Spotloan’s installment loans are limited compared to other providers — you can only borrow between $300 and $1,500, with a maximum term of 10 months.
But with Spotloan carrying annual percentages as high as 490%, it’s possible to find a cheaper option. Here are some companies and lenders that offer loans similar to Spotloan.
Cleo is much cheaper than Spotloan, with no fees or interest charges required to get an advance. But more importantly, Cleo appeals to freelance workers specifically by not asking for employer verification or timesheets. Advances are easier to navigate through the app with a $5.99 subscription, but you can apply with customer service for free, without one.
Cleo also allows you to take a new advance just 24-hours after paying off your previous advance. And you can reschedule your payment one time, if your finances don't allow you to pay back the money at the agreed upon time.
Available in all states
Pros
New advance available 24 hours after payoff
One-time due date extension
Budgeting and saving tools through app
Build credit with Credit Builder subscription
Cons
$5.99 to $14.99 monthly subscription fee
Non-subscribers must contact customer service to apply for cash advances
Chime doesn't offer loans, but if your main concern is having to pay overdraft fees each month, this online bank may have a solution for you. Chime's SpotMe is a no-fee overdraft feature that provides up to $200 to cover overdrafts to your Chime Checking account. To qualify, you need to make a monthly direct deposit of $200 or more into your Chime checking account and activate your Chime debit card.
SpotMe only covers overdrafts caused by ATM or debit card transactions and starts with just $20 of protection. You can raise this limit with regular deposits and a solid account history, by qualifying for promotional bonuses offered by Chime or by using SpotMe Boost, a program that allows existing members to boost each other's SpotMe overdraft limit.
Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC. Direct deposit: Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date. SpotMe: Chime SpotMe is an optional, no fee service that requires a single deposit of $200 or more in qualifying direct deposits to the Chime Checking Account each at least once every 34 days. All qualifying members will be allowed to overdraw their account up to $20 on debit card purchases and cash withdrawals initially, but may be later eligible for a higher limit of up to $200 or more based on member’s Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. Your limit will be displayed to you within the Chime mobile app. You will receive notice of any changes to your limit. Your limit may change at any time, at Chime’s discretion. Although there are no overdraft fees, there may be out-of-network or third party fees associated with ATM transactions. SpotMe won’t cover non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. See Terms and Conditions.
Pros
No fees or tipping obligation
Low monthly direct deposit requirement of $200
Cons
Overdraft limits start at $20 and max out at $200
Must use with Chime Checking account and debit card
Overdraft only covers debit card purchases and ATM withdrawals
EarnIn is a cash advance app that lets you borrow up to $750 of your earned wages before payday with its Cash Out feature. This borrowing limit is significantly higher than most cash advance apps, and unlike payday loans, there are no interest or financing fees to use Cash Outs.
To qualify for EarnIn Cash Outs, you need to be employed, have regular direct deposits and earn a minimum of $320 each pay period. You can transfer $150 a day to a linked bank account or more than $150 per day to an EarnIn card. Regular transfers are available in one to three business days or in minutes for a fee.
Not available in: Connecticut
Pros
No credit check required
No mandatory fees, interest or tipping
Free credit score tracking included
Cash Out more than $150 per day with an EarnIn card
Albert is a banking app that allows members to get up to three cash advances up to a total of $250 within one pay period — most cash advances allow only one advance per pay period. There are also no late fees, interest charges or inactivity fees. But while there are no late fees, missing a payment means you may no longer qualify for the cash advances or multiple advances per pay period.
Albert also doesn't require you to have the paid monthly membership to access most of its features or the cash advances. However, you'll automatically be enrolled in its paid membership program — called Genius — when you sign up, which you have 30 days to cancel.
Genius gives access to Albert's investing features with customized investing advice and costs between $8 to $16 per month. While less than many other banking apps, it comes with fewer perks than we've seen similar apps offer.
Available in all states
Pros
Get up to three advances per pay period
No interest or late fees
No membership to get advances
Cons
Automatically enrolls you in Genius
Genius membership offers few perks
Missed payments may disqualify you for future advances
Loan amount
$25 to $250
Loan Term
Within 6 days of overdraft, with possible 7-day extension
Brigit is a banking app with multiple features, but it's one of the few apps that allows you to extend your due date up to three times if you can't make your repayment.
Brigit also offers an overdraft protection service and advances on your next paycheck for up to $250 per pay period regardless of whether you're at risk of overdrafting. Advances are free and come with no interest charges or tip requirement, but you must sign up for its $8.99 to $14.99 monthly membership fee monthly subscription to access this service.
While this amount is higher than some cash apps, this fee includes instant, 20-minute transfers to a linked debit card. Membership with Brigit also comes with other financial wellness services, such as credit-builder loans and identity-theft protection.
Available in all states
Pros
Overdraft protection
No interest paycheck advances
Credit-builder program
Identity-theft protection
Cons
$8.99 to $14.99 monthly membership fee monthly subscription fee
Some users complain it's hard to cancel the service
Loan amount
$50 to $250
Loan Term
Until your next payday, but can extend
Turnaround time
2 to 3 business days or instant with a Premium subscription or for a fee.
Loan amount
$50 - $250
Turnaround time
2 to 3 business days or instant with a Premium subscription or for a fee.
LendYou is a connection service that allows you to compare multiple lender offers with a simple online form. It specializes in helping borrowers find lenders that offer payday and installment loans.
It's one of the few connection services that's a member of bad-credit lending organizations like the Online Lenders Alliance (OLA). But you might have to field calls and emails from short-term lenders after you use this service — even after you choose a loan. And you won't know the rates and fees available until after you submit personal information.
