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Rating by Finanso®

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's pay off


Repayment of loan

OppLoans offers its clients easy and convenient ways to pay back their personal installment loans. Most of the borrowers prefer payments through EFT (electronic fund transfer).

Also, you pay back using your debit card or paper checks. OppLoans accepts EFT and debit cards if it's one-time payments.

Electronic Fund Transfer (ACH Debits) is the most popular repayment method for many borrowers. Automated Clearing House or ACH is a form of electronic debit. OppLoans electronically debits the client's bank account for the amount he owes, and the debits coincide with his due dates. The customers must set up ACH or change their ACH payment two business days before their payment due date. Borrowers will see the debit go through within two business days of their due date, but they have to contact their financial institution to learn more about their ACH practices. If payment was scheduled on a holiday or weekend, it could not be processed until the next business day.

For one-time payments, OppLoans allows using of debit cards. Usually, payments with debit cards are processed the same day. For example, if your payment is due on January 5, you must pay with your debit card before January 5 during working hours. You can set up one-time or recurring debit card payments in the customer portal.

Conditions of loan extension

Can a lender grant a rollover or an extension to his borrower? It depends only on the laws of the state where the borrower lives. In some states, lenders allow many rollovers, but in other states, the lenders forbid this at all.

If you are late with your payment, the lender may charge you for late fees and request you to pay off your balance amount immediately. In case when a borrower doesn't fulfill his obligations, they will have to pay more fees than those which were written in the agreement. That's the reason we recommend that borrowers calculate their repayment before accepting the loans. Despite all the advantages of personal loans, you may encounter problems if you don't repay properly.

If a lender belongs to the Community Financial Services Association of America, he is allowed to provide his borrowers with an extended payment plan once every 12 months.

Early payoff

OppLoans doesn't charge prepayment fees. You can pay off your loan early and make additional payments. You need to log into your account to make a payment using your saved bank account (ACH) or a debit card. Also, you can send additional payments via check.

You should know that if you don't pay an on-time payment, the interest will accrue on your account. The total amount due for you will increase. Extra payments, on the other hand, help you repay your loan faster, reducing the amount of interest you owe. But keep in mind that making an early payment does not change or suspend your scheduled payments, and you will still need to make your payments on time.


What are OppLoans monthly payments?

OppLoans' monthly payments depend on the amount of money that you borrow. They depend on the loan amount, term, and APR.

Can I pay off OppLoans early?

Yes, you can pay the OppLoans early. The company doesn't have pre-payment fees or penalties.

Will OppLoans sue you?

Yes, the company has a right to sue you. OppLoans will conduct a lawsuit if you violate the terms of the agreement.

Financial products

Personal loan
Rating by Finanso®

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™

Effective interest rate on the product

up to 160%

Loan term for the financial product

9-18 months

Calculate loan payments in Opploans

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

Loan amount

Enter the desired loan amount

500 $
4000 $
Loan term

Specify the loan term for the calculation


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 October 2022
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