With $800 and 10 months as maximum limit for funds and term, while Spotloan provides a good alternative to other payday loans, it is very limiting compared to other installment loans available in the market. So it has both positives and negatives in that sense. If one wants a small dollar loan with multiple payment options and a bit more time than next payday, it is a good place to avail a loan from. If one needs a larger amount with a longer term, then Spotloan is not the right place.
The short-term small dollar loans provided with installment paybacks by Spotloan are simply termed as Spotloans. And that is the only type of loan they offer to American borrowers at the moment. One can apply for an installment loan to get money in the account the next business day. The specialty about them is that they do not charge any origination, rollover, and missed payment fees- which are charged by many other lenders in the market.
Spot Loan Loan Features:
Loan Application Information
Terms of Repayment:
For a short-term installment loan, at Spotloan one has the maximum period up to 10 months to pay back with interest. They also have the facility of rollover and it is free. Similarly, if you miss a payment, there is no additional fee. They also offer lower APR rates on the second loan, if one successfully pays off the first loan on or before time. You also can pause your payment during the loan period if your account is in good standing.
Spot Loan Customer Service Hours:
Spotloan has done a customer’s survey with more than 275,000 borrowers who have used their service. Online they have more than 1,000 reviews and a rating more than 4. Which shows that despite limitations regarding term and loan amount, they are able to satisfy customers. One can write to them at email@example.com, or make a call on their number to get more information, apart from finding answers to many general questions on the FAQ page.