OppLoans 2019 Review
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
- Have a steady income via direct deposit
- Have a valid Social Security number
- Meet your state's minimum income requirement (which can range from $1,500 - $3,500 a month)
- Reside in one of the following states: Alabama, Alaska, Arizona, California, Delaware, District of Columbia, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Kansas, Kentucky, Michigan, Minnesota, Mississippi, Missouri, Montana Nebraska, Nevada, New Mexico, North Dakota, Ohio, Oklahoma, Oregon, South Carolina, South Dakota Tennessee, Texas, Utah, Virginia, Wisconsin, Washington or Wyoming
- Opploans currently does not have a product for active 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.
Phone: 800-990-9130 Email: [email protected] Address: 130 E Randolph St, Suite 3400 Chicago, IL 60601
- BBB Accredited service: OppLoans is accredited with an A+ from the BBB (since 1/1/2016). As of January 29th, 2019, 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 reporting: OppLoans reports to all three major credit bureaus, allowing you the opportunity to build payment history with on-time payments.
- Large loan amounts: OppLoans has larger loan amounts (typically $1,000 - $4,000)
- 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 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 provide loan amounts ranging from $1,000 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 can range from 9 to 24 months.
Frequently Asked Questions
What is a personal loan?
A personal loan is a large cash fund you can borrow for personal use, like paying off consolidated debt, investing in your home, a vacation, or wedding.
How does OppLoans compare to other lenders?
OppLoans offers short-term online personal loans specifically for consumers with bad credit.
When will I receive my funds?
Funds are usually deposited on the following business day. If your loan is approved before 9 pm CT from Monday to Thursday, you will usually receive your funds the next day.
If your loan is approved before 9 pm CT on Friday to Sunday, you will most likely receive your funds on Monday.
Bank holidays will push back your loan one more business day in order to process the funds.
Customers from Ohio have a cut-off time of 8 pm CT.
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- Credit Score Required 350
- Minimum Loan Amount $1000
- Max Loan Amount $4000
- Loan APR 59% to 199%
- Time in Business Since 2009
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