8 Best Loans Like Spotloan – Companies Like Spotloan
While you have a number of other expenses riding on your shoulders, a quick online installment loan can make things easier for you. People are turning towards companies like Spotloan for their financial solutions rather than conventional banking services.
Spotloan is a popular online financial organization that can provide you with such instant loans in a few simple steps.
With Spotloan, you can apply for a loan from $300 to $800 and get the money within a few hours. There are few $50 loan instant apps as well that provide small loans instantly. The company allows you to pay off the loan in weekly/monthly installments over a period of 3-10 months.
However, the company has also turned many heads with its APR as high as a whopping 490% which can really dent your savings. Also, there have been many complaints regarding the company’s customer service standards.
In this case, it’s not a bad idea to look elsewhere to get instant loans like Spotloan. In this article, I will talk about a few companies like Spotloan that can provide you with more flexibility and better service.
Companies Like Spotloan: The List
Currently, there are several online financial services working across the country helping ordinary people sort out their expenses and loans.
To help you find the perfect financial partner, I have compiled some of the best online lenders like Spotloan. Now, keep in mind, that some of these companies may or may not provide services in your region. Make sure you check their official websites for further information in this regard.
Let’s get started!
1. OppLoans: For Bad Credit Score
OppLoans is probably the best Spotloan alternative on our list that can help you secure some loans with minimum effort.
If you are someone who is going through a financially rough patch, you can apply for a loan of up to $4000 and your request will be processed within 2 working days. The most striking feature of Opploan is despite such a big amount of loan, there is no credit check required.
However, the company reports to 3 major credit bureaus which may not work for you but it can also help your credit score if you pay off your loan on time.
Repayment at OppLoans is very flexible as you can move your payment day forwards without getting slapped with a late fee or other penalties.
Criteria For The Loan:
The only drawback of Opploan is that the requirements to qualify for a loan can be a bit high for some people. You must have a relatively high salary which should be paid through direct deposit only.
Loan Amount: $500-$4000
APR: Medium (160%)
2. Cash Advance
Cash Advance may not be a viable solution for long-term big loans, but it’s a great option if you are short of some cash to make it to the end of the month.
Cash Advance is not a moneylender, instead, it connects you to a network of lenders online. All you need to do is fill out an online application form with your basic information and requirement and it will find a third-party lender from its network.
As far as credit score is concerned, Cash Advance doesn’t perform a check, nor does it report to the credit bureaus. It all depends on the lender you are connected to. In easy words, Cash Advance acts as a middleman and is only a way to find potential money lenders across your region.
APR, processing fee, and late payments, everything depends on the lender and Cash Advance has no control over your transaction. Make sure to check all the terms and conditions before you finalize the deal. Usually, you are supposed to pay off your loan within 60 days.
As I mentioned above, Cash Advance is more suitable for people who need small cash to meet the day’s end such as a loan against your paycheck and short-term installments loan.
Loan Amount: $100-$999
APR: APR may vary from 15% to 1500%. It’s a good idea to compare the interest rate on the same amount with other providers
Availability: Depends on the availability of lenders in your region
3. Possible Finance
Possible finance is probably amongst the best payday loan alternatives on our list. The company is focused more on short-term loans rather than long-term high amount ones. At possible Finance, you can borrow up to $500 which needs to be repaid within 60 days at best.
At possible finance, there is no credit score check and almost everyone qualifies for an instant loan as long the person has a regular direct deposit income over $750 and valid identity proof.
All your payment information with Possible finance goes to credit bureaus, meaning it can hamper your credit score to some extent. However, it’s also a great opportunity to improve your credit history by making timely payments.
Simply fill out an online form, provide proof of income, and transaction history of your bank account and within a few minutes your application will be processed and in the best case, you will get funded by the next business day.
Loan Amount: Up to $500
APR: No interest rate applicable on Loan against Paycheck
Availability: Possible Finance is available in Delaware, Missouri, Kentucky, Idaho, Iowa, Florida, Kansas, Washington, Michigan, Mississippi, Louisiana, Ohio, Oklahoma, Indiana, Tennessee, Texas, Utah, and California
CrashNetUSA has been one of the most prominent financial services in the country since its origin in 2004. Although the company is no different than other loan companies like spotloan and PayDay, the quick processing is something where it has an upper hand over others.
With CrashNetUSA, you can apply for installment loans, an unsecured line of credit, or loans against your paycheck. So if you are struggling to make it till the end of the month, you can borrow some instant money from CrashNetUSA and the amount will be deducted from your next paycheck.
