While Spotloan and Ace Cash Express may be very similar in terms of payday loans, they are not the same. Spotloan offers installment loans in some states and allows their customers to pay off their loans in as little as 72 hours. However, they do not list their interest rates or loan terms online.
LendUp
If you are searching for a payday loan with low interest rates, then LendUp may be the right choice for you. It’s an online loan matching service that connects borrowers with direct finance companies. The service has an attractive design and doesn’t require you to fill out paper applications. It also offers a rewards program that lets you earn points for timely payments.
Both LendUp and Spotloan operate using the Merrill underwriting model. Their loans are structured so that they’re easy to repay and are cheaper than traditional payday loans. Borrowers pay back the principle and interest in installments. Both companies want to give consumers more credit options but don’t want to push them into debt. Some consumer advocates have questioned the wisdom of offering such cheap credit.
iCashLoans
If you’re looking for a payday loan with a fast turnaround, you can try iCashLoans. This online loan service partners with more than 100 lenders to offer a wide variety of loans. The application process is simple and fast, and you can get the money you need within 24 hours. The good thing about iCashLoans is that you don’t need a great credit history to apply.
Unlike spotloan, iCashLoans does not require a credit check or credit score to apply for a loan. They do, however, report payments to credit bureaus, which can boost your credit score if you pay on time. iCashLoans is also an excellent site for unsecured loans, and it’s similar to CashNetUSA.
MaxLend
MaxLend is an online lender that allows you to borrow anywhere from $100 to $3,000 with no hassle and a fast online application. The money can be in your checking account in as little as one day. MaxLend accepts people with all credit types and offers fast, secure service. Customers can borrow up to $1,500 on their first loan and up to $3000 on their return loan, and they can pay the money back early without incurring any penalties.
MaxLend is a great option for those who need emergency funding and don’t have a credit history. While SpotLoan’s interest rates are high (around 160% in most states), the lender doesn’t penalize people for paying off the loan early. In fact, the company is one of the few payday loan alternatives that doesn’t penalize you for repaying the loan early.
USA New Loan
USA New Loan is a well-known direct lender that has been in business for over 12 years. They have an easy-to-use application that takes less than 5 minutes to fill out and can get you the money you need in as little as 24 hours. They have a wide variety of loan options for all types of borrowers, and they are OLA compliant.
The interest rates on payday loans can be high. In some states, an average fourteen-day $300 payday loan costs 650 percent. Also, rollover fees can occur if you are unable to pay off the loan in time. The fees associated with payday loans can be so high that you may end up in a deeper financial hole. Therefore, payday loans should be used only when absolutely necessary.
