Both Spotloans and payday loans might come in handy during a financial emergency. A roof leak, a car repair, or a missed mortgage payment would leave many of us needing extra funds and fast. But not all funding options are created equally.
We know this because there are currently about 23,000 payday lenders across the country, twice the number of McDonald’s restaurants in the United States. Still, only about 6% of adult Americans have used payday lending in the past five years. The structure of a payday loan isn’t very forgiving or flexible. There are better options out there, and a Spotloan is one of them.
A Spotloan is a short-term installment loan with a fixed interest rate. However, unlike a payday loan, your repayment period is not tied to when you receive a paycheck. Spotloan offers a convenient repayment period of up to ten months.
With a payday loan, repayment is usually required by your next paycheck, hence the name. The average repayment period on a payday loan is two weeks. But two weeks doesn’t give you much time to catch up. With a Spotloan, the repayment time frame is up to you. For this reason, and several others, Spotloans can be significantly more convenient during a financial emergency.
Also, rather than scrambling to repay your loan within two weeks, you can decide if you want to pay back your loan next month, in four months, in six, or more. We allow the Spotloan to be repaid up to ten months from your approval date. But that’s not to say that you’re stuck with the ten-month repayment schedule.. With a Spotloan, you can choose up to ten months to give yourself some wiggle room, and then if you work things out sooner, you can pay your loan off early without being charged any prepayment penalties. In fact, paying off early will save you money.
We want to make it as easy as possible for you to repay your loan, so we offer several convenient payment options, including automatic debits from your bank account, debit card payments made over the phone, and mailed checks or money orders. Automatic debits from your checking or savings account are the easiest way to ensure that your payments are made on time. This type of “set it and forget it” approach to finances can save time, energy, and money.
To qualify for a Spotloan, there are four clear requirements: you’ll need to have a job or another regular income source, a checking or savings account, a valid email and phone number, and be over 18. And unlike many other types of loans, you’ll know right away after your online loan application if you’ve been approved.
Approval usually only takes a few minutes once we have the information that we need. And the application itself takes an average of ten short minutes. We understand that most people who apply for Spotloans are experiencing financial emergencies and need the money as quickly as possible. So, at Spotloan, we try to fulfill that need and get funds as quickly as possible to approved applicants. Depending on the time of day that you are approved and accept your loan terms, your funds may be available in your bank account by the end of the same day or the following day.
Our customer service team is available six days per week to ensure that we are there when our customers need us. You can reach us by phone Monday through Friday from 8:00 a.m. to 6:30 p.m. CT and Saturday from 9:00 a.m. to 6:00 p.m. CT. You can also email [email protected], visit our FAQ page for answers to common questions, or learn about various financial topics, like building an emergency fund, on our Financial Education page.