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Spotloan Review: The Best Short-Term Lender For You

This Spotloan review will give you a few reasons why this lender is one of the best options when it comes to short-term loans. Needless to say, one of the few ones that offer amazing deals.

Spotloan review What borrowers need to know

Ideally, short-term loans should be our last resort. However, there comes a time when unexpected circumstances happen and you’ll need extra cash. Thus, you are left with no choice but to borrow from lending companies (unless of course, you have family or friends who are willing to help).

Guess what? There is totally nothing wrong with that! In fact, a lot of people resort to payday loans or short-term loans in order to get by especially when finances are too tight.

Pay-day loans or short-term loans are not your usual loans. Meaning, unlike other types of loans, this one charges quite a high-interest rate. In fact, according to an article published by CNBC, it says that there are short-term loans that cost over 20 times more in interest as compared to an average credit card.


However, no matter how high the interest may get, still, it has been found that every one in 10 American people get into short-term loans.

According to a report by Forbes online, there are as many as 12 million Americans who take a payday loan every year.

Furthermore, the report says that according to the Center for Financial Services Innovation, borrowers usually earn roughly $30,000 a year and that 58% of them are, unfortunately, having difficulty in meeting basic monthly expenses. Thus, they give into borrowing money from lending companies.

Now, there are a lot of lending companies out there. In fact, there are too many options in can get a little overwhelming sometimes.

But, as we always say, we highly recommend rather encourage borrowers to always shop around first, compare rates and terms, as well as fees and charges before you even seal a deal with a particular lender.

It pays off to shop around and compare. By doing so, you get to find the best deals possible.

Anyway, while there are a lot of options, one of, probably, the best choices out there is Spotloan. Based on feedback from borrowers, there is so much potential here. Needless to say, they’ve got really competitive rates when it comes to payday loans.

So, to learn more about this lending company, we are doing this Spotloan review. We are going to look into every detail that every borrower has to know especially when it comes to payday or short-term loans.

For reference, we are going to specifically tackle the following:

  • What is Spotloan?
  • Why choose Spotloan?
  • What do you need to know about Spotloan short-term loans?
  • Who qualifies for a Spotloan short-term loan?
  • How to apply for a short-term loan at Spotloan?
  • What are the pros and cons of Spotloan?

Before we proceed, here’s a video by eHowFinance about what short-term loans are and its pros and cons:


Launched in 2012, Spotloan portrays itself as a payday loan alternative (but in reality, they are a short-term loan provider). The company provides quick cash to borrowers, but unlike payday loans, it provides more manageable repayment terms.

Spotloan promises borrowers a savings of up to 50% as compared to traditional payday lenders out there.

Spotloan is a company owned by BlueChip Financial, which is an Indian Tribe-backed entity. Thus, it does not abide by state regulations contrary to other payday or short-term lenders. The company, instead, operates under local Tribe laws.

As a direct lender, though, borrowers only deals with Spotloan, which is why it does not match you with any third-party provider.

Since Spotloan is a short-term lender, similar to most short-term lenders, borrowers should expect to end up paying a high annual percentage rate. Although it is generally competitive when it comes to APR, the company does have a maximum APR of 490%. But this should not be a problem if you have good or excellent credit. Most likely, you will get better rates.

The thing we personally like about Spotloan is that it revolutionizes the emergency loan market by utilizing FinTech technology.

As mentioned, the company provides loans directly to borrowers through a desktop or mobile devices. Furthermore, the company does underwriting loans in just a couple of seconds without the need for applicants to fill out a lengthy application (which is usually the case when dealing with traditional lenders).

The company is proud to say that there are over half a million people who have used Spotloan already as of to date.


Now that you already know what and who Spotloan is, this time around, we’ll look into why a borrower should choose Spotloan over other short-term loan lenders out there.

There are three major things that Spotloan takes pride of — perhaps what makes them stand out from the rest.

Spotloan provides you with…

  • Loans You Control
  • Payments You Can Manage
  • Savings

Based on their website, this is how each of the above-mentioned items where defined:

Loans You Control

Loans at Spotloans are tailor-made to fit every borrower’s needs. You get to pick your loan amount, as well as the duration of the loan.

