Web MD says Spironolactone is used help with hair loss but then lists that hair loss can be one of the side effects. I am so confused. Are they saying it can help some people with hair loss but some people will have the ugly side effect of more hair loss? Is it even worth taking the chance? Why It Is Used Spironolactone reduces androgen levels, which reduces male-pattern hair growth (hirsutism), hair loss, and acne for women with PCOS. Side Effects Side effects from spironolactone may include: Irregular menstrual periods, with higher doses of the medicine. Rash. Scalp hair loss. Nausea or fatigue, with higher doses of the medicine. Cramping, diarrhea. Drowsiness, lack of energy. Headache, confusion.