorney general.

  2. Check if the lender is a member of a reputable association, such as the Community Financial Services Association of America. Membership in such organizations may provide an extra level of reliability.

  3. Carefully review all the terms and conditions of your payday loan contract.

  4. Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.

  5. Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.

  6. Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.

Additional Resources

Other Loans in Huntsville (AL)