OppLoans offers online installment loans to borrowers with bad credit nationwide. These personal loans are designed as an alternative to payday loans for borrowers who need quick funding at still very high interest rates, but lower than payday lenders. The company has more than 300,000 customers. OppLoans provides access to credit through a partnership with FinWise Bank, which originates the loans in some states.
- Bad or poor credit is not a barrier to approval.
- The application does not affect FICO credit scores.
- There are no prepayment penalties.
- The maximum loan is $4,000.
- Interest rates are much higher than traditional personal loans.
OppLoans offers personal loans that can be used for several purposes, including:
- Car repairs
- Household expenses
- To pay rent
- Medical fees
- Major purchases
- Consolidate and repay other loans
OppLoans personal loans range from $1,000 to $4,000. The maximum repayment period for a personal installment loan is 36 months. Interest rates and repayment terms for individual loans are determined by the state from which the loan originated. It also determines whether the borrower pays origination fees for a loan and if so, how much. OppLoans does not charge a prepayment penalty for prepaying a loan.
Although no minimum credit score for approval is disclosed on the company’s website, OppLoans personal loans are designed for borrowers with low or bad credit. Borrowers must have a traditional bank account open in their name with at least 90 days of banking history and receive their paychecks by direct deposit. OppLoans borrowers must also have at least three months of employment and income history for approval.
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Select your desired loan amount and purpose, your credit score range, and your state to see estimated annual percentage rates and loan terms.
OppLoans has an A+ rating with the Better Business Bureau.
Borrowers can apply for a personal loan with OppLoans online. There is a credit check, but it does not affect FICO credit scores. Borrowers must verify their bank account as part of the application process, which can be done securely online. Loan details and payments can be viewed and scheduled through an online account.
- People who have low or bad credit scores
- People who need to borrow $4,000 or less
- People who need a loan quickly