Written by Spotloan

If you’ve found yourself in a tough spot financially in the last year, you’re far from alone. COVID has taken a toll on the finances of American adults, many of whom were already struggling to keep up. In September 2020, 61 percent of Americans surveyed said that their emergency savings wouldn’t last through the end of the year or that they had already run out of savings.

With the challenges of the last year remaining alive and well, you might find yourself reaching for credit cards or falling behind when unexpected costs arise. If you’re in a pinch and looking for an emergency loan, a Spotloan may be right for you.

Just What Exactly is a Spotloan?

A Spotloan is a short-term installment loan. Unlike a payday loan, you can pay back your Spotloan over time, rather than by your next pay period. And the timeframe is up to you, making Spotloans a significantly more convenient option during a financial emergency. After all, two weeks doesn’t give you much time to catch up.

You can decide if you want to pay back your loan within the next month, within four months, within six, or even within ten months from your approval. But don’t worry, if you choose a longer timeframe to be safe, and then you work things out sooner, you can pay your loan off early without being charged any prepayment penalties. This means that if you pay your loan back early, you’ll save money.

Will I Qualify for a Spotloan?

Qualifying for a Spotloan is simple. There are only four requirements: 

  • You must have a job or another regular income source
  • You must have a checking or savings account that we can deposit the money into
  • You must have a valid email address and phone number so that we can contact you 
  • You must be at least 18 years old

Once you’ve finished your online loan application, in most cases you’ll know right away if you qualify and whether or not you have been approved. If you don’t qualify right away, we may ask you for more information such as a copy of a voided check. Approvals are usually given within a few minutes; we won’t make you wait 24 hours or several days to find out if you’ll receive assistance or not. 

How Extensive is the Spotloan Application Process?

The application for a Spotloan is fairly quick and easy. Most applicants finish their online application within 10 minutes, less than the average lunch break. In most cases, you’ll know within a few minutes whether or not you’ve been approved. Depending on the time of day that you receive and accept your loan terms, you may have the funds in your account before the day is through. 

To be eligible for same-day funding, you have to accept your loan terms by 10 a.m. Monday through Friday. If you accept your loan terms between 10 a.m. and 8 p.m. Monday through Thursday, the funds will go out overnight. And if you accept your loan terms after 10 a.m. Friday through Sunday, your funds will be available on Monday morning.

What are My Options for Paying Back My Spotloan?

When it comes time to repay your Spotloan, you have several convenient repayment options: 

  • Automatic, pre-scheduled debits from your bank account 
  • Debit card payments made over the phone with our customer service team
  • Checks or money orders sent to our North Dakota mail processor 

Automatic debit withdrawals from your checking account make it easier not to miss a payment. But we also accept over-the-phone debit card payments or mailed checks and money orders in case that’s more convenient for you. Keep in mind that it takes two business days to process any changes made to your payment schedule. Generally, it’s best to plan ahead so you can avoid additional fees or missed payments. 

What is the Best Way to Contact the Spotloan Team if I Have Questions?

We are available six days per week to ensure that we are there when our customers need us. Our phone support hours are as follows: 

  • Monday through Friday: 8 a.m. to 6:30 p.m. CT
  • Saturday: 9 a.m. to 6 p.m. CT

You can always find our current hours on the Spotloan FAQ. You can also send an email to [email protected].

Is a Spotloan the Right Choice for Me?

Spotloans are meant more for emergencies than everyday spending. Our maximum Annual Percentage Rate (APR) is 490% and starting with the second loan, approved applicants will receive a lower APR. The APR expresses the cost of the loan as a percentage of the amount borrowed converted to an annual rate. Our terms are generally more favorable than payday loans, but you may be able to receive better terms through your regular bank, credit cards, or generous friends and family. We encourage you to check with them before you apply for a Spotloan.