Furthermore, you are free to choose either make regularly scheduled payments or pay the loan earlier than scheduled. Whatever you choose, Spotloan promises to work with you to ensure you are and your loan is on track.

Payments You Can Manage

Spotloan is an installment loan. Thus, every regularly scheduled payment definitely helps lower down the cost of your loan so you can kiss the payday loan balloon payment goodbye.


As mentioned earlier, Spotloan promises that you can save up to 50% as compared to a typical online payday loan.

Now, apart from the above-mentioned, Spotloan also promises borrowers to get the following perks:

  • A better rate on your next loan with us after completing your first loan with Spotloan
  • Highly trained customer service agents to help you every step of the way
  • The freedom to pay off your Spotloan at any time with absolutely no prepayment penalty
  • The flexibility to pause your payments (as long as your account is in good standing)


At this point in our Spotloan review, we are going to talk about all the other essential information every borrower needs to know when it comes to applying for a Spotloan short-term loan.

If we are going to base our thoughts on the information we have shared with you above, we have to say that Spotloan does really have the potential of the best short-term loan provider. Its promises are on-point, and basically what every borrower wants to know.

But, before we even conclude anything, it is also important to be fully aware of the following:

  • Loan Amount
  • Interest Rate
  • Loan Terms
  • Funding
  • Fees
  • Payment Options
  • Customer Service

So, let’s look into each of these items now —

Loan Amount

One thing we noticed with Spotloan is that, unlike other short-term loan lenders, the company’s loan structure is very straightforward.

At Spotloan, they lend money at a minimum of $300 up to $800. While this may seem like a small amount compared to what other lenders offer, we thought it’s actually a good thing that the company is engaged in sensible lending.

If you need a larger amount, well, you can absolutely apply for a long-term loan instead. Makes sense now, right?

By borrowing a long-term loan, you get to borrow a large amount, at the same time, the interest rates will definitely be cheaper.

Interest Rate

One of the major factors to look into when getting a loan (whether it is short-term or long-term) is the interest rate or the annual percentage rate (APR).

To be upfront, Spotloan may have higher APR compared to other lenders out there.

Depending on the terms, your APR could be as high as 490%. We know what you are thinking, that’s quite high! But also look into it that the actual APR would still depend on your credit score, which means, if you have a high credit score, then you’d definitely have a better APR.

Meanwhile, if you have poor or no credit at all, you better look for another lender instead.

Loan Terms

Since this one’s a short-term loan, it’s quite reasonable that the repayment terms are not that long as well. With Spotloan, borrowers do have the option of paying off the loan in 3 to 8 months.

Do not worry about trying to figure out how long to pay off the loan as the platform helps you determine how long you should take the loan out for depending on how much you can afford to pay back.

By the way, keep in mind also that the longer you pay for the loan, the higher the interest rate would be. So, yeah, ideally, you pay it off early.


Since Spotloan processes loan application online, and as mentioned earlier, they can grant approval of a lot spot on, the successful loan application can get their loaned money within the same day of approval or up to two business days after approval of the loan.


So, here’s the good news — Spotloan does not charge any fees (such as origination fee, prepayment fee, annual fee, etc.) except for the APR.

We thought it’s a wise move for Spotloan as a lot of its competitors charge origination fees, which can cost up to 5% of the loan amount.

Payment Options

Spotloan offers a number of options when it comes to paying the loan back.

You may choose from any of the following choices:

  • Automatic Debit – This is the easiest way to repay the loan. You basically have to set up an automatic debit from your checking account, and then let Spotloan automatically debit your payments every two weeks until the loan is repaid in full.
  • Money Order – With money order, you have to ensure that the money is received by the lender before the scheduled repayment date.
  • Check – Another option to pay off the loan is by issuing a check. You just have to mail it to Spotloan, but make sure it does get into the company before the repayment date.

