Yes, you can absolutely pay off your Spotloan early with no prepayment penalties! This is one of the many advantages of Spotloans over other types of loans, such as payday loans.
Here’s what you need to know about paying off your Spotloan early:
No Prepayment Penalties:
If you choose to pay off your loan early, Spotloans doesn’t charge you any fees—a contrast to payday loans, which frequently have steep prepayment penalties. This implies that if you pay off your loan earlier than anticipated, you will be able to save money on interest.
How to Pay Off Early:
There are several ways to pay off your Spotloan early:
- Make extra payments: You can make additional payments towards your principal balance at any time. This will reduce the amount of interest you pay and shorten the overall repayment period.
- Pay off the entire balance: You can also choose to pay off your entire remaining balance at once. This will close out your loan and you won’t have to worry about making any further payments.
Benefits of Paying Off Early:
There are several benefits to paying off your Spotloan early:
- Save money on interest: By paying off your loan early, you’ll pay less interest overall. This can save you a significant amount of money, especially if you have a high interest rate.
- Improve your credit score: Making on-time payments and paying off your loan early can help improve your credit score. This can make it easier to qualify for future loans with lower interest rates.
- Get peace of mind: Knowing that your loan is paid off can give you peace of mind and reduce your financial stress.
How to Make Early Payments:
There are several ways to make early payments on your Spotloan:
- Online: You can make early payments online through your Spotloan account.
- By phone: You can call Spotloan’s customer service team at (888) 681-6811 to make a payment over the phone.
- By mail: You can send a check or money order to Spotloan’s mailing address: Spotloan, P.O. Box 720, Belcourt, ND 58316.
Things to Keep in Mind:
- When making early payments, be sure to specify that the payment is going towards the principal balance. This will ensure that the extra money is applied to reducing your loan amount and not just the interest.
- If you’re considering paying off your Spotloan early, it’s a good idea to contact Spotloan’s customer service team to discuss your options and make sure you’re making the best decision for your financial situation.
Early Spotloan repayment can help you save money, raise your credit score, and feel more at ease. Before deciding to pay off your loan early, make sure you’ve done your homework and are aware of the procedures.
What happens if you don’t pay Spotloan?
Late or missed payments on your payday loan will result in additional interest fees. Furthermore, Spot reports missed or late payments to credit bureaus which may impact your credit score.
Repayment of a loan
The lender provides the following payment options:
- The most practical option is to have an automatic debit through ACH directly from your bank account, which helps you avoid missing payments.
- Payments with Debit Cards are also available with Spotloan.
- If you would rather pay the lender by check or money order, mail it to Spotloan, P. O. Box 720, Belcourt, ND 58316.
By the date of your payment, Spotloan should receive the check or money order. After that, it might take your bank seven to ten days to process the payment.
Inform Spotloan two business days prior to the due date of your subsequent payment if you are unable to make an upcoming payment. Late payments on your personal loan may result in additional interest rates or fees.
Spotloan encourages early payback for your payday loan or personal loan. Given the interest rates it charges, early payback is the best way to avoid paying more money. Note that Spotloan needs at least two business days to process changes to payment schedules or loan payoffs.
WHAT IF YOU PAY OFF YOUR LOAN EARLY? || HOW TO MAXIMIZE YOUR CREDIT SCORE BOOST
FAQ
What is the penalty for paying off a loan early?
What happens if I pay a payday loan early?
Can you have two loans with Spotloan?
Does Spotloan affect credit?
When does spotloan transfer money to my bank?
If you accepted your loan terms on a Monday through Friday, before 11:30 a.m. CT, Spotloan will transfer the money to your bank by the end of the business day. If you accepted your loan terms on a Monday through Thursday between 11:30 a.m. CT and 8 p.m. CT, Spotloan will transfer your funds to your bank overnight.
Can I pay off my spotloan at any time?
At Spotloan, the answer is very easy. You always have the freedom to pay off your Spotloan at any time with absolutely no prepayment penalty. No questions asked, and no prepayment penalties, ever. That’s because Spotloans are installment loans and not payday loans.
What happens if you pay off a spotloan loan early?
Regular payments go towards principal and interest. If you pay off your loan early, there are no penalty fees. This lender accepts payments in three ways: Not many online lenders accept checks or money orders anymore. Most require that you do an automatic withdrawal. Spotloan doesn’t require a checking account in its loan agreement.
What is the difference between a spotloan and a payday loan?
Spotloans are short-term installment loans, which means you pay back your loan over time. You choose how long you want to pay the loan back – anywhere from three to ten months. Plus, you can pay your loan off early with no prepayment penalties. On the other hand, payday loans are fixed loans.