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

1. Flexible Loan Amounts. Spotloan offers loans from $300 to $800 for those who need smaller amounts for emergency expenses.

2. Credit-Friendly Prequalification. You can prequalify without affecting your credit scores so you can see your options without a hard credit inquiry.

3. Extended Repayment Terms. Borrowers can repay the loan over several months so you have more flexibility and smaller monthly payments.

Cons

1. 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.

2. Limited Availability. Spotloan loans are not available in all states so some borrowers may not have access.

3. 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?

1. Choose Your Application Method. Apply online or in-store whichever is more convenient for you.

2. Fill Out The Application. Fill out the application form and provide all required personal and financial information.

3. Provide Necessary Documentation. Make sure you have the following documents ready government-Issued ID, proof of income and bank account information.

4. Submit Your Application. After filling out the application and providing all required documents submit your application.

5. Wait For Approval. The review process is fast and you will be notified soon.

Conditions and Requirements

Conditions

1. Loan Amounts. Spotloan offers loans from $300 to $800 for small unexpected expenses.

2. Repayment Terms. Borrowers can repay over 10 months so you have more flexibility on how fast you can pay the loan.

3. 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

1. Age. You must be 18 or 19 years old to apply for a loan.

2. Residency. You must be a resident of the state where you are applying for the loan.

3. Government-Issued ID. Valid ID such as driver’s license or passport to verify your identity.

4. Proof Of Income. Pay stubs or bank statements to show your income.

5. 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

1. 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.

2. 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.

3. 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.

4. 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.

5. 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.

Spotloan Loans. Apply Online