Spotme Loans

SpotMe lets you apply online 24/7 when you’re in need of money to see you through. If you haven’t budgeted your expenses this month, something unexpected comes up, or if you just need some funds to tide you over until you get paid, you can apply for up to $1,000 with SpotMe. It sets out your repayments based on the frequency you get paid to help you budget to repay the loan, and returning customers receive more affordable fees.

Compare Other Payday Loans

Whilst we don't compare Spotme loan directly, here are some other loans that are similar.

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Name	Product	Maximum Loan Amount	Term of Loan	Turnaround time	Arrears Fee	Costs	Fortnightly Repayment (for $1500 Loan)
Nimble Short Term Loan Exclusive		$2,000	62 days to 9 months	1 hour - conditions apply	$15	10% of loan amount + 2% of loan amount each month	$348	Finder Exclusive: 50% discount on the establishment fee (now 10% of the loan amount) and monthly fee (now 2% of the loan amount) A loan up to $2,000 with terms up to 62 days to 9 months. Centrelink cannot be your primary source of income.	Go to site More Info	Compare	loading Fetching your data...
Sunshine Short Term Loans		$2,000	9-12 weeks	30 minutes - conditions apply	$30	20% of loan amount + 4% of loan amount each month	$396	A small loan up to $2,000 that you repay over 9-12 weeks. Loans approved and funded in as little as 30 minutes. Centrelink must not be your primary income	Go to site More Info	Compare	loading Fetching your data...
Wallet Wizard Smart Loan (Up to 2K)		$2,000	Up to 2 years	3 hours - conditions apply	$10	47.8%	$316.70	Apply for up to $2,000 and be able to access your approved loan as a convenient line of credit.	Go to site More Info	Compare	loading Fetching your data...
Safe Financial Small Loan		$5,000	22 - 52 weeks	Same day - conditions apply	$35	Up to 2K - 20% establishment fee + 4% monthly. Above 2K - $400 + from 8.7% to 48% APR	$396	Borrow from $1,000 to $5,000 with same-day funding and no early repayment fees.	Go to site More Info	Compare	loading Fetching your data...
Credit24 Short Term Loan		$2,000	6-12 months	Same day - conditions apply	$7	20% of loan amount establishment fee + 4% of loan amount monthly.	$396	Credit24 offers this loan up to $2,000 and gives you 12 months to repay.	Go to site More Info	Compare	loading Fetching your data...
Fair Go Finance Small Loan		$2,000	3-12 months	1 business day	$35	Establishment fee from 10% of loan amount + monthly fee from 2%	$354	A small loan between $500 and $2,000 that can be funded in 24 hours.	Go to site More Info	Compare	loading Fetching your data...
Speckle Small Loan		$2,000	3 to 12 months	Within 24 hours	$5	10% of loan amount + 2% of loan amount each month	$348	A small loan up to $2,000 from a lender backed by NAB. Transparent eligibility criteria and competitive costs.	More Info	Compare	loading Fetching your data...

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So how does a SpotMe loan work?

Before you apply, enter how much you’re looking to borrow and when you get paid and your repayments will be set out for you. If they seem affordable to you can fill out a registration form and then submit an online application. Once you fill out the form and are approved you can receive your loan on the same day, or the next business day at the latest. Repayments are made via direct debit from your bank account and you’ll receive an SMS reminder before the repayments are due.

Features and benefits offered by SpotMe

SpotMe offers a transparent loan, so you know what to expect when you apply. Along with this, SpotMe also offers:

• Fewer fees. Payday lenders are restricted as to how much they can charge you in fees, and as such most lenders charge you the maximum amount. SpotMe, however, only charge you a 20% of principal amount establishment fee + 4% monthly fee, totalling 12% of your total loan amount. The maximum allowable rate is 24% for payday lenders.

• Instant loans with the SpotMe prepaid card. SpotMe members receive a prepaid card that lets them access approved loans instantly.
• Quick turnaround time. You can apply online in minutes and if you’re approved, your loan will be transferred to your account within 60 minutes during normal hours. If you bank with CommBank you can receive your loan within minutes of approval.
• Early repayment. You can repay your loan early without penalty. Just get in contact with SpotMe at least 24 hrs before your next scheduled payment date.
• Account management. When you register online and become a SpotMe member you can manage your loan online using the dashboard.

Am I eligible for a SpotMe loan?

To be eligible you need to meet the following criteria:

• Income. You need to receive regular income paid into your bank account.
• Age. You need to be over the age of 18.
• Employment. You need to be employed in a full-time or part-time role that is ongoing. You can be self-employed.
• Credit history. SpotMe will conduct a check on your credit history but you can apply if you have bad credit.
• Residency. You need to be an Australian citizen or permanent resident.
• Phone. A fixed line or mobile phone needs to be held in your name.
• Benefits. Centrelink payments cannot make up the majority of your income.

How you can apply

If you’re eligible for a SpotMe loan, click ‘Go to Site’ to get the application process started.

1. 1. Registering. The first step is registering your details with SpotMe, after which you’ll be sent a link to your email. Follow the link to be directed to your member’s account dashboard.
   2. Loan and bank details. On the dashboard you can select how much you want to borrow. You’ll then need to provide read-only access to the last 90 days of your bank statements through the secure Credit Sense platform. You can also do this manually but this may delay the process by one to two days.
   3. Offer to borrow. Review your loan details and make an offer to borrow by electronically signing your credit contract.
   4. Approval. If you’re approved, SpotMe will transfer your loan amount on the same day or the next business day at the latest. Returning customers can receive their loan through their SpotMe prepaid card.

SpotMe gives you a convenient way to apply for quick financing when you need it. Make sure to compare its loans with similar offers to ensure you’re selecting the best product for your needs.

Elizabeth Barry

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Elizabeth Barry is Finder's global fintech editor. She has written about finance for over five years and has been featured in a range of publications and media including Seven News, the ABC, Mamamia, Dynamic Business and Financy. Elizabeth has a Bachelor of Communications and a Master of Creative Writing from the University of Technology Sydney. In 2017, she received the Highly Commended award for Best New Journalist at The Lizzies. Elizabeth has found writing about innovations in financial services to be her passion (which has surprised no one more than herself).