SpotLoan Review

Easy to apply
Approval time
No hidden condition
Renewal rules
Service quality
Customer support
review-contactContact information:
  • Website:
  • Phone number:
  • Email:
  • Monday - Friday 8:00 a.m. CT - 6:30 p.m. CT, Saturday 9:00 a.m. CT - 6:00 p.m. CT.
  • Sun
  • Mon
  • Tue
  • Wed
  • Thu
  • Fri
  • Sat
girl money money money

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;

Personal Loan

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.

money money money money
Borrower requirements
  • Age 18years or older
  • Have regular income
  • US citizen or permanent resident
  • Have a valid bank account
Obtaining methods
  • Bank account
  • Credit or Debit card
issued loans
satisfied customers
instant approval
Recommended lenders

Step by Step Process to Applying for a Loan From SpotLoan

The first step is to pick your terms. Input the loan terms and think about how much you need to borrow. Once you’re set on that, set a repayment schedule. Once you find one you like, you can move onto the next step.

The second step is to fill out an online application. This asks you to input and verify personal information that’s used to see if you qualify for a loan. The application is entirely confidential and secure. Once you fill it out, you can submit it and wait for the approval.

Once you’ve been approved, SpotLoan will ask you to sign a contract online. You can accept the loan terms and expect the funds to be deposited into your bank account within 24 hours of approval.

Does The Company Have Any Loan Requirements That Must Be Met?

There are minimum requirements that you’ll need to pass before you can get a loan. To even apply, you’ll need to ensure that you meet the following:

  • A regular source of income (verifiable)
  • A checking or savings account
  • Updated contact information (email or phone)
  • Be at least 18 years old.

After you submit these details to SpotLoan, they can help tell you if you can qualify for a loan from them. Even once you’re approved, you may be asked to verify your identity. You can verify your identity by sending SpotLoan a voided check.

The eligible States Where SpotLoan Offers Loans

SpotLoan is only available in select states. To be eligible for a loan, you’ll need to be a resident of one of these states. If you aren’t, then you won’t qualify for a loan. Here are the states that this company is currently accepting:

  • 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
Advantages of SpotLoan
  • Quick Approval ;
  • Flexible terms ;
  • Low Credit;
  • Return Customers ;
  • Easy Application Process ;
Disadvantages of SpotLoan
  • High-Interest Rates ;
  • Not Available in All States ;
  • Large Loans Not Available ;
  • Bank Account ;

What's the Online Process Like for Getting a Loan?

Online, you can easily get a payday loan as long as you can provide your personal information. As we’ve stated earlier, you must be living in an eligible state to get a loan. Additionally, you must meet the SpotLoan loan requirements.

Here’s the type of information that you’re required to provide online:

  • Your full name, current address, email address, and phone number
  • DOB (date of birth), SSN (social security number), a government-issued ID (state ID card, diverse license)
  • Current employment status (employer’s name, address, phone number)
  • Income amount (with verification documents)
  • Checking or Debit card account

What’s the Walk-In Process Like for Getting a Loan?

Unfortunately, the company doesn’t have that many physical locations. Their main building of operation does exist, but they don’t have physical locations that you can walk-in to. This is a huge downside for people who don’t want to enter their personal information into an online form.

Most of their transactions take place online. To get fast results, we recommend only using the online form. This is the quickest method for getting funds deposited into your account.

Contact Information for SpotLoan & Hours of Operation

SpotLoan does have a FAQ page that can answer many of the questions you may want to contact the company about. Other than that, they have a customer support line that is open most of the week.

Here are their current hours of operation:

  • Monday through Friday from 8 am to 6:30 pm CT.
  • Saturday open from 9 am to 6 pm.

If you need to contact the company by mail, you can send payments via check to their physical address:

  • SpotLoan
  • P.O. Box 720
  • Belcourt, ND 58316

If there’s an urgent reason as to why you need to contact the company, you can always choose to email them. Their email is [email protected], and a representative can help you with any of the questions you have about your account or qualifying for a loan.

Lastly, if you would like to speak to someone directly, you can choose to call them. Their phone number is 1-888-681-6811, but you may experience longer wait times.

The Bottom Line

When it comes to choosing the right loan, you’ll need to consider all the factors. If you’re already struggling financially, the last thing you want to do is put yourself in more debt. So, it’s best to know all the requirements, fees, and interest rates beforehand.

If you’re seriously considering using this company as your next lender, remember what we’ve stated. SpotLoan is good for borrowing a small number of funds. However, they are not useful for more considerable expenses or projects. Plus, the interest rates are pretty high compared to other lenders.

On the upside, you can choose your repayment schedule, which helps alleviate your monthly income. Our personal opinion about the lender? SpotLoan is a good lender if you find yourself in a time of financial crisis. However, there are much better companies with overall lower interest and fees. That being said, if you need funds fast, SpotLoan has your back with its quick approval process.

( 173 votes, average: 8 out of 10)