There are no hidden fees, late fees,s or even prepayment fees which gives you a little more cushion to handle your financial emergencies easily.
The eligibility criteria for a loan are simple. As long as you are above 18 years of age and hold a direct deposit account with a regular salary, you can apply for the loan. There is no minimum credit limit as well which is always a plus point for someone who is in dire need of some money.
Loan Amount: $100-$500 against your paycheck, Up to a $1500 installment loan.
APR: Up to 665%
5. OneMain Financial: Lower APR
Probably one of the oldest financial firms on our list, OneMain Financial has been a reliable lender for almost 100 years. The company provides fixed-rate personal loans ranging from $1500 up to $20,000.
Apart from the online service which is mainstream now, the company also provides services at its physical stores at more than 1400 locations across the country. So if you prefer that kind of service, you can visit.
Even if your loan gets approved by noon, you will get paid before the end of the business day. However, this might vary according to your location and type of loan. However, a bad credit score may hamper your chances of getting a handsome amount of loan.
As far as repayments are concerned, there are no hidden fees and prepayment fees. Moreover, you can modify your due date simply by giving a call to your loan associate.
Loan Amount: $1500-$20,000
Availability: OneMain Financial does not provide services in Massachusetts, Alaska, Rhode Island, Connecticut, Arkansas, Michigan, Vermont, and California.
6. LendUp: For Frequent Borrowers
LeadUp is another fast-growing financial institute that can avail you of installment loans like spotloan in a very short period. However, if you are a first-time borrower at LendUp, you only qualify for up to $250.
Now, while this amount may not solve your financial crisis instantly, with timely payments you can move forward and be eligible for a variety of offers at low-interest rates in the future.
LendUp can be a good spotloan alternative for you if you are suffering from a damaged credit score as the company is known for its lenient loan requirements and almost every applicant qualifies for the loan barring the service being unavailable in the region.
Applying for a loan is fairly easy. Just one online form with basic details and your request will be processed within hours and you can have the money as quickly as the next business day in most cases.
So if you are looking for some quick cash to cover your financial needs such as house repair, car servicing, or EMI, LendUp is definitely a good option to consider.
Loan Amount: $100-$225 for first-time users.
Available In: Texas, California, Wisconsin, Mississippi, Tennessee, Missouri, and Louisiana.
7. RISE Credit
Are you in need of some quick cash to secure your financial means but getting no luck with the popular lenders? Try RISE Credit which has been helping people with timely unsecured loans and several other monetary services.
RISE Credit is one of the best payday loan alternatives when it comes to credit scores. Yes, many other online lenders claim to help people with poor credit but sometimes your application gets rejected because for this very reason.
RISE Credit, on the other hand, is really focused on encouraging people with poor credit scores. Of course, there are no minimum credit score criteria to qualify for the loan. Additionally, you get a flexible repayment duration of 26 months to pay off your loan.
Not only that, RISE Credit features a progressive interest rate meaning if you pay your installment on time, you get a lower interest rate on your next one. Also making timely payments helps your credit score big time.
There is no application fee, processing fee, or hidden charges of any kind. Simply apply for the loan in a few easy steps and have the money by the next business day. However, you might want to keep an eye on interest rates which seem to be on the higher side considering the loan amount that company offers.
Loan Amount: $500-$4000
APR: 99%-149% depending on credit rating and the region.
8. Speedy Cash
Since its beginning in 1997, Speedy Cash has been providing financial solutions to over 5 million people across the country. The company provides online as well offline services at its physical stores in case you are looking for conventional banking services.
Speedy Cash provides installment loans, line of credit, title loans, and also loans against paycheck if you are stuck in the middle of a month without any cash.
However, If you are targeting a higher loan amount, the installment loan is the best bid for you as it offers a higher amount and credit repair opportunities.
Now, a higher loan amount will definitely dent your credit score but with timely payments, you can cover the damage. One thing to keep in mind is that for installment loans at Speedy Cash, you may need to verify your earnings.
To apply for a loan, Speedy Cash has three options for you. You can fill out an online application form, call support, or simply visit the store if you like the old-school approach.
- Personal Information such as Contact details, Social security number, and identity card.
- Income information
- Banking account details
Loan Amount: $50-$26000, depending on the type of loan.
APR: 215%-460%, varies according to payment duration and loan type.