OppLoans is a lender that offers short-term online installments to bad-credit borrowers across the country. Its loans are designed as a good alternative to payday loans for people who need quick cash at high interest rates but lower than the payday lenders.
This lender’s personal loan is an amazing option for people who do qualify for a bad credit personal loan. Although the loans come with high interest rates compared to the best personal loans, they are available to everyone regardless of their credit score. Also, OppLoans offers access to credit through partnership with multiple lending partners. If you are going through financial difficulties but want to avoid the 2-week payback timeline of a payday loan, OppLoans may be a good option.
Who should go for OppLoans?
Just like I have mentioned above, OppLoans is a lender for people with poor credit who need quick access to money without the extremely high fees of payday or title loans. Although this lender’s personal loan interest rates are higher than traditional loans, they are much lower than the rates of payday loans, which can have APRs as high as 400%.
Unlike payday or title lenders, OppLoans reports your payments to all three credit bureaus. This means that timely payments can improve your credit score, making it easier to qualify for lower-rate loans in the future.
At the moment, OppLoans is made available in all states in the USA apart from Colorado, Illinois, Connecticut, Iowa, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, or West Virginia.
OppLoans Pros & Cons
Borrowers can use funds from this lender for different purposes. The short terms and the high annual percentage rates made them a good choice for emergency home repairs, car repairs, or medical debt. Compared to the 2 weekspay payback for a payday loan, this lender allows payoff for as long as 18 months.
Regardless of how good this online lending platform sounds, it has its own drawbacks. Let’s take a look at its pros and cons.
Pros
If you need financial help, same-day funding is possible, making it a good emergency loan option.
- Longer repayment terms compared to payday loans
- You can borrow about $4,000 with a loan from this lender.
- Customer service is always available.
- You can make use of it for different financial reasons.
- Bad credit is not an obstacle to getting approved.
- There are no repayment fees or penalties involved.
- No hard credit inquiry
- The lender reports payments to the 3 major credit bureaus.
- Borrowers can choose the payment due date.
Cons
Its lowest APR is 4 times higher than the typical bad credit personal loan rate.
- Shorter terms compared to the regular personal loans
- No low-rate refinance option
- The interest rates are higher than regular personal loans.
- Not available in all states
- Smaller loan amounts compared to the traditional personal lenders
- No co-signed or joint loans
OppLoans Personal Loan Details
Loan Amounts and Terms
- Loan Amounts: The online lending platform offers loans from $500 to $4,000, depending on your location, credit score, and many other factors.
- Loan Terms: You can pay back the loan over 6 to 18 months.
- Personal Loan Costs
- APR: Interest rates range from 160% to 179%.
- Origination Fees: None required.
- Late Fees: None required.
- Prepayment Penalty Fees: None. You can pay off your loan early or make extra payments without any charges at any time.
Perks and Features
OppLoans doesn’t offer extra perks such as autopay discounts found with some other personal loans.
How to Qualify for an OppLoans Personal Loan
Applications for personal loans are often declined or approved depending on different factors. Every lender has its own underwriting requirements. However, this usually includes information from the borrower’s credit profile and other factors that show the ability to pay back the loan. Here are some of the requirements you should take a look at.
Credit Score Requirements
OppLoans does not have certain credit score requirements. Instead, the lender looks at different factors from the credit bureaus and your bank to check your eligibility. This makes it a good fit for applicants who have damaged credit because this lender may look at other factors to approve the application.
Income Requirements
OppLoans requires applicants to have a good source of income, which can come from jobs or benefits like disability or social security. However, the lender does not specify its actual income requirements.
Other Requirements
The applicants must stay in any of the states the lending platform operates in.
- 18 years old
- He or she must have savings or a checking account.
- The applicant must receive a paycheck via direct deposit. Unless they are a resident of New Mexico.
Meeting the above requirements does not guarantee approval. But they can help you in deciding if this personal loan is the right option for you.
How to Apply for an OppLoans Personal Loan
The application process for a personal loan usually involves prequalifying, submitting a formal application, and waiting for the loan to get approved. Below are the steps to apply for a personal loan with OppLoans:
- To apply for the personal loan, you will have to visit the OppLoans official website and click on “Apply Now.”
- You will be required to provide basic information such as your name, date of birth, contact information, current income, and social security number.
- For the income part, you will need to specify how much you earn per month/day, whether you are traditionally or self-employed, and how often you get paid. Also, you will have to list your banking information.
- After that, submit the application. Once you get approved, the lender will provide you with the terms of the loan. The amount for the loan depends on your location, your creditworthiness, your income, and your ability to pay it back.
- After you review the loan offer, finalize and sign the documents provided. This will start the payment of the loan funds.
- Once you get the funds, ensure that you sign in to your OppLoans account and check your due date to make sure you don’t miss payments.
Keep in mind that the exact time it takes to get the funds depends on when the lender approves your application. However, you can expect a decision within 1-5 days.
