SpotMe Payday Loan Review

Information verified correct on October 23rd, 2016

Payday further away than you need it to be? Find out if you’re eligible for a SpotMe loan.

If you’re considering applying for a payday loan, the cost of the loan should be one of your primary concerns. With SpotMe, you’ll know exactly how much you’re going to repay before you accept the loan, and its fees are considerably less than charged by many other payday lenders. If you come back and apply for subsequent loans, you can be approved for rates that are comparable to standard personal loans.

How does a loan from SpotMe work?

SpotMe loans are available for up to $2,000. To get started you create an online account and submit your application. If approved you can receive your loan on the same day, or at the least the next business day. You repay your loan via direct deposit and can manage your account through your online dashboard. You’re able to repay your loan early without penalty if you provide SpotMe with two days notice.

Features that comes with a SpotMe loan

SpotMe offer several benefits with its loans, this includes:

  • Transparent fees and repayments. You’re able to see an example repayment schedule before you create an account on SpotMe’s website, and when you apply you will have your actual repayments set out which you agree to before signing your credit contract.
  • SpotMe prepaid card. You can use this free card to receive instant approved loans that you apply for as a repeat borrower.
  • Account management. Review your loan and manage your account conveniently through the online dashboard.
  • Quick turnaround time. You won’t have to wait long for SpotMe to make a decision – once you’re approved you can receive your loan in as little as 60 minutes.

Compare Other Payday Loans

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

Rates last updated October 23rd, 2016
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The costs to be aware of

SpotMe have a transparent fee structure and set out your repayments before you apply for a loan. Here is what you will pay for your first loan:

  • Establishment fee that is 9% p.a. of what you borrow
  • Monthly fee that is 3% p.a. of what you borrow

If you fail to pay your loan on time, you may be charged:

  • Payment dishonour fee of $15 if a direct debit is not made in full or is rescheduled at your request
  • Daily account arrears fee of $5 where your account remains in arrears

SpotMe also offers a prepaid debit card to people who borrow. It will charge you no fees for this card but you should be aware of fees for checking your balance or withdrawing cash from any non-Westpac branded ATMs.

Are you eligible to apply for a loan?

  • You’re an Australian resident or citizen
  • You’re at least 18 years of age
  • You hold an Australian bank account into which you receive your salary
  • A fixed line or mobile phone account is held in your name
  • You’re employed full-time or part-time in an ongoing role (can be self-employed)
  • If you receive Centrelink, your payments do not make up the majority of your income

How you can apply

  • Register online. Set up an account with SpotMe and then wait for your confirmation email. Follow the link to confirm your account.
  • Fill out an application. From your online account you can apply for your loan. Select your loan amount, fill in your details and provide read-only access to 90 days of your transaction history through Credit Sense.
  • Make your offer. If approved, SpotMe will send the loan details and credit contract to you, which you then agree to and sign. By electronically signing the credit contract you are making an offer to borrow, after which SpotMe will move forward with your application.
  • Receive your loan. Once everything has been received SpotMe will transfer your loan into your nominated bank account. This will either be the same day or the next business day.

SpotMe offers a convenient way to borrow and more importantly, a transparent fee structure. Compare their loan with similar offerings to make sure it's the right option for you.

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