What is a spot loan

We have designed our process to be fast and easy. Our loan terms are fair and completely transparent. There are no hidden fees or balloon payments.

Spotloans are much better than payday loans.

Spotloans are flexible installment loans. They’re designed to give you the time you need to pay back your loan, a little at a time. As you pay off your loan, you pay down both the interest and the principal.

When you take out a payday loan, you are supposed to pay the entire amount back in two week. Most people roll the loan over - extending it another two weeks - rather than pay it all off in the first payment. In fact, most people roll over their loans 10 times. Each time you roll over your loan, you pay the fee again, but you don’t reduce the principal. With a Spotloan, your payments reduce both the interest and the principal.

You can save up to 50% when you use a Spotloan instead of a payday loan.

Here’s an example. If you take out $500 from a payday lender, you’d end up paying $90 each time you want to rollover the loan. If you roll it over 10 times, after that tenth rollover, you’d still need to pay back the $500 you initially borrowed to close out the loan. After five months, you would have paid $900 in fees for that $500 loan.

If you use a Spotloan to borrow the same $500, you would make the same 10 payments of $106, but you would actually be paying down both the interest and the principal on the loan. After five months, you would have paid $560 in fees for the same loan.

Availability and Rates

Spotloans are currently available to residents of all states except Massachusetts, Minnesota, North Dakota, and West Virginia.

Our maximum interest rate is 390%. Annual Percentage Rate (or APR) expresses the cost of the loan as a percentage of the amount borrowed converted to an annual rate.

Spotloan does not discriminate against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age; because all or part of an applicant's income derives from any public assistance program; or because an applicant has in good faith exercised any right under the Consumer Credit Protection Act.

If you have any questions about Spotloans, please contact us or check out our FAQ for further information.