OppLoans

OppLoans is a direct lender based out of Chicago that offers small, short-term online personal loans and lines of credit to consumers with poor credit.

Since 2009, OppLoans has provided short-term personal loans to consumers with bad credit. Their experienced, online Chicago-based service provides loans directly through their website instead of through a loan marketplace

These small personal loans are offered in 37 states and applying will not affect your credit score.

OppLoans also offers lines of credit in some states (at the moment only in Kansas, Tennessee, and Virginia).

At a minimum to apply for a loan with Opploans, you should meet the following criteria:

• Be at least 18 years of age or meet the state's minimum age requirement, whichever is higher
• Be a US citizen or permanent resident
• Have an active and valid checking account with at least 40 days of history
• Have a steady income via direct deposit
• Have a valid Social Security number
• Meet your state's minimum income requirement (starting at $1,500/month)
• Either be employed or receive benefits (borrowers cannot be self-employed)
• Reside in one of the participating states
• Not be an active member of the military

Your application will ask you to provide the following documentation:

• Your contact information such as your name, address, email, and phone number
• Your bank account information
• Your income and employment information
• Recent pay stubs and proof of income

Opploans is more focused on your ability to repay rather than a traditional FICO score. However, they do report payment history to the 3 major credit bureaus

Typically an applicant is approved or denied in one business day. Pre-qualified applicants are still subject to verification guidelines.

Once approved and the applicant has signed the agreement, they will receive the funds in 1-2 business days via ACH.

Contact OppLoans

Phone: 800-990-9130 Email: [email protected] Address: 130 E Randolph St, Suite 3400 Chicago, IL 60601

OppLoans Pros

• BBB Accredited service: OppLoans is accredited with an A+ from the BBB (since 1/1/2016). As of March 22nd, 2020, they also have 1049 customer reviews on the official BBB website with an average rating of 4.6 out 5.
• Great customer service: Clients have stated that OppLoans' representatives were friendly, knowledgeable, and helpful.
• Easy application process: OppLoans offers a simple application process that allows consumers to submit an application in a matter of minutes and receive approval quickly.
• Three bureau credit reporting: OppLoans reports to all three major credit bureaus, allowing you the opportunity to build positive payment history with on-time payments.
• Extra educational services: In addition to their loans and lines of credit, OppLoans has a blog called OppU that has additional educational tips to help consumers with any financial issues.
• Protects your personal information: OppLoans has an active security certificate to protect any personal and sensitive information entered on their website.

OppLoans Cons

• OppLoans doesn't offer their services in every state.
• Because OppLoans specifically provides short-term loans for those with poor credit, their interest rates are on the high side (can be up to 199% APR).
• Consumers in some states have to pay additional fees for administrative fees, late checks, and returned checks.

OppLoans Pricing

• OppLoans provide loan amounts ranging from $500 to $4,000.
• Interest rates fall between 59% to 199%.
• Opploans may include a late fee (their rates and terms are on their site).
• Depending on your state of residence, OppLoans may charge a late fee of up to $10.
• There are no prepayment fees.
• Loan terms range from 9 to 24 months.
• Your monthly payments for lines of credit depend on your loan terms and the amount of money you withdraw. OppLoans will charge you a minimum required payment on your line of credit, although you can repay it sooner or at any time to reduce interest charges. Minimum required payments can be due every two weeks (if you are paid every two weeks), twice a month (if you are paid twice a month), or monthly (if you receive monthly payments).

Summary

Opp:oans is an A+ BBB accredited consumer finance company that offers short term loans for non prime consumers. Although these loans have high interest rates, we recommend looking into OppLoans if you live in one of the eligible states and you are in need of emergency funds.