Spotloan offers small personal loans for emergency expenses for those who may not qualify for traditional loans. As an online lender, Spotloan is quick and easy to get funds but be aware that these loans come with high interest rates. Before applying make sure you read the loan terms so you understand the costs and can make the payments. Spotloan can be an option for those in immediate need of cash but weigh the pros and cons and see if the high interest rates fit your financial situation and payment capabilities.
Pros and Cons
Pros
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Flexible Loan Amounts. Spotloan offers loans from $300 to $800 for those who need smaller amounts for emergency expenses.
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Credit-Friendly Prequalification. You can prequalify without affecting your credit scores so you can see your options without a hard credit inquiry.
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Extended Repayment Terms. Borrowers can repay the loan over several months so you have more flexibility and smaller monthly payments.
Cons
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High Interest Rates. One of the cons is the high interest rates of Spotloan which can add up to the total cost of the loan.
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Limited Availability. Spotloan loans are not available in all states so some borrowers may not have access.
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Smaller Loan Limits. For those who need larger loan amounts, Spotloan may not be the best option since it doesn’t offer larger loan amounts beyond $800.
How to Apply for a Spotloan Loan?
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Choose Your Application Method. Apply online or in-store whichever is more convenient for you.
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Fill Out The Application. Fill out the application form and provide all required personal and financial information.
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Provide Necessary Documentation. Make sure you have the following documents ready government-Issued ID, proof of income and bank account information.
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Submit Your Application. After filling out the application and providing all required documents submit your application.
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Wait For Approval. The review process is fast and you will be notified soon.
Conditions and Requirements
Conditions
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Loan Amounts. Spotloan offers loans from $300 to $800 for small unexpected expenses.
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Repayment Terms. Borrowers can repay over 10 months so you have more flexibility on how fast you can pay the loan.
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High APR. The Annual Percentage Rate (APR) of Spotloan can be as high as 490% which is similar to traditional payday lenders. This high APR can add up to the total cost of the loan so make sure to read the terms before applying.
Requirements
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Age. You must be 18 or 19 years old to apply for a loan.
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Residency. You must be a resident of the state where you are applying for the loan.
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Government-Issued ID. Valid ID such as driver’s license or passport to verify your identity.
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Proof Of Income. Pay stubs or bank statements to show your income.
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Active Checking Account. You must have an active checking account where the loan funds will be deposited and from where payments will be drafted.
How to Choose a Lender
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Confirm Licensing. Make sure the lender is licensed in your state. Check with your state regulator or attorney general to verify this information. This is important to avoid illegal lenders and to protect your consumer rights.
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Check Membership In Reputable Associations. Look for lenders that are members of reputable associations such as the Community Financial Services Association of America. Being a member of these organizations means they are reliable and follows industry standards.
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Review Terms And Conditions. Read all the terms and conditions of the loan contract. Read the fine print to understand the lender’s policies, fees and your obligations as a borrower.
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Examine Interest Rates And Total Loan Cost. Examine the interest rates on the loan and make sure your contract has a detailed breakdown of the total cost of the loan. This will help you understand the full financial impact of borrowing and compare offers from different lenders.
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Understand Your Right Of Rescission. Use your right of rescission which is usually 3 days after signing the agreement. Or use the “cooling-off” period to review the contract thoroughly and make an informed decision before committing to the loan.
Expert's opinion
Spotloan is a good option for people who need cash fast for emergency expenses and offers loans up to $800 with flexible payment terms. But the high APR of up to 490% is a big burden so borrowers must understand the terms and costs involved. While Spotloan is good for those who can’t qualify for traditional loans, the high interest rates need to be considered and compared with other lending options to make sure it fits your financial situation and payment ability.
John AndersonLoan expert
Spotloan Loans. Apply Online
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Go to Website
Go to the Loanspersonal website and click the "Apply now" button
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Register
Enter your details such as full name, mobile number, e-mail and desired loan amount to create a profile.
Apply now -
Fill In the Form
In the application, please provide your SSN, address and employment information and bank account details for receiving the loan
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Wait for a Decision
Your request is usually reviewed within 10-20 minutes.
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Select Offer
Review the terms&rates of the offers you receive in your personal account, via SMS, or by email.
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Make a Deal With a Lender
Finalize the agreement by entering the SMS code in the app or on the company website.
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Receive the Funds
Once all procedures are completed and your application is approved, the lender will transfer the funds.
FAQs
Besides the high interest rates, Spotloan may also have additional fees like origination fee or late payment fee. Review the loan agreement carefully to know all the charges.
Spotloan has some flexibility with payment terms and you can refinance or extend your loan. But this may come with additional cost so better discuss with Spotloan’s customer service.
Spotloan does a soft credit check for prequalification which doesn’t affect your credit score. But once you apply, a hard credit inquiry may be done.
