OppLoans offers quick personal loans that are an alternative to payday loans. OppLoans has loan amounts that range from $500 to $4,000 and offers longer terms than payday lenders. However, they are not affordable. OppLoans may be able to approve you for a loan even though many other lenders will not. However, high-interest rates and limited national availability may mean that you might need other options to get the money you need. We weigh the (expensive!) pros and cons. We weigh the pros and (costly!) cons of OppLoans.
We all need some extra money from time to time. You might not have enough right now.
It doesn't matter if it's an emergency like a burst pipe in your apartment or a car repair. A small expense can quickly become a big problem if it's not planned. Life can quickly become stressful and unpredictable if you don't have enough money.
OppLoans may be able help you in this situation.
OppLoans offers personal loans ranging from $500 to $4,000 and is available with no credit check. OppLoans provides personal instalment loans that are repaid monthly, instead of repaying your loan in one lump sum. This is often the case with cash advances or payday loans.
OppLoans' top feature: Loans up to $4,000 can be quickly funded
Online personal loans are easy and affordable. Online lenders such as OppLoans are now a hassle-free alternative to traditional payday lenders.
OppLoans was founded in 2009 and offers personal loans via its website. These loans offer lower interest rates than traditional payday lenders and are therefore a great option for financial emergencies.
OppLoans' top features include:
You can borrow between $500 and $4,000 depending on your income/ability to pay and creditworthiness.
OppLoans provides faster funding. Approved applications before 7:30 EST will have the best chance of getting funded within 24 hours.
Instant approval: You don't have to wait for approval for a few days, weeks or even days. OppLoans allows you to be approved in minutes. You can get your cash as soon as possible.
OppLoans provides credit reporting to all three credit bureaus. This will help you improve your credit score. OppLoans cannot guarantee a better credit score, but they can help you build a positive payment record on your credit report. You just need to make your payments on time.
You don't even need to leave your home. OppLoans' online application is quick and easy. You can even complete it from your own home, even during weekends or after hours.
Outstanding customer support: OppLoans's highly-trained support staff delivers outstanding customer service.
What is the Interest Rate Charged by OppLoans?
The terms of loans can range from 9 to 24 months and the costs vary depending on where they are located. OppLoans is available to all 37 states plus Washington D.C. They can be as low as 59% to 160% APR.
Payday loans have an average APR of 400%. An Opp Loan online loan's APR is lower than half that amount, but it doesn't make it a bad deal.
The application process is simple and quick if you place a strong emphasis on speed. You'll be notified if your application has been approved and if you meet the eligibility requirements. Your money will be available the next day after you are approved. The high APRs can make it difficult to consider whether there is a cheaper (or better) option.
Combining high-interest rates with short repayment terms can quickly lead to very high costs.
OppLoans is a loan provider that offers higher rates, longer terms, and larger amounts than traditional payday loans. However, it doesn't offer personal loans at a better rate. OppLoans are only suitable for those who have no other funding options.
Case Study: What will it cost to get a loan?
Your fees are dependent on your location. Here's an example of how an OppLoans personal Loan could look ..... Rates and terms can vary between states.
Let's assume that a person with bad credit borrows $1400 from OppLoans for a 9-month repayment term. The borrower will pay $259 per month at 140% APR.
OppLoans will not use your credit score from any of the major credit bureaus to determine if you are eligible for a loan. They will however check the data provided by Clarity Services which collects information on consumers with low credit scores.
How do I Get Approved for a Loan
To be eligible for a loan, borrowers must reside in one the OppLoans serviced states. You must also meet these requirements:
Respect the income minimum requirements (varies from one state to another).
Get a Social Security number
A valid bank account
Minimum 18 years of age (19 in Nebraska or Alabama).
OppLoans personal loans are available to anyone with a credit score of at least 620. Remember that the higher your credit score is, the higher the interest rate.
Contact the OppLoans Customer Support Team at (800) 990-9130 Monday through Friday, 7am – 11:30pm, Saturday and Sunday, 9am – 5:00pm Central Time. Or, send an email to info@opploans.com.
For more information, visit OppLoans FAQs.
OppLoans Review: Are they worth it?
OppLoans' maximum rate isn’t cheap but it’s less expensive than payday loans. There are many options available for those with poor credit, even if they don't require credit checks. OppLoans doesn't charge any additional fees.
Origination fees
Late Fees
Prepayment Penalties
OppLoans offers quick access to funds and is more affordable than traditional payday loans. Although this can be a great option to help you get out of financial trouble, we do not recommend that you use it for your most urgent financial needs.
OppLoans rates (ranging from 59% to 160% APR), are very high. You may consider OppLoans as a lender of last resort. These rates can make it hard to repay the money borrowed and could trap you in a cycle.
You may be eligible for cheaper loans. Make sure you research OppLoans. A money borrowing app may be a better option if you need to borrow a few hundred dollars frequently between your paychecks. You can also find credit building plans to help improve your credit score so you can get more affordable loans than OppLoans.
Knowledge is power. Stay informed to maximize your financial knowledge.