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Lender
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Opploans

Finanso.Multilogin™

About OppLoans

OppLoans is an online platform that offers personal loans to Americans. It doesn't matter what your credit level is. Even if you have a bad credit history, you can apply for online personal loans on the website. As a lending platform, OppLoans provides services to those the citizens rejected by traditional lenders.

The company was founded in 2012 by Todd Schwartz, and its headquarter is in Chicago. The mission of OppLoans is to ensure facilitated access to credits.

If you look for a personal loan from online lenders, you can apply to OppLoans. This online service will help you get a loan if you don't have savings or your credit score is poor.

Pros and cons of OppLoans

Pros

  • Online service. OppLoans' borrowers can apply for personal loans directly on the site. Before choosing the best personal loan option, read OppLoans personal loans review.

  • No credit check. Unlike other loan lenders, OppLoans don't request your credit report. If you have a low credit score, you're still allowed to use personal loan options.

  • Lower APR. The annual percentage rate (APR) of OppLoans is lower than payday loans.

  • Longer repayment terms. OppLoans' repayment terms, in comparison with payday loans, are longer.

  • Quick access to funds. You can get money the next day after your loan is approved.

Cons

  • Not available in some states. Thus, not every U.S. citizen will be able to take a loan from OppLoans.

  • Small loan amounts. You can borrow up to $4,000. OppLoans doesn't permit bigger loan amounts.

  • Extremely high minimum and maximum APRs. Unlike other lenders' loan rates, OppLoans' interest rates are high.

  • Limited loan terms. In contrast with the other lenders who offer longer loan terms, OppLoans offers only 9-18-month terms.

As you can see, OppLoans personal loan has both advantages and disadvantages, so you need to learn more about OppLoans service.

OppLoans terms and conditions

OppLoans personal loan amounts range from $500 to $4,000. However, borrowers should know that the personal loan amounts depend on factors such as state, credit scores of citizens, and others. For example, Alabama residents have to borrow at least $2,000, but if you live in Georgia, your loan amount will start at $3,001.

The annual percentage rate (APR) varies from state to state and ranges from 59% to 160%. Personal loan interest rates range from 5% to 36%. There are no origination fees. As mentioned above, the duration of OppLoans' personal loans ranges from 9 to 18 months.

OppLoans has a TurnUp Program. Under this program, OppLoans reviews the offerings of 15 near-prime lending partners to determine if applicants are eligible to get a better, lower-interest loan.

Currently, OppLoans offers installment loans in such states as Alabama, Georgia, Nevada, and Wisconsin. In the States of Nevada and Wisconsin, for example, loan amounts of typical installment loans range from $500 to $4,000, repayment terms vary from 9 to 18 months, and APR is 160%.

But there are also loans originated and funded by OppLoans lending partners. Such loans are available in the States of Arizona, Arkansas, California, Florida, Hawaii, Indiana, Kentucky, Louisiana, Minnesota, New Mexico, Oklahoma, Texas, and some others.

If your loan amount is $2,000, your APR and loan duration will be 160% and nine months, respectively. The number of your payments will be nine payments of $394.58. If you borrow $2,000, your APR and loan duration will be 160% and 12 months, respectively. You'll have to pay 12 times for $514.60. And if you have a maximum loan amount of $4,000, you will pay 18 times $595.14, and your loan duration and APR will be 18 months and 160%, respectively.

OppLoans lending partners are responsible for underwriting and approving loans, as well as funding approved loans. OppLoans services all these loans.

Funding a loan

You don't need to reveal why you apply for a loan in your personal loan application. However, OppLoans recognizes four main reasons for the funding process, such as medical bills, home renovation, car repairs, and debt consolidation.

OppLoans doesn't require any minimum FICO Score or Vantage Score. Though, the company gathers information from alternate credit bureaus and requires banking data of its future borrowers.

If you qualify for an online personal loan, you must have a bank account, steady income, and get paid through direct deposit (except for New Mexico residents). OppLoans borrowers can receive their loan funds the next day after approval.

Unsecured personal loans

An unsecured, fixed-rate loan is the most common type of OppLoans installment loan. The lenders determine a loan amount for every borrower depending on his creditworthiness. To determine your eligibility, the lender will need such information as your credit score and credit history. Thus, borrowers who have low credit scores will get higher interest rates.

