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- OppLoans personal loans come with high APRs, but are probably a better option than payday lenders.
- You can get an OppLoans loan between $ 500 and $ 4000 depending on your needs and your condition.
- OppLoans’ RPA range is between 59% and 160%, which is significantly higher than what competitors charge.
- See Insider’s Choices For The Best Personal Loans »
Loan amounts and interest rates
OppLoans loan amounts range from $ 500 to $ 4,000. OppLoans only offers loans to customers in 37 states and DC.
Depending on your credit score, where you live and other financial factors, your APR will vary from 59% to 160%. This is much higher than the APR ranges of similar companies. For example, Avant’s APR range is 9.95% to 35.99% and LendingClub’s is 7.04% to 35.89%.
Advantages and disadvantages
How OppLoans Works
OppLoans offers unsecured personal loans through FinWise Bank (FDIC member) or Opportunity Financial LLC, depending on the origin of the loan. An unsecured personal loan does not need any collateral like a house or a car. You can use a personal loan for various purposes.
The loan term varies from nine months to 24 months, depending on the state in which you live.
Still, if you need the cash fast and are looking for a shorter loan term, OppLoans is probably a better option than a payday loan. Many payday loans have APRs of up to 400%.
You may want to see if you qualify for personal loans with lower APRs at other companies, as OppLoans’ rates are significantly higher than many competitors. You may also want to consider credit cards for people with bad credit, as you may qualify for a lower APR and better terms with a credit card. Weighing the pros and cons of your choice will help you get the best deal possible.
Most OppLoans loans are approved within one day and you will likely get your funds the next business day, depending on when your application is approved.
You won’t pay any fees with an OppLoans loan, including origination fees, late fees, or prepayment penalties.
Depending on what you need help with, you can email any of the five customer support accounts, which you can find here. You can also call Monday through Friday 7:00 a.m. to 11:30 p.m. CT, or Saturday and Sunday 9:00 a.m. to 5:00 p.m. CT. If neither of these options works for you, you can send a letter to the company’s Chicago or Nevada branch at the addresses listed here.
OppLoans has a detailed frequently asked questions section, sorted by topic.
OppLoans doesn’t ask you to detail why you want an on-demand loan, but lists common reasons such as medical bills, home improvement, car repairs, or debt consolidation.
You will need to meet the following conditions to apply:
- Be at least 18 years old (or 19 in Alabama and Nebraska)
- Have a regular source of income
- Have a current or savings account
- Receive paychecks by direct deposit (unless you live in Nevada)
If you live in any of the following states, you are not eligible to take out a personal loan from OppLoans:
- New Hampshire
- New Jersey
- new York
- North Carolina
- West Virginia
What credit score do you need?
There is no minimum credit score required to qualify for an OppLoans personal loan which is different from other personal loan companies. But keep in mind that the lower your credit score, the higher your interest rate will be.
You won’t impact your credit score if you check your loan rates with OppLoans, as the company only produces a soft credit check when fetching your credit report. Soft credit application is not visible to third parties and will not damage your score. At no point in the loan approval process will OppLoans do a serious credit check.
OppLoans may be a good choice for you if your credit is low. There is no minimum credit requirement and the company specializes in providing loans to those who are not normally eligible from other financial institutions. On the flip side, you have to recognize that the lower your credit score, the higher your APR can be – and OppLoans rates can go up to 160%.
Unless you need the cash quickly, you may have time to improve your credit score before applying for a personal loan. Paying your bills on time and keeping a low credit card balance could lead to lower interest rates. That said, if your credit score goes up, you will still get a better rate from a lender other than OppLoans.
Is OppLoans trustworthy?
OppLoans is a Better Business Bureau accredited company, and the BBB gives OppLoans an A + for reliability. The BBB measures reliability by evaluating companies’ responses to customer complaints, the veracity of advertising and the transparency of business practices.
Keep in mind that a good BBB rating doesn’t necessarily mean you’ll have a great relationship with OppLoans, so be sure to read the reviews as well and ask your friends and family about their experiences with the company.
OppLoans has no recent controversies. Due to its impeccable history and top-notch BBB rating, you can choose to use OppLoans as your personal loan company.
How OppLoans Stacks Up
Although the rates depend on your particular situation, OppLoans interest rates are higher than those offered by comparable lenders, even companies that offer loans to people with poor credit. Here’s how OppLoans stacks up against similar companies:
OppLoans won’t charge you any fees, but it does come at a significantly higher APR cost than with LendingClub.
With LendingClub, you will pay origination fees of between 1% and 6% of the total amount of your loan, and these fees will be integrated into the overall APR of your loan. The company can also penalize you if your payment is more than 15 days past due.
You will likely get your funds faster with OppLoans than with LendingClub. OppLoans will usually send your funds to you within one business day of approval, while LendingClub can take anywhere from two to four business days.
OppLoans has a maximum loan term of 24 months, while LendingClub has a minimum loan term of 36 months. If you are looking to spread your costs over a shorter period, LendingClub might be a better choice for you.
OppLoans does not have formal credit score requirements, while most Avant customers have a credit score between 600 and 700.
Avant offers loans to all 50 states and Washington, DC, while OppLoans only offers loans to customers in 37 states and DC. If you live outside of OppLoans coverage area, Avant is the best choice.
OppLoans does not have a mobile app, unlike Avant. So if managing your personal loans on the go is important to you, you can choose Avant.