Customer Service

For any questions or clarifications, and to know more about what other products do Spotloan offer, you may contact them through the following channels:

Phone: (888) 681-6811


Mail: Spotloan, P.O. Box 720, Belcourt, ND 58316

The customer service team at Spotloan is only available to assist you during the following office hours (Central Time):

Monday-Friday: 07:00 – 20:00

Saturday-Sunday: 09:00 – 18:00


Next to our Spotloan review is knowing who qualifies for a short-term loan.

As a borrower, it is important to check this one out before you even apply for a loan. Apart from the fact that you can do a self-assessment whether or not you qualify for the loan, ultimately, you do get to save a lot of time and effort.

Now, with Spotloan, it is important to note that it only operates in selected states in the country. Spotloan is available in 38 states, as well as in the District of Columbia.

For your reference, below is where Spotloan operates:

Alabama, Alaska, Arizona, California, Colorado, Delaware, Florida, Georgia, Hawaii, Idaho, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Michigan, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, North Carolina, Ohio, Oklahoma, Oregon, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Washington, Wisconsin, and Wyoming

Moving on, if you reside in the above-mentioned states or if you are from the District of Columbia, then you may now check the other requirements to qualify for a Spotloan short-term loan.

Generally speaking, Spotloan does have a minimum requirement as compared to other lenders. The company requires borrowers of short-term loan to:

  • Be at least 18 years old
  • Have a regular source of income
  • Have a checking or savings account
  • Have a phone number and email address

In addition, borrowers must also:

  • Be a US citizen or permanent US resident
  • Hold a valid social security number

Spotloan is considered a bad credit lender, which means they do not have a minimum credit score requirement. But again, having bad credit means you have to be ready to be charged for a high-interest rate.


So you already know what the company requires when it comes to borrowers of short-term loans. This time around, we’ll share with you the process of the loan application.

To apply for a Spotloan short-term loan, all you have to do is go to their online platform — their website. Then, fill out the online application.

Again, make sure you are at least 18 years old, you have verifiable employment, as well as another source of income, a bank account, phone number, and an email address.

Furthermore, you will need the following information to be able to complete the loan application process:

  • Full name
  • Address
  • Date of birth
  • Social Security number
  • Length of time at residence
  • Phone number
  • Email address
  • Employer name/address
  • Proof of income
  • Bank account details

All approved loan applicants who agreed to the loan terms can receive their loaned money as soon as within the same day up to two business days after sending the loan application.


This Spotloan review, just like the previous reviews we did, will not be complete without our list of pros and cons. These details will, hopefully, help you as you make an informed decision.

Here’s what we found —


  • The company has a sensible short-term loan offering of as low as $300 up to $800.
  • It is ideal for borrowers with poor or bad or no credit at all.
  • The company has a fast funding time — allowing borrowers to receive funds either on the same day of their application or up to two business days.
  • Your loan application will not have an impact on your credit report
  • The company provides multiple ways to repay the loan.
  • It does not charge any fee (including prepayment fees) except for the APR.
  • Spotloan is a trusted service provider with a high rating on Truspilot, and has earned many excellent five-star ratings.
  • It has few requirements to apply for a short-term loan.
  • Borrowers can choose their preferred repayment terms.
  • It allows borrowers to pause payments if for some reason they are unable to make a payment — provided the borrower’s account is in good standing.


  • It is only available in selected states in the country.
  • The interest rate could go as high as 490%, way higher as compared to other lending companies.


Technically, short-term or payday loans should be any borrower’s last resort. As much as possible, if you can find a family or a friend who can lend you the amount you need, do look for one.

Short-term or payday loans are both known to charge high-interest rates — now you know why it should be the last option in mind.

But, if all else fails, and you are left with no other choice but to get a short-term loan, there are a lot of options out there. Just manage your expectation as most of them do have high-interest rates including Spotloan.

While Spotloan does have a high-interest rate compared to other short-term lenders, it makes up when it comes to perks and features.

So, if you are going to ask us if we are to recommend getting a short-term loan at Spotloan, we got to say that based on the information we provided in this Spotloan review plus the many other consumers reviews, it is a yes.

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