This type of loan is riskier to the lender because it requires no collateral. It means that you may qualify for this type of loan only if you have a solid credit history.

There are five steps to getting an unsecured personal loan:

  • Assess your budget,

  • Review your credit history,

  • Compare lenders and pre-qualify,

  • Gather personal financial information (Social Security number, tax returns),

  • Apply for one loan.

Secured Personal Loans

To receive a secured personal loan, the borrower has to use their asset or property as collateral. Secured personal loans include mortgages, home equity loans, and car loans.

For a secured personal loan, the creditor has the title or an interest in the property until the borrower completely pays the loan off. If the borrower cannot pay the loan back, the lender can repossess the asset to recoup the loss. For example, borrowers who cannot make mortgage payments may have their property repossessed by their creditors.

Secured personal loans have an advantage over unsecured loans because the interest rates of the first are usually lower. The reason for that is that the lender will have less risk because he takes your collateral.

FAQ

Is OppLoans legitimate?

Yes, OppLoans is a legitimate lender and has transparent terms and conditions.

What kind of loan is OppLoans?

OppLoans provides short-term personal installment loans. You will have to pay back the loan in installments.

Does OppLoans affect the credit score?

OppLoans conduct a soft credit check to approve the applications. It has no impact on borrowers' credit scores. However, approving you for a loan will conduct a hard check, so your credit scores will fall a little.

Company documents

Rates and Terms
Security

We are a leading financial technology platform focused on helping middle income, credit-challenged consumers build a better financial path. Our mission driven culture means we keep the customer at the center of everything we do. We are passionate about creating accessible lending products that deliver a top-rated customer experience to the millions of Americans who are turned away by traditional providers.

© Opportunity Financial, LLC.

Financial products

Opploans
Personal loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$500-$4,000
Rate
i

Effective interest rate on the product

up to 160%
Term
i

Loan term for the financial product

9-18 months

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depends on the state
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Calculate loan payments in Opploans

Opploans calculator will allow you to calculate an approximate payment schedule for the loan

Loan amount
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Enter the desired loan amount

USD
USD
500 $
4000 $
Loan term
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Specify the loan term for the calculation

months
days
9
18

What to focus on before applying for a loan with Opploans

To ensure the lender is legitimate, check if it meets the following criteria:

How do you know if a loan company is registered?

The lending company is registered with the US Securities and Exchange Commission (SEC) and has a tax identification number (EIN). Note that tribal lending companies operate under the jurisdiction of tribal laws, and they don't have to register with the SEC. But still, tribes must act under federal consumer protection laws enforced by the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC).

According to the FTC requirement, the lending company is registered in your state, excluding tribal lenders abiding by tribal and federal laws only. That is why tribal lending companies can charge interest rates exceeding your state's maximum.

Finally, the State Attorney General can verify the registration of the lending company if you need additional proof of whether it is legitimate.

If a US lending company scams you, please report to local law enforcement, your state attorney general, CFPB, or FTC.

Finanso® also recommends

Learn the total cost of a loan, including:

It will be best to read a loan agreement carefully before signing it. If any part of the agreement seems incomprehensible, do not hesitate to ask the lender about particulars.

Remember that you don’t have to make an immediate decision when considering getting a loan. However, you must be sure that you are ready to repay following your loan documents. If the lender’s terms and conditions are uncomfortable for you, you are free to search for another proposal, as there are about 780 lending companies in the US.

What’s the difference between Opploans and a bank?

  1. You need to have a good credit history to qualify for a credit card with a bank. In contrast, even bad credit history debtors can borrow money from US lenders with personal or payday loans. 
  2. Interest rates and annual percentage rate for a loan with an online lending company are significantly higher than with a credit card released by a bank.
  3. Applying for an online loan with a lending company doesn’t require paperwork or even visiting their office. Instead, a borrower can apply entirely online and receive money via direct deposit on the next business day.
  4. The online lending business is high-risk for investors, and their capital is not protected from unfair borrowers.
  5. A loan with legitimate loan companies for bad credit is a simple but expensive form of borrowing to resolve financial hardship.
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All Opploans’s reviews by September 2022
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