The number of direct lenders like SpotLoan is huge. They offer customers to access funding fast without the drawn-out process that is common for bank loans.
In case of emergency expenses, you can take a loan like SpotLoan offers. A normal stable job is enough to qualify for a SpotLoan like loan of up to $800 by the next day. If you want a larger loan amount, you should explore other loans like SpotLoan.
There’s never a bad idea to know your options. Even if you had a positive experience with SpotLoan before, check out what alternative direct lenders like Spot Loan can offer you.
This online platform operates in 37 states, including the District of Columbia. Since 2012, it offers unsecured installment loans for bad credit borrowers. The possibility to get loans like OppLoans within 1-2 days and the option to change the payment date are among the benefits.
Direct Lenders Like SpotLoan & Similar Loans
How much can you get? From $500 to $4,000. The beauty of installment loans like SpotLoan or OppLoans is that no credit check is needed. Simply put, if you’re on the lookout for an alternative to payday loans, it makes sense to consider this option.
Anyway, no matter the purpose of your loan – urgent bills, auto repairs, wedding, or a big-ticket purchase – OppLoans could be right for your needs. Sure, cheaper alternatives are not always fast or convenient, yet it makes sense to do research.
When you require a certain sum for the short term, online loans like Spot Loan, OppLoans may be helpful. Here are the main benefits and drawbacks of this lending service.
No collateral. Consumers don’t need to back the debt up with collateral as this lending option is unsecured. Thus, it offers fewer risks to the clients. No paperwork. There are no documents you need to send or fax. The application process for getting payday loans like Spot Loan is streamlined and requires less hassle than other lending services. Quick funding. Borrowers will be funded within 24 or 48 business hours. The money will be deposited directly into their bank account. Poor credit. Clients with almost every credit history may qualify for loans like Spot Loan and OppLoans. The lenders conduct a soft credit inquiry and often approve the applications. High rates. Although there are many benefits of installment loans like SpotLoan, the interest rates are higher compared to other creditors. In almost every state, the APR for this lending solution is 160% which may not be affordable for some clients. Short repayment term. Although you have a regular monthly payment, the overall repayment schedule isn’t so flexible and 18 months is considered the maximum term to pay the total sum off.
The APR for every state is 160% while the borrowers may request between $500 and $4,000 for 9 to 18 months.
Are you a first-time borrower? Then you can qualify for a loan between $100 and $250. Need more money? LendUp offers loans between $500 to $5,000.
Also, it offers a wide range of payback terms with online payday CT no prepayment penalties. High-interest rates and availability in only 24 states are among the cons.
The coolest thing about LendUp is that it encourages a borrower to strive for a better financial future. Thus, you can earn points for taking financial literacy courses or making timely payments. As a result, you move up the Ladder to better financial products at better rates.
Yet, once you’ve reached the Platinum level, LendUp reports your credit to the three major credit bureaus. As such, it’s not a good option if you want to build your credit.
To qualify for a loan, you can have even a thin credit file or a damaged one. The company claims that good credit is not a must.
Need quick cash before your next paycheck? This SpotLoan competitor offers funding in as little as one business day. If your credit is strong enough, it makes sense to consider other borrowing alternatives.
Poor credit. Clients with almost every credit history may qualify for more loans like Spot Loan. The lenders conduct a soft credit inquiry and often approve the applications. No collateral. Consumers don’t need to back the debt up with collateral as this lending option is unsecured. Hence, you face fewer risks even if you have issues with debt repayment. No paperwork. There are no documents you need to send or fax. The application process for getting short term loans like SpotLoan is streamlined and requires less hassle than other lending services. Quick funding. Borrowers will be funded within 24 or 48 business hours. The money will be deposited directly into their bank account. Encourages clients. You may obtain special points for making on-time payments on your loan or taking financial literacy courses. Then, you will be able to qualify for better terms. High rates. In almost every state, the APR for this lending solution is over % which may not be affordable for some clients Small sum. If you want to borrow the funds for the first time here, you will be able to qualify for a smaller sum of $100 to $250. It may not be enough in many cases.
The APR can vary between % and % which is rather high. You can obtain maximum of $255 as a first-time borrower and only after some time you may obtain from $500 to $5,000.