SpotMe Payday Loan Review

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SpotMe offers short term loans up to $1,000.

SpotMe offers payday loans between $250 and $1,000 with terms of 1-3 months. Borrowers can choose a repayment schedule that is weekly, fortnightly or monthly depending on what lines up with the frequency of their income. Borrowers will pay a one-off establishment fee as well as monthly fees. See a complete list of the features, fees and eligibility requirements that apply in this review.

$1,000

Maximum loan amount

24 hrs

Turnaround time

1-3 months

Term of loan

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Details

Product NameSpotMe Payday Loan
Minimum loan amount$250
Maximum loan amount$1,000
Initial Maximium Loan Amount$1,000
Arrears Fee$25
Loan term1-3 months
Turnaround time24 hrs
Costs20% of principal amount establishment fee + 4% monthly fee
Available to Centrelink Borrowers?No

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⚠️ Warning about Borrowing

payday-warningDo you really need a loan today?*

It can be expensive to borrow small amounts of money and borrowing may not solve your money problems.

Check your options before you borrow:

  • For information about other options for managing bills and debts, ring 1800 007 007 from anywhere in Australia to talk to a free and independent financial counsellor
  • Talk to your electricity, gas, phone or water provider to see if you can work out a payment plan
  • If you are on government benefits, ask if you can receive an advance from Centrelink: Phone: 13 17 94

The Government's MoneySmart website shows you how small amount loans work and suggests other options that may help you.

* This statement is an Australian Government requirement under the National Consumer Credit Protection Act 2009.

How does a loan from SpotMe work?

SpotMe loans are available for up to $1,000. To get started, applicants need to create an online account and submit their application. If approved, they can receive their loan on the same day or at the least the next business day. They can repay their loan via direct deposit and can manage their account through their online dashboard. They can repay their loan early without penalty if they provide SpotMe with two days notice.

SpotMe loan features

  • Fees and repayments. Borrowers are usually required to make repayments weekly, fortnightly or monthly to align with when they receive their pay. A one-off establishment fee and monthly fees apply. How much they pay will depend on the size of the loan and the length of the loan term. They will receive a full list of the charges they can expect after they apply and before they sign the contract. Applicants can compare the fees that will be charged in the section below.
  • Account management. Keep track of the repayments and details of the loan through an online dashboard.
  • Turnaround time. If approved, SpotMe can debit the loan in as little as 60 minutes but usually within the next business day.
  • Prepaid card. SpotMe offers a prepaid debit card to borrowers to access their cash. It will charge no fees for this card but they should be aware of fees for checking their balance or withdrawing cash from any non-Westpac branded ATMs.
  • No refinancing. SpotMe doesn't allow customers to refinance their loan, so it's important to make repayments on time and pay the loan off in full.

Compare other payday loans

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

Data updated regularly
Name Product Maximum loan amount Term of Loan Turnaround time Arrears Fee Costs Fortnightly Repayment (for $1500 Loan)
Sunshine Short Term Loans
$2,000
9-14 weeks
30 minutes - conditions apply
$35
20% of loan amount + 4% of loan amount each month
$396
A small loan up to $2,000 that you repay over 9-14 weeks. Loans approved and funded in as little as 30 minutes.
Nimble Short Term Loan
$2,000
62 days to 9 months
1 hour - conditions apply
$15
20% of loan amount + 4% of loan amount each month
$372
A loan up to $2,000 with terms up to 62 days to 9 months. Centrelink cannot be your primary source of income.
Fair Go Finance Small Loan
$2,000
3-12 months
24 to 48 hours
$35
0% Establishment Fee + monthly fee 4%
$354
A small loan between $500 and $2,000 that can be funded in 24 hours. Note: Save up to $400 when you apply for a small loan from $500 to $2,000 and are approved for a 0% establishment fee. T&Cs apply.
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Compare up to 4 providers

The costs to be aware of

SpotMewill confirm the repayments and charges specific to an applicant's loan after they apply and before they sign the contract. They can compare the fees and charges they pay on their first loan below:

  • Establishment fee that is 20% of what they borrow
  • Monthly fee that is 4% of what they borrow

If borrowers fail to pay their loan on time, they may be charged:

  • Payment dishonour fee of $25 if a direct debit is not made in full or is rescheduled at their request
  • Daily account arrears fee of $5 where their account remains in arrears

If customers don't think they can make a repayment on time, they must contact SpotMe as soon as possible to notify them. They may be able to move the repayment due date. If applicants default on the loan, this will be registered on their credit report and will remain there for up to five years.

Eligibility to apply for a loan

  • An Australian resident or citizen
  • At least 18 years of age
  • Hold an Australian bank account into which they receive their salary
  • A fixed line or mobile phone account is held in their name
  • Employed full-time or part-time in an ongoing role (can be self-employed)
  • Receive Centrelink and its payments do not make up the majority of their income

How to apply

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

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