Written by: Eric Bank
Edited by: Lillian Guevara-Castro
Reviewed by: Ashley Fricker
Spotloan is a direct provider of small installment loans tied to your income. You can apply online and receive a decision in 10 minutes or less. Since 2012, Spotloan has provided more than 1.3 million direct loans to consumers in need.
This review describes Spotloan and seven other providers of bad credit loans. Spotloan is unique within this group because of its unusual loan terms that balance high interest rates with long payback periods.
Spotloan Funds Installment Loans at Payday Loan Rates
What sets Spotloan apart is that it offers installment loans of $300 to $800 at payday loan rates as high as 480%. In contrast, interest rates for personal installment loans top out at 36%, and installment loans can provide much larger loan amounts with up to 60 months to repay.
Alternatively, you can compare Spotloan to an online payday lender, where interest rates can exceed 700%, and you have one to four weeks to repay the entire amount.
It’s probably best to think of Spotloan as a hybrid personal and payday lender, with characteristics of each — providing expensive small personal loans with extended repayment terms.
Best Online Loans Like Spotloan
These loan-matching networks can arrange installment loans similar to those from Spotloan. You may qualify for a personal loan with an interest rate of 36% or less. Moreover, online network loans may let you borrow more than Spotloan’s $800 maximum and give you a longer loan term.
These companies are not direct lenders. Instead, they prequalify your loan application and connect you to one or more direct lenders without cost or obligation.
1. MoneyMutual
- Short-term loans up to $5,000
- Online marketplace of lenders
- Funds available in as few as 24 hours
- Simple online form takes less than 5 minutes
- Trusted by more than 2 million customers
- See official site, terms, and details.
| Loan Amount | Interest Rate | Loan Term | Loan Example |
|---|---|---|---|
| Up to $5,000 | Varies | Varies | See representative example |
MoneyMutual serves consumers with poor credit. It can prequalify your loan application in seconds and connect you to a suitable direct lender. You must meet certain age, residency, income, and bank account requirements to get a loan offer.
- Personal loans from $500 to $35,000
- All credit types are considered and welcome
- Simple, no credit impact form
- Helping consumers since 2001
- 4.7 out of 5 Trustpilot rating with 2,000+ reviews!
- See official site, terms, and details.
| Loan Amount | Interest Rate | Loan Term | Loan Example |
|---|---|---|---|
| $500 to $35,000 | 5.99% – 35.99% | 60 Days to 72 Months | See representative example |
24/7 Lending Group can facilitate multiple loan quotes for borrowers seeking $500 to $35,000. This loan-matching service has more than 15 years of experience helping consumers with all types of credit. These loans provide speedy cash — once you receive loan approval, the lender will deposit your money into your bank account as soon as the next business day.
3. CashUSA.com
- Loans from $500 to $10,000
- Receive a loan decision in minutes
- Get funds directly to your bank account
- Use the loan for any purpose
- See official site, terms, and details.
| Loan Amount | Interest Rate | Loan Term | Loan Example |
|---|---|---|---|
| $500 to $10,000 | 5.99% – 35.99% | 3 to 72 Months | See representative example |
CashUSA.com can quickly prequalify you for a loan of $500 to $10,000, even if your credit is imperfect. You must be 18 or older, a US citizen or resident, and earn an after-tax income of at least $1,000/month. You also must have an active checking account in your name, a working phone number, and a valid email address.
- Small personal loans starting at $100
- Receive an approval decision in as little as 2 minutes
- Funds can be deposited into your account in one business day and used for any purpose
- No hidden fees
- See official site, terms, and details.
| Loan Amount | Interest Rate | Loan Term | Loan Example |
|---|---|---|---|
| $100 to $20,000 | Varies | Varies | See representative example |
SmartAdvances.com offers a fast prequalification process that can match you to multiple direct lenders. You must receive a regular monthly income of at least $1,000 to prequalify. SmartAdvances.com belongs to the Online Lenders Alliance (OLA), committed to a responsible lending policy that complies with the letter and spirit of federal law.
- Loans from $500 to $10,000
- Get connected with a lender
- Simple form & quick funding
- Get your money as soon as next the business day, if approved
- See official site, terms, and details.
| Loan Amount | Interest Rate | Loan Term | Loan Example |
|---|---|---|---|
| $500 to $10,000 | 5.99% – 35.99% | 3 to 60 Months | See representative example |
BadCreditLoans.com serves consumers with poor credit who need to borrow $500 to $10,000 and repay in monthly installments. To prequalify, you must show you have enough income to afford the monthly payments. Alternatively, you can apply for a revolving line of credit for extra flexibility.
- Loans from $250 to $5,000
- Cash deposited directly into your account
- Get money as soon as tomorrow
- Bad credit OK
- More than 750,000 customers since 1998
- See official site, terms, and details.
| Loan Amount | Interest Rate | Loan Term | Loan Example |
|---|---|---|---|
| $250 to $5,000 | Varies | Varies | See representative example |
CreditLoan.com is a lending network that can quickly prequalify you for a loan offer despite your low credit score. More than 33 million consumers have visited the CreditLoan.com website, which features many financial tools and resources. The company confirms its commitment to data security by displaying the TRUSTe® logo.
