Spotloan Reviews
Spotloan Short Term Personal Loans
Personal Loans from Spotloan have longer repayment periods of up to 10 months, which gives borrowers the ability to repay the loan for a longer period of time than Payday Loans. However, the APR is so high that you must understand if this financial offer is beneficial to you.
Spotloan is an online lending company owned by BlueChip Financial (a tribally owned entity organization). The company was founded in 2012 and has provided services to over 675,000 Americans. At the moment Spotloan offers short-term Personal Loans up to 800 dollars with fixed monthly payments.
Loan amount, repayment terms and interest rates
Spotloan loans range from $ 300 to $ 800, and the repayment terms can vary up to 10 months. Thus, Spotloan offers exactly short-term loans. However, unlike a Payday Loan, you will not need to pay off the debt by the day of your next paycheck. Despite the fact that the term of your loan can be up to 10 months, you should remember that the longer the loan repayment period, the more interest on the loan you will have to pay.
Also, before applying for a Personal Loan from Spotloan, you should know that their annual percentage rate may be higher than that of other personal lenders. Of course, the interest rate will depend on the terms of the loan, but often it can reach 490%. As you can see, sometimes these rates are even higher than what you can get from payday lenders. Thus, before applying for and receiving financing from Spotloan, make sure that this type of loan is right for you and that you can repay the loan on time.
Spotloan loans for bad credit
Many people take out loans in order to rebuild their credit. Of course, if you want to do this, it can be difficult to find a suitable lender. While Spotloan will review your credit when reviewing your funding application, it also takes into account other factors affecting your approval (such as income).
Thus, even if you have a bad credit history, you can get a personal loan. However, pay attention at high APRs.
Spotloan Availability/ Operating states
Before applying for funding from Spotloan, you should note that loans are only available in 37 states.
Be sure you are eligible:
Alaska, Alabama, Arizona, California, Colorado, Delaware, Florida, Georgia, Hawaii, Iowa, Idaho, Indiana, Kansas, Kentucky, Louisiana, Maine, Michigan, Missouri, Mississippi, Montana, North Carolina, Nebraska, New Hampshire, New Jersey, New Mexico, Nevada, Ohio, Oklahoma, Oregon, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Washington, Wisconsin and Wyoming. Therefore, make sure you are residing in one of them before applying for funding.
Features of Spotloan Personal Loan
Spotloan offers you fairly fast funding. If your loan is approved, you can receive the money on the same or next business day. Note, however, that depending on your bank, it may take some time before you can access the money.
It is also important to note that in order to apply for a Spotloan Personal Loan you need an active bank account.
Who is Spotloan Personal Loan suitable for?
Often this Personal Loan from Spotloan is recommended for people who find themselves in difficult life situations and need quick financing. Since the money will be transferred to your bank account on the day of application or the next day, you can quickly deal with your difficulties. Also, the Personal Loan from Spotloan has a longer repayment terms than a traditional Payday Loan, so you don't have to think about paying off the debt within 30 days.
However, if you have a good credit history and want more than $ 800, you should look into other financing options. Also remember that Spotloan charges very high APRs which can be difficult to pay.
How do I apply for a Spotloan Personal Loan?
Since Spotloan is an online lender, in order to apply you need to fill out a simple online form. Visit spotloan.com and click the Apply Online button. In order to do this, you must be at least 18 years old, have proof that you receive regular monthly payments, and provide a bank account, phone number and email.
To fill out the application, you will need the following information: full name, date of birth, address, length of time at residence, Social Security Number, phone and email, employer name and address and bank account details.
As already mentioned, if your application is approved, you will be able to receive money on the same day or the next business day.
Spotloan Hours of operation and Phone Number
You can call Spotloan at (888) 681-6811
Spotloan Hours Of Operation:
Monday - Friday
7:00 a.m. - 8:00 p.m. CT
Saturday
9:00 a.m. - 6:00 p.m. CT
Alternatively, you can contact Spotloan via email on their website. Visit the "Contact Us" section and there you can send an email. You can also ask all your questions about lending in the FAQ section.
Pros and cons of Spotloan Personal Loan
Before applying for a Personal loan, pay attention to the advantages and disadvantages to make sure if this loan offer is right for you or if you should look for another option:
Benefits:
- Prequalification option. You can find out what potential interest rates and loan conditions you will receive without damaging your credit as only soft credit check is required.
- Payment terms. Unlike a Payday Loan, you can repay the loan for up to 10 months.
- Loan amount. You can get from $ 300 to $ 800 and meet your financial needs.
Disadvantages:
- Availability. Unfortunately, Spotloan Loans are not available in all states. Study the list above.
- High interest rates. Spotloan offers you higher rates than other personal lenders.
Sites like Spotloan
Loan Amount
Interest Rate
Loan Term
Up to $1,000
Vary by state
Up to 1 month
Loan Amount
Interest Rate
Loan Term
Up to $1,000
Min 17.5% MPR
Varied
