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OppLoans provides quick personal loans as an alternative to payday loans. With loan amounts ranging from $500 to $4,000, OppLoans offers longer terms and lower APRs than many payday lenders to meet your individual financial needs – but this doesn’t make them affordable. While OppLoans may approve you for a loan when many other lenders won’t, the sky-high interest rates and lack of national availability mean you may need alternative ways to access the funds you need. We weight the pros and (costly!) cons in our OppLoans review.
Most of us need a little extra cash sometimes. Right now, you might need a lot.
Whether it’s for a busted pipe in your apartment, a car repair or another emergency entirely, a small expense can turn out to be a really BIG problem when it’s unexpected. When you don’t have the money to cover the costs, life can quickly get stressful and uncertain.
So, where do you turn to in times like these?
You might be using the Bank of Mom and Dad (don’t worry, we’ve all been there), bouncing from credit card to credit card, or copping late and dishonor fees while you try and claw together funds to cover your expenses.
That’s where OppLoans might be able to help out.
Offering personal loans from $500 to $4,000, OppLoans can help you out of a tight spot with no credit checks required. Instead of paying back your loan in one lump sum (which is typically the case for payday loans or cash advances), OppLoans offers personal instalment loans with regular monthly repayments.
So, is OppLoans the right online loan option for you? Read our OppLoans review to find out.
OppLoans Top Feature: Fast funding on loans up to $4,000
It’s easy to apply for personal loans online these days as a low-cost solution for your urgent financial needs. Nowadays, online lenders like OppLoans offer borrowers hassle-free alternatives to traditional payday lenders.
Founded in 2009, OppLoans offers personal loans through its website. They offer lower interest rates than traditional payday lenders, making them look like a low-cost solution when financial emergencies happen.
OppLoans top features include:
✔ Borrow between $500 and $4,000: You can borrow as little as $500 or as much as $4,000, depending on your state of residence, income/ability to repay and your creditworthiness.
✔ 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.
✔ 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 a 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.
How much does OppLoans charge in interest?
Loan terms range from 9 to 24 months and while costs vary from state to state (OppLoans is available in 37 states + Washington D.C), they can go from 59% to 160% APR.
Considering that payday loans average an APR of 400% (ouch) the typical APR of an Opp Loan online loan is less than half of this amount – but this does not make it a great deal.
With a focus on speed, the application process is quick and simple. If you meet all eligibility requirements, you’ll know if you’ve been approved within minutes. Once approved, your money can be yours as soon as the next business day. However, the sky-high APRs mean you may want to think twice about whether there’s a better (and cheaper) alternative available.
The combination of high interest rates and short repayment terms means things can get very expensive very quickly.
It’s true that OppLoans offers longer terms, larger loan amounts and potentially lower rates than your average payday loan… but as we mentioned, that doesn’t mean it’s a great deal for personal loans. For many Americans, OppLoans would only be suitable as a last resort if there are no other funding options available.
We recommend considering the following resources to compare other options:
Case Study: How much will a loan cost me?
Aside from the amount you borrowed and your qualifications, your fees also depend on where you live. As rates and terms tend to vary from state to state, here’s an example of what an OppLoans personal loan could look like for you….
Let’s say a person with poor credit borrows $1,400 from OppLoans with a repayment term of 9 months. At 140% APR, the borrower would have a $259 monthly payment.Their total interest will amount to $943 while the total amount due will add up to $2,335.
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.
How can I be approved for a loan?
As per OppLoans’ Rates and Terms, 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)
There is no minimum credit score required to qualify for an OppLoans personal loan. Keep in mind, the lower your credit score, the higher your interest rate will be.
You can contact the OppLoans Customer Support Team by phone at (800) 990-9130, Monday to Friday, 7am – 11:30pm and Saturday and Sunday between 9am – 5:00pm Central Time, or by sending an email to: [email protected].
Or, for more information, check out OppLoans detailed FAQs here.
OppLoans Review: Is it worth it?
OppLoans’ maximum interest rate isn’t exactly cheap, but it costs less compared to payday lending options. With no credit checks, there are options for you if you have poor credit. It also helps to know you won’t be charged additional fees as OppLoans has no:
- Origination Fees
- Late Fees
- Prepayment Penalties
With quick access to funds, OppLoans is quicker, easier, and more affordable than traditional payday loans (though that’s not saying much). This can help you out of a financial pinch, but we recommend only using it for urgent financial needs.
OppLoans rates (59% to 160% APR) are quite high and you may want to consider OppLoans to be a lender of last resort. These rates may make it difficult to pay back the money you borrow and trap you in a cycle of debt.
There are cheaper alternatives out there which you may also qualify for, so be sure to research other loans like OppLoans. If you’re looking to regularly access a couple hundred dollars when you are in between paychecks, you may benefit from a money borrowing app or personal loan instead. And, if you’re looking for credit builder plans that can help boost your credit score (so you can qualify for more affordable loans than OppLoans) check out apps like Self Lender and SeedFi.
Knowledge is power, so stay on top of your options to stay on top of your finances.
Watch: OppLoans Personal Loans Origin Story
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