Spotloan Review: An Online Payday Loan Alternative With High Interest Rates

spotloan review1

There are a lot of people who need a loan to cover their expenses. There are a lot of options available in the market.

Some options are very difficult. They ask a lot of questions about issuing a loan.

If you want a loan for your needs, you can go for the spot loan. A spot loan is basically a moneylender company that provides you a loan.

But there is one drawback, they charge a high interest on their loan service.

So you need to check out the conditions before taking their services.

Pros:

  • The loan amount starts from 300$ to 800$
  • Prequalification 
  • Repay over months

Cons:

  • The interest rate is very high
  • Rarely available in the states 
  • You can not take a large amount loan

What do you need to know about a Spotloan personal loan?

Spotloan personal loan

Like other credit issuers and money lenders spot loan is a company that provides you loan service so that you can accommodate yourself in a financial crisis.

This company is owned by Bluechip Financial. They offer short-term personal loans. The payments they set are based on a fixed amount.

Spotloan gives their loan services from 299$ to 799. The time that this company set to make your payments up to 10 months.

Potential for high-interest payments:

As we already discussed that the Spotloan charges very high interest. You will not find any other credit issuers that charge you this high interest rate.

One of the main reasons is that they do not follow the traditional process for issuing the loan. They do not require a lot of information that the others do. The process of loaning in this company is very easy.

The high-interest rate will be depending on the terms that you set with the company. The highest interest rate that Spotloan use to set is up to 480% that you do not see in any other credit issuers.

There is a recommendation that came in the market by National Consumer Law Center about the loan range. In simple words, they told about the upper limit of the interest rate.

Keep this recommendation in your mind when you grab a loan service from any credit issuers.

Varying loan terms:

Varying loan terms

The loans that Spotloan offers are for a short time. So definitely the payments that you will be making have a lot of months to repay. In other credit issuer’s services, you see the next repay consist of a very short time to do. 

Moreover, there is an option for a longer period loan. You can select their longer period loan option. The terms are approximately the same as other credit issuers use to set.

One more thing that you need to keep in mind if you go for a loan which would be for a longer duration, the company will be charging more interest.

Loan for less than perfect credit:

There are many other factors that will be considered by the company. Especially if you go to spot loan they will check all your credit report.

Your credit report should be free from damages. For example, if you have taken a loan in past it should be paid on time.

If there are any things mentioned like that, your application would be rejected. 

You will be getting a loan with bad credits.

A closer look at Spotloan:

There are a lot of things that you need to look at while taking a loan service from Spotloan.

Availability:

There are some specific states where you can find Spotloan’s loaning service. The states include Florida, Georgia, Hawaii, Idaho, Mississippi, Montana, Kan sas, etc.

Potential to receive funds quickly:

They transfer the loan to your bank account very fast. It does not take a lot of time to send the money to your account.

The day when you submit the application, they send all the amount on the same day.

Rarely it happens that the payment transfer into your account on the next day after the submission of the application.

One more thing that should be mentioned, it depends on your bank as well. Sometimes it happens that the bank takes some time to give you access to the amount.

So before taking the service you should check the service of your bank. If it is not good, then change the bank as soon as possible.

Bank account required:

It is very obvious that for grabbing the amount of loan you need a bank account. The bank account should be active.

Moreover, make sure that the bank accepts the electronic transfers so that you can easily get the money that will be transferred by the credit issuer.

Educational Resources:

The best thing about this company is that they publish articles that are very helpful for those who need loans but don’t know how to apply.

Who a Spotloan Personal Loan is Good for?

Spotloan Personal Loan

This service is usually for those who are facing financial problems, want to start a short business, etc. In simple words, it is for those who want a short amount for their needs.

How to Apply:

As we all know that this is an online lending platform, so the application process of Spotloan is very simple.

What you need to do is that you just go to their website and the information they require. The information is similar to others.

They require:

  • Full name
  • Residential address
  • Date of birth 
  • Social security number 
  • Duration at residence 
  • Phone number 
  • Email address
  • Employer Name 
  • Employer Address
  • Bank Account Details

If your application has been accepted you will be getting the loan on the same day or the after it.

Conclusion!

The verdicts are that there are a lot of people who need a loan to cover their expenses. There are a lot of options available in the market. Some options are very difficult.

You can go to the Spotloan. A Spotloan is basically a moneylender company that provides you a loan.

They charge a high interest on their loan service. The best part is that if your application has been accepted you will be getting the loan on the same day or the after it.

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