5 loans like Spotloan: Payday loan alternatives

Young woman on her laptop.Image: Young woman on her laptop.

In a Nutshell

If you’re looking for a quick financing solution, consider our picks for the best payday loan alternatives on the market to help you find the right loan to suit your financial needs.
Editorial Note: Intuit Credit Karma receives compensation from third-party advertisers, but that doesn’t affect our editors’ opinions. Our third-party advertisers don’t review, approve or endorse our editorial content. It’s accurate to the best of our knowledge when posted.

Spotloan, an online lender with a short and speedy application process, can be used as an alternative to payday loans.

Here are our picks for the best loans like Spotloan.

Best for new-to-credit borrowers: Upstart

Why Upstart stands out: Upstart uses artificial intelligence as part of an alternative lending model meant to “improve access” to personal loans. Upstart’s underwriting model considers education, workplace experience and other variables as well as your financial history. This means that you may be offered a loan even as a new borrower or somebody who doesn’t have great credit.

  • Loan amounts range from $1,000 to $50,000.
  • Upstart offers a prequalification option that doesn’t affect your credit scores. But your terms aren’t final until you submit a formal application and submit to a hard credit inquiry.
  • Upstart reports loan payments to credit bureaus, which may help you build better credit if you pay in full and on time each month.
  • Available loan amounts may be limited depending on your application data and the state where you live.

Read our full review of Upstart to learn more.

Best for borrowers with bad credit: OppLoans

Why OppLoans stands out: If you have bad credit, it can be difficult to secure a personal loan, but OppLoans offers loan products designed for people who don’t have great credit. OppLoans even offers no-credit-check loans with loan amounts as high as $4,000.

  • All of its loans are fully amortizing, and none of its loans has balloon payments.
  • You can pay off your loan at any time without running into prepayment fees.
  • OppLoans reports your payments to the three major credit bureaus, so if you make payments as agreed, you can improve your credit.

Read our full review of OppLoans to learn more.

Best for small-to-medium loan amounts: OneMain Financial

Why OneMain Financial stands out: If you need cash to help bridge the gap between paydays, you can get a personal loan as small as $1,500 through OneMain Financial.

  • OneMain Financial offers fixed rates and payments, and it doesn’t charge prepayment fees.
  • You can apply online.
  • If you prefer in-person service, you can meet one-on-one to discuss your loan options at a OneMain location.
  • If you’re approved for your loan by noon, you may receive the funds that same day. Depending on your bank, there may be a wait before you can access your cash.
  • You may be able to change your due date by calling, writing or emailing your local branch to inquire about the change.

Read our full review of OneMain Financial.

Best for getting funds quickly: CashNetUSA

Why CashNetUSA stands out: If your loan is approved before 1 p.m. Central time, you may be able to get a same-day deposit. CashNetUSA’s loans are designed to provide quick emergency funding.

  • The application process only takes a few minutes, with a quick lending decision.
  • Loan amounts are on the smaller side — they only go as high as $500.
  • You’ll need to repay your loan on your next payday, but if you choose to pay off your loan early there are no prepayment fees.
  • CashNetUSA loans aren’t available in all states.

Read our full review of CashNetUSA.

Best for repairing credit: Possible Finance

Why Possible Finance stands out: Possible Finance allows borrowers to receive up to $500 in a matter of minutes, even if they don’t have strong credit.

  • Possible Finance doesn’t perform a hard inquiry on your credit when you apply, and it doesn’t use your credit as a factor when deciding your loan eligibility.
  • You can work toward building your credit history as a borrower with Possible Finance if you pay your loan back in full and on time — the lender reports your installment payments to the three main consumer credit bureaus.
  • To qualify for a personal loan with Possible Finance, you must have regular income, valid identification and meet certain income requirements. Plus, your checking account must have three months’ worth of history, with income deposits of about $750 a month and a positive bank account balance.

Read our full review of Possible Finance.

What you should know about payday loan alternatives

Payday loans can be extremely costly, which can make them challenging to pay off. Instead of taking out an expensive payday loan, you should consider what other borrowing options or solutions may be available to you. If you need help paying bills, you may consider asking your creditor for more time to pay your bills. A payment advance from your employer or taking out a low-interest-rate credit card may also help you avoid taking out payday loans.

Some lenders offer short-term loans with low borrowing amounts that can get you the cash you need and cost less than payday loans. Whenever you’re looking for a loan product, be sure to comparison shop and find the best rates and terms possible for you. Payday loan alternatives aren’t guaranteed to be less expensive than payday loans. You’ll also want to read reviews of any lenders you’re considering. And finally, if you have bad credit, applying for a personal loan through a credit union may be a more affordable way to gain access to a loan.

How we picked these loans

We reviewed a variety of lenders that offer alternatives to payday loans. We focused on lenders that have fast application, approval and funding processes.

About the author: Jacqueline DeMarco is a freelance writer based in southern California who graduated from the University of California Irvine with a degree in literary journalism. She writes about a wide range of topics, including fin… Read more.