Most of us need a little extra cash sometimes. Whether it’s for a busted pipe or a car repair, a small expense can turn out to be a really big problem when it’s unexpected, especially when you don’t have the money to cover the costs. So, where do you turn to in times like these?
You can apply for personal loans online these days. They should serve as low-cost solutions for your urgent financial needs. Nowadays, online lenders such as OppLoans can offer borrowers hassle-free alternatives to traditional payday lenders. They can even deliver your money as soon as the next business day. While OppLoans can offset the cost of borrowing, there are risks involved.
Here’s what you need to know about the OppLoans app.
What is OppLoans?
Founded in 2009, OppLoans offers personal loans through their website. They offer lower interest rates than traditional payday lenders, making them a low-cost solution when financial emergencies happen. Loan terms range from 9 to 36 months. Costs vary from state to state, but they can go from 99% to 199%.
You can borrow as little as $500 or as much as $5,000 using OppLoans, depending on where you live. You can use these personal loans for a variety of reasons, including home improvement projects, special purchases, medical fees, weddings, and unexpected expenses.
OppLoans adheres to standard procedures to protect your private information from unauthorized access. Their website ensures that any sensitive information entered is safe by having an active security certificate.
How Can You Apply for a Loan?
Borrowers need to reside in one of OppLoans’ serviced states to qualify for a loan. Aside from that, you must also meet the following requirements:
- Meet the minimum income requirements (varies by state)
- Have a Social Security Number
- Have a valid bank account
- Be at least 18 years’ old (19 in Nebraska and Alabama)
What are the Advantages of Using OppLoans?
- Faster funding. OppLoans offers fast approval and funding times. Applications that are approved before 7:30 pm EST have a great chance of being funded as soon as the next business day.
- Instant approval. No need to wait a few days or weeks to get your application approved. With OppLoans, you can get approved within minutes. And you can receive your cash right away.
- Lower interest rates. Interest rates might not be as low as credit card or traditional loans, but OppLoans offers rates below 1,200% APR. That makes it more budget-friendly than other short-term lenders.
- Improve your credit score. OppLoans reports payment history to all three credit bureaus. Although OppLoans can’t guarantee that your score will improve, they can give you an opportunity to build positive payment history on your credit report. All you have to do is make your payments on time.
- Hassle-free application. No need to step out of the house. You can complete OppLoans’ easy online application from the comfort of your home in a matter of minutes, even after banking hours and weekends.
- Excellent customer support. OppLoans has a highly-trained support team that delivers exceptional customer service.
What are the Disadvantages of Using OppLoans?
- Limited availability. OppLoans offers funding options for residents of 36 states in the US, as opposed to 50.
How Much Will a Loan Cost?
Aside from the amount you borrowed and your qualifications, your fees also depend on where you live. As already mentioned, rates and terms tend to vary from state to state. One thing remains the same wherever you may live – OppLoans will provide a personal loan that’s safer and more affordable than payday loans and title loans.
Let’s say a person with poor credit borrows $1,400 from OppLoans with a repayment term of 5 months. At 140% APR, the borrower would have to pay $385 in monthly payments.Their total interest will amount to $526 while the total amount due will add up to $1,926.
OppLoans won’t use your credit score from the three major credit bureaus as a basis for the loan approval process. However, they will check data provided for by Clarity Services, which gathers data on consumers with poor credit scores.
Should You Use OppLoans?
The Better Business Bureau gave OppLoans an A+ rating for their business practices. This was in August of 2018.
Most of their consumers’ reviews are positive, but there are a few complaints you should know about. Borrowers who’ve had something negative to say about OppLoans only spoke about two things – high-interest rates and their pre-approval process.
Whether they send you a pre-approval notice or not, nothing they tell you is set in stone until they can verify your credit. As for OppLoans’ maximum interest rate, it isn’t exactly cheap, but it costs less compared to other short-term loan options. You should really consider using it for urgent financial needs. It’s quicker, easier, and more affordable than traditional payday loans.