SpotLoan is a quick approval loan company that helps you when you’re in a pinch. They can get you same-day approval and are perfect for those who find it hard to get approved for a bank loan. A bank loan requires decent credit and verifiable income. However, SpotLoans requirements are set low to help people who have bad credit. If you’re in a situation where you need a quick cash loan, SpotLoan can help. All you’ll need is the ability to verify your income. That way, the company knows you can pay them back.
We want to make sure that you get the money you need in an instant. So, we’ve dug a bit deeper to see if SpotLoan is worth the investment. Here are some of the details we’ve found about the company;
This company provides personal loans to people who need instant cash. Unlike credit lines, you will only have a short contract term of one year to pay off the loan. Additionally, you may have to pay interest, but it’s worth it if you require added funds.
Their interest rates are much higher than other options. However, we find that because they can approve funds so quickly, they are worth the investment. Overall, we think you should weigh the pros and cons before you decide to use this company.
Here’s an Overview of the Borrowing Process for SpotLoan
Borrowing from this company is similar to any other loan company. You will need to provide some personal information and fill out a form. If you’re worried about getting denied because of your credit score, don’t worry.
They don’t judge their borrowers based on their credit. Instead, they may ask for a verified income source. This just ensures that you will be able to pay back the loan with their proposed interest rates.
On top of that, they don’t do a hard check on your credit. Your current score won’t be affected, and you don’t have to worry about past bankruptcies. The minimum requirement is having at least a verifiable source of monthly income with proof.
What’s the Maximum and Minimum Amounts You Can Borrow from SpotLoans?
This company is not designed to be used for big projects. Instead, you should only use it in case of an emergency. The maximum loan amount that a borrower can get approved for is $800. As a minimum, you can expect to be approved for $300. This company doesn’t do any loans smaller than that.
Are There Any Associated Rates and Fees Associated With SpotLoans?
The interest rates for the company are very high compared to other lenders. They exceed over 490% in some states. If you’re in an emergency and believe you can pay back the loan, it will be a good option. However, if you don’t think you can pay the interest on the loan, we suggest going with a different lender you can afford.
As for fees, there are no hidden fees for SpotLoan. They work hard to ensure that you are not getting charged extra for your loans. Overall, if you’re trying to avoid additional charges, then you can rest assured that this company doesn’t have any.
The Nonpayment & Late Payment Fees at SpotLoans
If you make a late payment or have non-payment, you will be subjected to extra fees and charges on your total loan amount. While their APR doesn’t charge any extra after the interest fee, you may see an increase.
Failure to pay the company is reported to credit agencies. This could eventually drop your credit in the long run. Plus, non-payment could result in SpotLoan sending your account to collections.
Is SpotLoan A Legitimate Company?
Yes, this company is legitimate. According to the Better Business Bureau, they do have a handful of complaints. Many of these complaints are about their interest rates and the continuous charges of late fees to their loans.
Although some have listed that identity fraud has happened with other people using their information and signing loans. It’s essential to engage in safe internet use and only put personal information into secured forms.
Other websites list that they have had a decent time when using SpotLoan. So, it’s best to do your own research on the company and decide if you want to use them.