- Loans from $250 to $35,000
- Large lender network
- Fast loan decision
- Use the loan for any purpose
- Funding as soon as one business day, if approved
- See official site, terms, and details.
| Loan Amount | Interest Rate | Loan Term | Loan Example |
|---|---|---|---|
| $250 to $35,000 | 5.99% – 35.99% | 3 to 72 Months | See representative example |
The PersonalLoans.com network can quickly prequalify you for an unsecured personal loan for $500 to $35,000. To prequalify, you must earn at least $2,000 monthly from a job or government benefits and own an active bank account. PersonalLoans.com can also find other financial services tailored to your credit profile, including credit monitoring, credit repair, and debt settlement.
What Is Spotloan?
Spotloan is a direct provider of small, high-interest installment loans. The Turtle Mountain Band of Chippewa Indians of North Dakota owns and operates Spotloan. Loans are currently not available to residents of Arkansas, Connecticut, the District of Columbia, Illinois, Maryland, Minnesota, New York, North Dakota, Pennsylvania, Vermont, Virginia, and West Virginia.
Loan Example: Spotloan’s maximum APR is 490%. If you were to borrow $600 and repay it biweekly, you would pay a whopping $775 in finance charges, well above the original amount.
What Are Spotloan’s Credit Requirements?
Spotloan makes bad credit loans but doesn’t require a specific minimum credit score. It may pull a soft credit inquiry from a credit bureau, but soft credit pulls do not impact your credit scores, and only you can see them on your credit reports.
Spotloan provides payment information to at least one major credit bureau so you can help improve your credit score through timely repayments.
If Spotloan rejects your loan, it will send you an Adverse Action Notice explaining why. If you feel the rejection stems from a credit report mistake, you can contact the credit bureaus directly or via a credit repair company to dispute incorrect, obsolete, or unverifiable items.
Beyond conducting soft credit checks, Spotloan requires borrowers to provide contact information, including their physical mailing address, a valid email address, and a telephone number. You must also provide banking information, including the routing and account numbers for the bank or credit union where Spotloan will deposit your funds. Finally, be prepared to answer questions regarding your income and pay frequency.
Occasionally, Spotloan may need to verify your identity once you’re approved. In that case, you must send a voided check before collecting your loan proceeds.
Can I Get a Loan Without a Credit Check?
Several loan sources do not perform a hard credit check when you apply for a loan. These include Spotloan as well as loan-matching services that conduct a hard credit check during the prequalification phase. Direct lenders on the loan networks may do hard credit pulls.
Other loan types that do not check credit include:
- Online payday loans: These cash advance loans depend on your income, not your credit score. Storefront and online payday loans charge astronomical interest rates, and you must repay the short-term loan when you next get paid in one to four weeks.
- Auto title loans: You can get an auto title loan without a credit check if you’ve paid off the loan on your vehicle. Though easy to obtain, these loans are costly (i.e., triple-digit APRs), and you can forfeit your car if you miss a payment.
- Home equity loans: Homeowners can cash out part of their equity with a home equity loan or line of credit. These second mortgages allow you to siphon the difference between your home’s current value and the amount you owe on your first mortgage. A home equity line of credit is a convenient revolving borrowing facility you can use as needed and repay on your own schedule (as long as you make the minimum monthly loan payments).
- Pawnshop loans: You can get instant cash via a collateral loan from a pawnshop. You usually get no more than 50% of your property’s value when you pawn it, which means you’d have to hock at least $1,600 in property to borrow $800. You’ll lose your belongings if you fail to redeem your pawn ticket — and pay off the loan in full — by the due date.
- Friends and family: You may be able to get a quick loan on favorable terms from a family member or friend. It’s best for all concerned to use a written agreement specifying all the loan’s terms. Remember that you may risk your relationship with the lender if you fail to repay the loan.
Keep in mind that you cannot build credit through any of the loans on this list.
How Can I Increase My Approval Odds?
Recruiting a cosigner is one of the easiest ways to increase your loan approval odds. A cosigner is equally responsible for timely payments, reducing the lender’s risk that the primary borrower will default on the debt.
Another way to improve your approval odds is to raise your credit score. You can do so by getting a credit card, using it, and repaying on time. Thirty-five percent of your FICO scores result from your payment history. Consistently paying your bills on time will help you build credit, but payments more than 30 days late can hurt it. The damage will worsen if you default on your account, undergo collection, or enter bankruptcy.
It may also help to minimize your loan amount and repayment term. Lenders are more apt to approve bad credit borrowers seeking a small, short-term loan.
Check the Competition Before Borrowing From Spotloan
Spotloan may be a suitable alternative to a traditional payday cash advance because you can repay in regular installments rather than all at once. But if you want an online installment loan at a potentially much lower interest rate, consider the reviewed loan networks. They offer the best loans like Spotloan, but for those who prefer to save on interest.
Advertiser Disclosure
BadCredit.org is a free online resource that offers valuable content and comparison services to users. To keep this resource 100% free for users, we receive advertising compensation from the financial products listed on this page. Along with key review factors, this compensation may impact how and where products appear on the page (including, for example, the order in which they appear). BadCredit.org does not include listings for all financial products.
Our Editorial Review Policy
Our site is committed to publishing independent, accurate content guided by strict editorial guidelines. Before articles and reviews are published on our site, they undergo a thorough review process performed by a team of independent editors and subject-matter experts to ensure the content’s accuracy, timeliness, and impartiality. Our editorial team is separate and independent of our site’s advertisers, and the opinions they express on our site are their own. To read more about our team members and their editorial backgrounds, please visit our site’s About page.
