Spotloan application will be a great option for you if you are looking for a small loan. This online lender often comes with high-interest rates, so you need to know all about terms and conditions before applying.
Spotloan might be a good option for those who are looking for a small loan to fund emergency expenses or troubles but don’t want to go for traditional loans. Spotloan application is quite simple and easy to access. However, this online lender comes with a high-interest rate, then you need to check all the terms and conditions before you apply. This article is all about Spotloan and its application process.
- Spotloan application and overview
- What you need to know about a Spotloan personal loan
- Frequently asked questions
Spotloan application and overview
Before going for Spotloan app, you need to meet all the requirements below:
- The basic requirement to get the loan: a regular source of income, a checking or savings account, a valid email address, and a phone number, at least 18 years old.
- Lender states: Spotloan loans are only available in 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.
- Loan term: 10 months
- APR up to 490%
- Loan amount: $300 – $800
- Time to money: Next business day
- Online/Offline: Online
- Funding Method: Bank account
For Spotloan applications, you must fill an online application to SpotLoan.com. To apply, you must be 18 years of age or older with employment confirmation or other regular income, email address, a phone number, and a bank account.
You need the following information to complete your Spotloan application:
- Full name and address
- Date of birth
- Social Security number
- Length of time at residence
- Phone number
- Email address
- Employer name/address
- Bank account details
Approved applicants who accept their loan terms may receive their funds as soon as it is the same day before within two working days.
What you need to know about a Spotloan personal loan
Spottloan is an online loan company that belongs to BlueChip Financial, a tribal lender, which offers short-term personal loans with a fixed payment. Spotloan provides loan amounts ranging from $300 to $800 with repayment conditions up to 10 months.
Potential for high-interest payments
If you are looking for a short-term through Spotloan application, you would consider that the annual percentage rate of the loan, or APR, might be much higher than you will find with other personal loan lenders.
Depending on your conditions, your APR with Spotloan can be as high as 490%, which is more in accordance with APR that you would see from traditional payday lenders.
Note that the National Consumer Law Center disputes 36% as the upper limit of a paid interest. Then, before applying for any loan, read the terms and conditions to make sure that the payments are adjusted for your budget.
Varying loan terms
Spotloan offers short-term loans. That means you, as opposed to a traditional payday loan, may require a refund as soon as your next payday, you can have months to repay.
When applying, Spotloan can approve a longer loan term (up to 10 months). But keep in mind that the longer maturity of your loan, the more interest you will pay normally.
Loans for less-than-perfect credit
If you rebuild your credit, it may be difficult to find a lender. But while Spotloan will review your credit when considering your request, you will also consider other factors.
Potential to receive funds quickly
If your loan is approved, the funds could be transferred to your bank account on the same day or the next working day. But keep in mind that according to your bank, you might wait before you can access your money.
Who a Spotloan personal loan is good for?
If you are in a difficult situation and face emergency expenses, a short-term installment loan from Spotloan may be an option instead of turning to a traditional pay loan, which usually has a shorter payment schedule or a title loan that can be risky because you use your car as collateral.
Bank account required
To apply for the Spotloan, you need an active bank account that accepts an electronic funds transfer.
If you want more information about personal loans or how to track your personal finances, Spotloan provides educational articles which are available on its website.
Frequently asked questions
What happens when you click “Apply Now?”
The ‘APPLY NOW’ button directly links you to the first page of the credit process, which is necessary to provide personal information, is used to verify your identity and prevent fraud.
This information contains SSN; date of birth; main and backup phone number; physical address; residence information such as whether you are renting or owning or living with your parents, how much you pay as rental payments, or mortgages if you have been ever evicted and so on.
What are alternative payday loans paid in installments?
In review of this Spotloan app, it is necessary to differentiate the payday loan from tribal lenders from a typical cash advance loan. With the tribal lender, you repay your loan in equal charges for several months or weeks. Typical cash loans will be fully repaid in just 14 days that cannot be unmanageable.
What’s the interest of a Spotloan loan?
Spotloan offers a relatively lower interest rate limited to 490%. Some short-term lenders can charge an APR at the minimum of 700%. Your APR will differ from the amount borrowed and the number of payments.
Will my credit score get affected by applying to see my APR rate?
For your Spotloan interest rate, you must apply in the form of normal customers. The good thing is that they don’t make it difficult to draw on your reports from the three CRAs.
That is all about the Spotloan application process that you need to know. If you are looking for a small loan for your trouble or emergency with a quick process, Spotloan would be a great option for you. We hope you can find this sharing useful.
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Link Download “App Spotloan”: Click Now