Spotloan review: An online payday loan alternative with high interest rates

Spotloan review: An online payday loan alternative with high interest rates

As a freelance writer, I often find myself in need of financial assistance. When I heard about Spotloan, an online payday loan alternative, I was intrigued. I decided to do some research and write a review of my experience with Spotloan. In this article, I will share my findings and provide an honest review of this company.

Introduction to Spotloan

Spotloan is an online lender that offers short-term loans to borrowers in need of quick cash. Unlike traditional payday loans, Spotloan gives borrowers more time to repay their loans, typically up to 10 months. This can be helpful for those who need a little extra time to get back on their feet.

One of the benefits of using Spotloan is that the application process is quick and easy. Borrowers can apply online and receive a decision within minutes. This can be a lifesaver for those who need cash in a hurry.

How Does Spotloan Work?

To apply for a loan with Spotloan, borrowers must first fill out an online application. This application includes personal information such as name, address, and employment status. Borrowers must also provide their bank account information so that Spotloan can deposit the loan funds directly into their account.

Once the application is submitted, Spotloan will review the information and make a decision on whether to approve the loan. If approved, the loan funds will be deposited into the borrower's account within one business day.

Pros and Cons of Spotloan

Like any financial product, Spotloan has its pros and cons. Here are some of the things to consider before applying for a loan:

  • Quick and easy application process
  • Longer repayment terms than traditional payday loans
  • No prepayment penalties
  • Funds deposited directly into borrower's bank account


  • High interest rates and fees
  • Limited loan amounts
  • Not available in all states

Spotloan Interest Rates and Fees

One of the biggest drawbacks of using Spotloan is the high interest rates and fees. According to the Spotloan website, the APR can range from 190% to 490%, depending on the borrower's creditworthiness.

In addition to the interest rate, Spotloan also charges an origination fee, which can be up to 3% of the loan amount. This fee is deducted from the loan funds before they are deposited into the borrower's account.

Spotloan Customer Reviews

To get a better sense of how Spotloan operates, I looked at customer reviews online. While there were some positive reviews, many customers had complaints about the high interest rates and fees.

One customer wrote, "I took out a loan with Spotloan and was shocked to see how much I had to pay back. The interest rate was outrageous and the fees were ridiculous. I would not recommend this company to anyone."

Another customer wrote, "Spotloan was a lifesaver when I needed cash quickly. However, the high interest rate made it difficult to pay back the loan on time. I ended up paying back more than I borrowed."

Spotloan vs Traditional Payday Loans

One of the advantages of using Spotloan is the longer repayment terms. Traditional payday loans are typically due on the borrower's next payday, which can be as soon as two weeks after the loan is taken out. This can be difficult for borrowers who are struggling to make ends meet.

Spotloan, on the other hand, gives borrowers up to 10 months to repay their loans. This can make it easier for borrowers to budget their payments and avoid falling into a cycle of debt.

However, the high interest rates and fees associated with Spotloan can make it a more expensive option than traditional payday loans in some cases.

Alternatives to Spotloan

If you are in need of quick cash but are hesitant to use Spotloan, there are other options available. Here are a few alternatives to consider:

  • Personal loans from a bank or credit union
  • Credit card cash advances
  • Loan from family or friends
  • Peer-to-peer lending platforms

It's important to do your research and compare the interest rates and fees of each option before making a decision.


After researching and writing this review, I would not recommend that borrowers consider Spotloan as an option if they are in need of quick cash. The application process is easy and the longer repayment terms can be helpful for those who need extra time to pay back the loan.

However, it's important to keep in mind the high interest rates and fees associated with Spotloan. Borrowers should only take out a loan if they are confident that they can pay it back on time and in full.

If you do decide to use Spotloan, make sure to read the terms and conditions carefully and compare the interest rates and fees to other options available to you.

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