What loan companies are similar to spot loan

Not financial advice: Spotloan offers high-interest short-term loans. Other similar services are available from prosper.com which offers peer-to-peer loans and paydayloansonline.net which offer no-credit-check loans. (Paydayone.com)[http://www.paydayone.com/california-loan-cost-and-terms.aspx] lends short-term money that carries from 200% to 800% interest (APR).

Spotloan makes up to $800 available on variable repayment plans. They recommend that this expensive source of credit should only be used for emergencies.

Spot Loan differentiates itself from payday loans because they offer installment payback options. Their maximum APR is 330%. Their loan details are available here.

The BBB cautions consumers about high interest loans and reminds all individuals to look for red flags, research the lender with the BBB's free service, consider the options, and look thoroughly at the contact before signing. The BBB warns that many times the interest rates are so high that customers can fall into a cycle of endless debt.

Updated on Monday, October 22 2012 at 05:28PM EDT