Most people complete the process in about 10 minutes. If you accepted your loan terms on a Monday through Friday, before 11:30 a.m. CT, Spotloan will transfer the money to your bank by no later than the end of the same business day. If you accepted your loan terms on a Monday through Thursday between 11:30 a.m.
Approved applicants who accept their loan terms may receive their funds as soon as the same day to within two business days.
Spotloan will transfer the money to your bank by the end of the business day on the same day the approved loan was accepted by you. * Your bank could make that money available to you immediately thereafter. If you do not see your funds by the end of the day, be sure to contact your bank for specifics.
GET YOUR MONEY IN YOUR BANK ACCOUNT
If you accepted your loan terms on a Friday after 11:30 a.m. CT through anytime on Sunday, Spotloan will transfer your money over the weekend and it will arrive at your bank by the end of the next business day.
They're the most trustworthy source for honest online reviews, and people can register complaints about any business with them. Unfortunately for Spotloan, their BBB profile doesn't paint a great picture. Spotloan has been open for eight years, so they've had ample time to build out their systems.
You always have the freedom to pay off your Spotloan at any time with absolutely no prepayment penalty. No questions asked, and no prepayment penalties, ever. That's because Spotloans are installment loans and not payday loans. With Spotloan, you pick your loan amount and payment size.
When you apply for a Spotloan, we do a soft inquiry, so it won't lower your credit score. Also, Spotloan reports back to credit reporting agencies on your loan payment performance.
Also, your credit score often needs to be at least 640 to qualify. As always, your credit score can determine the APR you're charged. The lower your credit score, the higher the interest rate—and vice versa.
As a direct lender of online loans, Spotloan is revolutionizing the emergency loan market by utilizing the world's most sophisticated financial technology.
If you need to borrow money immediately, the most popular options are personal loans, cash advances online, payday loans, pawn shop loans, and banks or credit unions. But be careful with cash loan options that promise you a quick loan with no credit check.
Spotloan is a better way to borrow extra money. It's not a payday loan. It's an installment loan, which means you pay down the balance with each on-time payment. Borrow $300 to $800 and pay us back a little at a time.
Payday loans are short-term personal loans that you can use for unexpected expenses. Typically, borrowers receive loan amounts between $500 and $5,000, though some providers offer amounts up to $35,000 or higher.
No, Spotloan doesn't report monthly payments to the three main credit bureaus. However, Spotloan does use consumer reporting agencies like CL Verify, LexisNexis, Thread Matrix and eBureau. If you're looking for a loan to show in good standing on your credit report, consider OppLoans.
Dave. Dave is another popular cash advance app that works with Chime. Customers like it because it analyzes your spending patterns, helps you avoid overdrafting and comes with early paydays — all of which can help you stay on budget.
LendUp is the other direct lender that offers payday and installment loans similar to SpotLoan. If you've found yourself in a bind and need money now, LendUp can be right for you.
Personal loans are typically a much better option than payday loans if you need fast cash immediately. Typically, personal loans let you borrow a few hundred to a few thousand dollars and pay it back over time.
2. Can you be arrested and sent to jail if you fail to pay your debt? Many borrowers default on a loan every day, and the common question they ask is whether nonpayment of the loan will result in imprisonment. The answer is no.
No, you cannot be arrested for defaulting on a payday loan. However, if you are sued or a court judgment has been entered against you and you ignore a court order to appear, a judge may issue a warrant for your arrest.
Payday loans generally are not reported to the three major national credit reporting companies, so they are unlikely to impact your credit scores. Most storefront payday lenders do not consider traditional credit reports or credit scores when determining loan eligibility.