If you're in a spot of financial bother, get a Personal Loan to see you through.
Important informationSpot Loans has rebranded to CapfinDirect. You can read the review of the CapfinDirect cash loan here.
Spot Loans provides different types of loans, and through its personal loans you can borrow between $500 and $3,000. Loan terms vary from 16 weeks to 1 year. You can apply for one of these loans for different reasons, which include, but are not limited to, medical and dental expenses, vehicular expenses, relocation expenses, travelling, and buying merchandise. Spot Loans does not charge anything if your application is unsuccessful, and upon approval it discloses all associated fees and charges upfront. The application process in quick and easy and you can expect access to approved funds overnight.
What to expect when you borrow
The first step is applying online where you have to provide different types of details. The next step is verification, where Spot Loans verifies details of your identity, employment, income, expenses, and also the residency-related documents you provide. As part of the process, you have to provide bank statements for at least 90 days, and you can obtain these online. Upon approval, you can digitally sign the required documents online, but make sure you go through all the terms and conditions before you accept the contract. Once you accept the contract, you can expect the approved funds to transfer to the nominated bank account overnight.
Comparison of Payday Loans
Whilst we don't compare loans from Spot Loans directly, use the table below to see how they compare against other short term loans
Features of a Personal Loan from Spot Loans
Personal loans that Spot Loans offers come with various features, and here’s what borrowers can expect:
- No security. The Personal Loan that you can apply for through Spot Loans is unsecured, so you don’t have to worry about providing any kind of assets as a guarantee.
- Low minimum amount. You can borrow as little as $500 through a Spot Loans Personal Loan. The maximum you can borrow is $3,000.
- Loan term flexibility. Loan term can vary between 16 weeks to 1 year, which gives you the ability to select a term as per your ability to make repayments. A longer loan term, for instance, would result in lower ongoing payments.
- Cooling-off period. If, for any reason, you are not happy with the loan, you get a 48 hours cooling-off period to contact Spot Loans and refunds the borrowed funds, and this cooling-off period comes into effect after you accept the contract. If you refund the funds within 48 hours, you have no further obligations towards the loan.
What the loan will cost
Once Spot Loan approves your loan application, it presents you with a contract that carries all the terms and conditions relating to the loan. This document gives you a clear picture of what you might end up paying in the form of fees and charges. It is important that you go through these at the very onset so as to avoid surprises down the line. In case you don’t find the list of fees and charges acceptable you have the option of not accepting the contract, and in such an instance, you’re not obligated to Spot Loans in any manner.
Want to apply with Spot Loans? Here's how
Applying for a Spot Loans Personal Loan is easy, and requires little time. Before you submit an application, make sure you meet the eligibility criteria required:
- You’re at least 18 years of age
- You’re a permanent resident of Australia
- You get more than $450 in your bank account in the form of pay, every week
- You’re not involved in a Part 9 Debt Agreement or bankruptcy
The application requires that you part with different types of information, which includes the following.
- Personal details like your name, residential address, and number of dependants
- Your employment status, length of current employment, income frequency, and weekly income
- Details surrounding your rent, mortgage, debt repayments, and living expenses
While a Personal Loan from Spot Loans can get you money in a hurry, you can also expect the same from a number of other personal loan providers, so take some time to compare a few.