10 Questions to Ask Same Day Lenders Before Accepting a Loan

When you find yourself in a pinch, same-day loans can be affordable alternatives to credit cards and payday loans. Plus, they can ensure that you get the money you need quickly and on your terms, not someone else’s. 

So, what’s the catch? Well, there isn’t one. But there are some things you should know. 

What’s the Difference Between an Installment Loan and a Payday Loan?

While they may sound similar, same-day and payday loans are very different. Payday loans have a familiar name, but they’re becoming a thing of the past. These fixed loans are less flexible than other loan options and typically require full repayment within two weeks. 

Most payday lenders will let you roll over the loan to buy yourself more time, but this option comes with additional fees that add up fast. Payday loans are easy for many people to qualify for but can be costly to you long after you borrow. 

Installment loans, on the other hand, are less rigid. There’s no two-week cap on these short-term installment loans. Instead, you pay back your loan over time, without the stress of having to choose between handing over your next paycheck or incurring rollover fees. 

How Much Can I Borrow? 

Spotloans range from $300 to $800 for first-time borrowers. You can use our Get Started tool to explore bi-weekly repayment amounts and the total number of payments based on your loan amount. Choose from the dropdown the amount that will cover your overdue expenses and go from there. 

How Do I Apply? 

Applying for a Spotloan is easy and done entirely online. Most people start and finish their application within 10 minutes, which is another benefit to choosing this type of loan. You can apply any time, day or night, even on your lunch break at work. 

Whenever you have a few extra minutes, just answer a handful of simple questions, and you’ll be on your way to seeing if you can get the funds you need to catch up. 

How Long Does Approval Take? 

Our easy application and approval process ensures that you have an answer fast. Once you submit your online application, you’ll know in a minute or less whether your loan has been approved. 

Do You Really Get the Funds on the Same Day?

Depending on the time of day you’re approved and accept the terms, you may receive your funds on the same day. To ensure you receive your funds promptly, look out for your loan terms after you’ve been approved. 

Spotloan will transfer the money to your account by the end of the same business day if you accept your loan terms between Monday and Friday and before 11:30 a.m. Central Time (CT). We will transfer the funds to your bank overnight if you accept your loan terms Monday through Thursday between 11:30 a.m. and 8:00 p.m. 

And if you accept your loan terms between 11:30 a.m. on a Friday and anytime on Sunday, we will transfer your funds over the weekend, so they will be set to arrive by the end of the following business day.  

How Long Can I Take to Pay Back an Installment Loan? 

We mentioned earlier that installment loans allow repayment over time. But what is the maximum amount of time you can take? Unlike payday loans, you can repay your Spotloan in anywhere from three to ten months. And, other installment loan providers offer very similar repayment windows.

What Are My Payment Options? 

Nearly all of our customers choose to set up automatic debit payments on their Spotloans. This option is the most convenient and may save you money by ensuring that you don’t miss any payments and incur additional finance charges. 

You can also make a payment with a debit card over the phone or mail a check or money order, but keep in mind that these methods will take longer and may cause delays.  

Do Same-Day Loans Come with Fees?  

Every personal loan is different, but Spotloan never charges hidden fees. Any applicable fees and interest rates will be outlined in your loan terms. Further, you can pay your loan off early with no prepayment penalties. 

Can I Borrow Again in the Future? 

At Spotloan, we reward customer loyalty! After you’ve successfully borrowed and repaid a loan with us, you are welcome to apply to borrow again in the future. And, we offer a lower APR for customers starting with their second Spotloan.

How Can I Contact Spotloan? 

Our call team is available Monday through Friday from 7:00 a.m. to 8:00 p.m. and Saturday from 9:00 a.m. - 6:00 p.m. CT. Call (888) 681-6811 for assistance. You can also email any questions to [email protected].