If you are looking for a very good platform for payday loans, and personal loans for emergencies and you have trouble qualifying for more primary loans then spot loan is a very good option for you. Although you may have little trouble with the high interest, check the terms and conditions before applying.
Spot Loan Review
Spotloan is a loaning platform online that is c owned by BlueChip Financial, which is a tribal lender that offers short-term personal loans with fixed payments. The company offers a range of amounts between $300 to $800 with repayment terms that are up to 10 months.
Spotloan mostly offers short-term loans. That means that it is not like a traditional payday loan, which could require repayment as soon as your next payday, it could give you several months to pay back.
When you apply for a loan, Spotloan may approve a longer repayment time (up to 10 months). But note that the longer your loan term, the more interest you’ll most likely pay.
If you’re planning to rebuild your credit, it may be very tough to find a lender. But although Spotloan will review your credit when considering your application, it will also consider other factors.
Who is Spot Loan personal Loan Good for?
The personal Loans offered by Spotloan is good for anyone who is facing tough financial situation and would need money to cater for emergency expenses. A short term installmental could be a very good option rather than going for a normal payday loan which will have a shorter repayment schedule or a title loan which could be very risky because you are using your car as a collateral. If you need a higher amount, then you should research for other loan options.
How to Apply for a Loan on Spot Loan
To Apply for a Loan on the platform, you must fill an online application form at sootloan.com. you must be 18 years or older, having a good source of income, a bank account,and email and a phone number.
The following information will be needed to complete your application
- Bank account details
- Employer name
- Email address
- Date of birth
- Social security number
- Full name and residential address.
If your loan request is approved, you will be given some loan options to choose from. If you accept these loan options, you will be funded before two business days.
Typical Loan Terms on Spot loans
Spot loans terms are not actually different from normal pay day loans, apart from the fact that the repayment period can be extended. The loans have extremely high interest rates, very small loan principal balances, and they even debit their customer’s bank accounts twice weekly on their paydays.
- Loans at spot loan can be anywhere between $300 and $800
- The Repayment terms are between three months and ten months
- Payment schedules at spot loan require biweekly payments
- Repayment cam be made any time before the due date without penalty
- The maximum APR of Spotloan is 490%
- Active members of the military and repeat members are given lower rates
The spot loan products are meant for short-term use only. They are not really feasible for long-term users. They are for emergency usage.
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