Spot loans are more expensive then a regular bank installment loan with comparable features. Spot loans are a fast way to apply for an installment loan without as much documentation as a bank would request. Bank loans carry less risk, therefore have cheaper interest rates.
Spot loans are cheaper than payday loans, as spot loans are set up for installment payments, whereas a payday loan is typically repaid in full in one payment. Spot loans do require a job, just as a bank loan does, but a bank requires more documentation. Borrowers are under more scrutiny, leading to a less risky loan with a higher rate of being paid back. Spot loans are designed for people who need quick access to credit despite a higher interest rate.