OppLoans

OppLoans Overview

OppLoans is a direct lender based out of Chicago that offers small, short-term online personal loans to consumers with poor credit. Our OppLoans review will help you decide if it’s the right lender for you.

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 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).

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.

How Does OppLoans Work?

OppLoan is an online lending company that focuses on short-term loans for relatively small amounts. It positions itself as an alternative to payday lenders, offering lower interest rates and fees than payday lenders while providing a similar service.

Like payday lenders, OppLoans focuses mostly on your ability to repay the loan rather than your credit score and offers quick loan decisions and funding as soon as the next business day.

OppLoans only offers loans directly in Alabama, Georgia, Nevada, and Wisconsin. However, it can help borrowers in other states by connecting them to its partner lenders. Borrowers in those states can apply through the OppLoans site to get offers from OppLoans partners. If you like one of the offers from a partner lender, you can complete the application on that lender’s website.

Products Offered

OppLoans only offers one type of loan: short-term installment loans. These loans are for relatively small amounts and have short repayment terms.

They’re also known for their high fees and interest rates. The APR on these loans can reach as high as 160%. That means that OppLoans focuses mostly on offering loans to people who have a significant need for immediate cash.

How to Qualify for an OppLoans Personal Loan?

Like many lenders, OppLoans takes credit score into account, but it is far from the main consideration in your ability to qualify for the loan.

The primary thing that OppLoans considers when you apply for a loan is your ability to repay the debt. That means that you need to have a regular source of income and (in every state except New Mexico) must have direct deposit set up.

How to Apply for an OppLoans Personal Loan?

Applying for a loan through OppLoans is easy and won’t impact your credit until you accept your rate quote and finalize the application.

To apply for a loan from OppLoans, you’ll start by providing:

• Your name
• Contact information
• Your Social Security number

OppLoans will also ask for information about your credit, bank account, and finances.

Once you complete the application, OppLoans may pre approve you and offer a rate quote. If you like the rate that you receive, you can move forward to finalize the application.

Terms & Requirements

OppLoans has the following requirements for applicants.

• 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

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).

For Whom OppLoans is Good?

OppLoans is an alternative to payday lenders, which means it primarily targets people who have an immediate need for cash.

Payday loans can have incredible, if not predatorily, high interest rates. OppLoans has notably lower, though still high rates. If you’re in need of quick funding, OppLoans can be a better choice than payday loans.

However, if you’re desperate for quick funds and have struggled to get loans elsewhere, OppLoans may be an option.

OppLoans Personal Loan Alternatives

OppLoans is just one of the options for people who need a quick loan. If you’re looking for a lender with fast funding, consider these options.

MoneyMutual

• $2,500
• Varies by lender
• Get matched to lenders that work with borrowers like you, quick application

ClearViewLoans

• $5,000
• Varies by lender
• Get matched to lenders that work with borrowers like you, large loan maximum

Summary

OppLoans 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.

Contact OppLoans

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