Americans spend as much as¬†$7.4 billion on payday loans¬†every year. With an average loan size around $400, that‚Äôs a lot of loans. And a lot of fees.
Payday loans are fixed loans. You have only one pay period – usually two or four weeks – to pay off your loan. If you can‚Äôt, you are charged a fee to roll over your loan.
We think payday loans are a bad deal for most people for two reasons:
Doesn‚Äôt sound like a good deal does it? That‚Äôs why we created Spotloan.
Spotloans are short-term installment loans. You get the cash you need quickly and easily. You also get the time you need to pay off your loan – up to 8 months – so you‚Äôre set up for success right from the start.
With a Spotloan, you also get:
Sounds better doesn‚Äôt it? We think so, and thousands of customers agree with us. But, we‚Äôd like to hear from you if you think there‚Äôs something that we can do better.