You also must earn at least $1,000 in monthly income to qualify with one of its partners.
Not available in: Arkansas, New Hampshire, New York, Texas, Vermont, West Virginia
Cash App by Square is one of the most popular banking apps, ranked #1 in the App Store. It features a simple peer-to-peer payment system, you can buy crypto and stock, get paid early and even file your taxes.
Its most recent feature is Cash App Borrow which allows eligible users to borrow up to $200. However, it's still a pilot program so it's not available to everyone. Reports say that the most active users with qualifying credit scores in select states have access to this new feature.
Cash App has overwhelmingly negative reviews on Trustpilot, but is accredited by the BBB with an A+ rating. Most negative reviews complain of poor customer service, but many complaints revolve around users sending money to a scam or to the wrong person.
MoneyLion is a finance app that offers many mobile banking benefits like getting paid two days early, cash advances and credit-building products. If you qualify and pay for the RoarMoney membership, you could get advances up to $1,000 or 15% of your paycheck. Without the RoarMoney account, advances are up to $500 per pay period. Like other banking apps, MoneyLion's cash advances have no interest charges, required tip or credit check.
However, MoneyLion has mixed customer reviews and over 1,262 customer complaints with the Better Business Bureau (BBB). It also has two alerts on its BBB profile: one being a Pattern of Complaints around billing errors, and the other on the Consumer Financial Protection Bureau (CFPB) lawsuit against MoneyLion in 2022 for excessive charges to service members.
Available in: Alabama, Arizona, California, Delaware, Florida, Georgia, Idaho, Illinois, Kansas, Louisiana, Maryland, Michigan, Missouri, New Mexico, North Dakota, Oklahoma, South Carolina, South Dakota, Texas, Utah, Washington, Wisconsin, Wyoming
Pros
Up to $1,000 advances with paid membership
No interest or required tip
Many mobile banking perks
Credit-building products
Cons
Pattern of negative customer complaints
CFPB sued MoneyLion in 2022
Loan amount
Up to $500 or $1,000 with RoarMoney account
Loan Term
Due by your next pay date
Turnaround time
Up to 5 days or instant for a fee of $0.49 to $8.99
Loan amount
$50 - $500
Turnaround time
Up to 5 days or instant for a fee of $0.49 to $8.99
Possible Finance offers short-term loans of up to $500 as an alternative to payday loans — though it's still not cheap. Installments are paid over four months with no interest, scheduled on your paydays to help avoid default. There are fees, likely around $15 to $20 per $100 borrowed, but exact cost varies by state.
The APRs listed on Possible Finance's website range from 150% to 460%. Unlike a payday loan, you have the option to repay it over four installments over as long as two months in some states. This makes it easier to budget for payments.
Possible also reports payments to TransUnion and Experian, so you may see an increase in your credit score when you make timely repayments. And it doesn't use your credit score to determine eligibility for a loan. However, Possible is only available in 16 states.
Available in: Alabama, California, Delaware, Florida, Idaho, Indiana, Iowa, Kansas, Kentucky, Louisiana, Michigan, Mississippi, Missouri, Ohio, Oklahoma, Rhode Island, South Carolina, Tennessee, Texas, Utah, Washington
Monevo is a highly-rated connection service that links you to personal loan lenders with a single application and no impact to your credit score. The service is completely free and carries no obligation.
It partners with around 20 lenders and banks that cater to borrowers with poor to excellent credit. As with most connection services, you may receive multiple marketing emails and calls after submitting the application.
Available in all states
Pros
Free and no obligation
Compare multiple lenders quickly
All credit types can apply
Cons
Not a direct lender
Relatively small pool of lenders
Email support only
Loan amount
$500 - $100,000
Interest rate type
Fixed
Loan Term
6 months to 7 years
Turnaround time
Varies by lender
Loan amount
$500 - $100,000
Turnaround time
Varies by lender
How does Spotloan compare?
Spotloan offers small short-term loans from $300 to $1,500, with terms up to 10 months. Loans this small usually have terms lasting only a few weeks, so some borrowers may appreciate the longer repayment terms compared to traditional payday loans.
Funding can happen as soon as the next day, it features a short no-credit-check online application, there’s no origination fee and requirements are clearly listed on the site. It’s also available in all but 11 US states.
But these loans don’t come very cheap. Spotloan’s maximum APR is 490%. Return customers may qualify for a lower APR on their next loan, but with rates this high, it may be wise to consider other options.
Read our review of Spotloan to get a full picture of how this provider works.
Bethany Hickey is the banking editor and personal finance expert at Finder, specializing in banking, lending, insurance, and crypto.
Bethany’s expertise in personal finance has garnered recognition from esteemed media outlets, such as Nasdaq, MSN, Yahoo Finance, GOBankingRates, SuperMoney, AOL and Newsweek. Her articles offer practical financial strategies to Americans, empowering them to make decisions that meet their financial goals. Her past work includes articles on generational spending and saving habits, lending, budgeting and managing debt.
Before joining Finder, she was a content manager where she wrote hundreds of articles and news pieces on auto financing and credit repair for CarsDirect, Auto Credit Express and The Car Connection, among others.
Bethany holds a BA in English from the University of Michigan-Flint, and was poetry editor for the university’s Qua Literary and Fine Arts Magazine. See full bio
Bethany's expertise
Bethany has written 432 Finder guides across topics including:
Payday and installment loans with lower rates or a wider range of amounts with options for states CashNetUSA doesn’t serve.
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