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

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In a Nutshell

If you’re looking for a small personal loan for emergency expenses and have trouble qualifying for more traditional loans, a loan from Spotloan may be an option. But this online lender’s loans often come with high interest rates, so be sure to check the terms before you apply.
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  • Loan amounts of $300 to $800
  • Apply for prequalification without affecting your credit scores
  • Can repay loan over months


  • High interest rates
  • Not available in all states
  • Large loan amounts not available

What you need to know about a Spotloan personal loan

Spotloan is an online loan company owned by BlueChip Financial, a tribal lender that offers short-term personal loans with fixed payments.

Spotloan offers loan amounts that range from $300 to $800 with repayment terms of up to 10 months.

Potential for high interest payments

If you apply for a short-term loan from Spotloan, you’ll want to consider that the loan’s annual percentage rate, or APR, may be much higher than what you’ll find with other personal loan lenders.

Depending on your terms, your APR with Spotloan could be as high as 490%, which is more in line with the APR you’d see from traditional payday lenders.

Keep in mind that the National Consumer Law Center recommends 36% as the upper limit of an affordable interest rate. So before you apply for any loan, read over the terms and make sure the payments will fit in your budget.

Varying loan terms

Spotloan offers short-term loans. That means that unlike a traditional payday loan, which could require repayment as soon as your next payday, you could have months to repay.

When you apply, Spotloan may approve a longer loan term (up to 10 months). But keep in mind that the longer your loan term, the more interest you’ll typically pay.

Loans for less-than-perfect credit

If you’re rebuilding your credit, it can be tough to find a lender. But while Spotloan will review your credit when considering your application, it will consider other factors as well.

That means you may be able to get a personal loan with bad credit.

A closer look at Spotloan loans

Here’s what else you should know about a loan from Spotloan.

  • Availability — Spotloan loans are only available in Alabama, Alaska, Arizona, California, Colorado, Delaware, Florida, Georgia, Hawaii, Idaho, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Massachusetts, Michigan, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, North Carolina, Ohio, Oklahoma, Oregon, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Washington, Wisconsin and Wyoming.
  • Potential to receive funds quickly — If your loan is approved, the funds could be transferred to your bank account the same day or next business day. But keep in mind that depending on your bank, there may be a wait before you can access your cash.
  • Bank account required — In order to apply for a Spotloan loan, you need an active bank account that will accept an electronic transfer of funds.
  • Educational resources — If you want to learn more about personal loans or how to keep track of your finances, Spotloan provides educational articles on its website.

Who a Spotloan personal loan is good for

If you’re in a tough situation and facing emergency expenses, a short-term installment loan from Spotloan could be an option rather than turning to a traditional payday loan, which would typically have a shorter payment schedule, or a title loan, which can be risky because you use your car as collateral.

If you have good credit or want a larger loan amount, you should research different lenders.

How to apply with Spotloan

To apply for a loan from Spotloan, you’ll fill out an online application at To apply, you must be age 18 or older with verifiable employment or another regular source of income, an email address, a phone number and a bank account.

You’ll need the following information to complete your application:

  • Full name and address
  • Date of birth
  • Social Security number
  • Length of time at residence
  • Phone number
  • Email address
  • Employer name/address
  • Bank account details

Approved applicants who accept their loan terms may receive their funds as soon as the same day to within two business days.

Not sure if a Spotloan personal loan is right for you? Consider these alternatives.

  • Avant: Avant could be a good option if you have less-than-stellar credit or want a larger loan amount.
  • Achieve: This lender may be another good option for people who need to borrow more money.

Another potential way to get the cash you need quickly could be a payday alternative loan, which is a short-term, small-dollar loan offered by some federal credit unions that typically has lower fees and interest rates than a traditional payday loan.

About the author: Paris Ward is a content strategist at Credit Karma, providing readers with the latest news that will aid their financial progress. She has more than a decade of experience as a writer and editor and holds a bachelor’s… Read more.