Lender
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.

3.4
(20 Ratings)

Apply For Spotloan

Advertiser Disclosure

How to apply

Spotloan considers several factors for loan approval.

  1. You will need to provide proof of employment or regular income, as well as information regarding your pay statements.
  2. You need an active checking or savings account; otherwise, Spotloan will have nowhere to deposit your loaned money.
  3. You'll need a valid email address and phone number so Spotloan can contact you regarding your loan, payments, and accounts.
  4. You must be at least eighteen years old to qualify for a loan.
  5. Spotloan will also review your credit scores.

How to submit a loan application

You can complete the application process entirely online. The application takes most people around ten minutes. To begin, click the orange oval in the top right-hand corner that reads "get started" on Spotloan website:

1. Select the amount you need to borrow and your desired pay period to determine the loan term.

2. Provide Spotloan with all the required information.

Once you agree to the loan term for your personal loan, you're all set for your online payday.

FAQ

How to qualify for Spotloan?

To apply for Spotloan you'll need a checking or savings account, proof of monthly income or employment, a valid email address, a valid telephone number, and you must be at least eighteen years old. Only once you complete an application, Spotloan will tell whether or not you qualify. In some cases, Spotloan may need to verify your identity to approve your loan application. In that instance, you will need to send Spotloan a voided check.

What credit scores qualify for Spotloan?

Spotloan reviews an amalgamation of your credit history when considering your application. There is not necessarily a score minimum to qualify for a loan; however, a bad credit report could result in the denial of your application. When reviewing credit scores, Spotloan considers various credit factors, including previous personal loans, mortgages, credit cards, other loans, or credit agreements. What's more, any account you are using credit will come under review. 

How long does it take to get a loan from Spotloan?

Similar to the immediacy of a payday loan, you will know whether or not you have been approved right after applying. The application takes around ten minutes in most cases. Once you are approved and accept the loan terms, the lender will deposit money into your account depending on the date and time you have accepted the loan terms.

What is a Spotloan qualifying bank account?

A qualifying bank account is a checking or savings account owned by the applicant at a bank or financial institution. Spotloan does not consider prepaid debit accounts qualified. Also, the bank account can not be associated with any other active loans through Spotloan.

How much interest does Spotloan charge?

Spotloan offers payday loans and personal loan services with high interest rates and fixed payments. The maximum interest rate is 490% APR. Spot charges a simple interest rate, being interest is accrued on a daily basis depending upon the outstanding loan principal balance. Spotloan's online payday comes with high interest rates and may not suit you. Consider other payday lenders and compare rates to find what works best for you. Spotloan's financial products are best suited as short term loans with high interest rates.

What is the highest amount of money Spotloan will advance?

The maximum loan amount for a personal loan is $800. Please recall the interest rates and consider that taking out the maximum loan will accrue more interest, and you will owe more money than the principal amount.

Does Spotloan report to credit bureaus?

Yes, it is. Spotloan reports missed or late payments to credit reporting agencies, impacting your credit score.

Offers
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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2000.00 – 100000.00 $
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Rating by Finanso®
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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.

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100.00 – 4000.00 $
Rating by Finanso®
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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.

4.25
(20 Ratings)
Recommended FinScore™
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Spotloan reviews 2024
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4.4
Pros
The cost of my loan was quite high, however, you were there for me in my time of need. I am immensely grateful for the assistance provided when I needed it most! I cannot express my thanks enough.
Complain
2.2
Cons
Spotloan imposes exorbitantly high interest rates on loans, along with hefty charges for early payoffs. They don’t honor the quoted payoff amount on the specified date, instead providing a payoff date 4 or 5 days later. This setup forces you to pay according to their schedule, not yours.
Complain
1.8
Cons
They exploit the desperate and impoverished, embodying the essence of a predatory lender. For a $600 loan, they demanded 21 bi-weekly payments of $116. Their practices are reprehensible and they should be driven out of town!
Complain
4.4
Pros
I've never encountered issues when borrowing money, and the option to call in advance for a payment extension is always available if needed.
Complain
1.8
Cons
If you miss a payment, they deactivate your login, forcing you to call them during their business hours to make a payment. The sole purpose of the login is to facilitate payment. This approach seems quite dubious and blatantly unscrupulous.
Complain
4.4
Pros
My experience with Spotloan has been delightful. The representatives I interacted with were incredibly helpful and friendly, making me feel valued. They genuinely cared about me as a customer.
Complain
4.6
Pros
Spotloan has been excellent in assisting me with my financial challenges.
Complain
2.2
Cons
I took out a $300 loan only to find out they expect $1348.80 in repayment. The full details were not disclosed until the process was complete. When I called to cancel, I was told the information wasn't yet in the system and was advised to call back the next day. Upon calling back, I was informed it was too late to cancel. With a staggering 420% interest rate, this doesn’t seem legal.
Complain
2
Cons
They collect all your banking and personal details as though you're going to receive the loan, only to decline you afterward. This company appears to be quite dubious and lacks transparency.
Complain
2.4
Cons
Denying customers access to their online accounts is not an effective method for ensuring repayment or helping customers get back on track. This is the only loan company I've encountered that employs such a tactic, making it exceedingly difficult to make payments. Given my graveyard shift work schedule, phoning them wasn't a feasible alternative. I would rate this company with zero stars if I could.
Complain
Company rating
3.4
/ 5
20 reviews
Application
3.3
Support service
3.6
Mobile App
3.7
Service quality
3.4
Your satisfaction level
3.4
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