OppLoans Review
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OppLoans is a company that focuses on providing personal loans to people who have a poor credit history. This means that people will be able to borrow much-needed funds despite not having the best credit score. In return, the APR that will be charged will be relatively high.
OppLoans has been in the business since 2012. Based in Chicago, the entire application process for a personal loan is done online, making it quick and easy for people to apply for funding. This OppLoans review will take you through all you have to know about getting a personal loan from OppLoans.
| Loan types | Personal Loans, Bad Credit Loans, No Credit Check Loans, Instalment Loans |
| Loan amount | $500-$4,000 |
| Repayment terms | 9-18 months |
| APR | 59%-199% |
| Minimum credit score | No minimum |
| Lender type | Direct Lender |
Good for
People with poor credit and who need to borrow small sums
Strengths & Needs Improvement
Pros
- No minimum credit score
- Quick time to funding
- Easy online application process
- No hard credit check
- Offers small sums
Cons
- High-interest rates
- Has high APRs
- Doesn’t offer the biggest loan amounts
Application Process
If you’re interested in getting a personal loan through OppLoans, then the application process is fairly straightforward. It is all done online, which means that you can quickly and easily submit an application from the comfort of your own home.
Once you begin the application process, you will need to fill out all relevant information. This includes personal information, details about your income, and provide documentation to verify your employment or income.
There will be no hard credit check conducted, so your credit score isn’t going to be hurt by submitting an application. You will then need to wait a short time to hear if your application got approval or not. There’s no allowance for using a co-signer if you are looking to get a personal loan from OppLoans.
Once you get approval for a personal loan from OppLoans, you will usually not have to wait long to receive the funds. Very often, you’ll get the money as quickly as the following business day.
Terms & Requirements
Every type of personal loan that you find is going to have its own unique set of terms and conditions. It is important that you are familiar with these terms and requirements before going any further. Here is what you should keep in mind if you are considering getting a loan from OppLoans:
Loan Requirements
OppLoans does not deal with people in every state, with the lender currently working with people who are based in about 32 states. Therefore, you need to make sure that you are living in a participating state before proceeding.
As OppLoans specializes in providing loans for people who have poor credit, it does not just solely look at. Person’s credit score when deciding to award a loan or not. Therefore, there is no minimum credit score requirement in place.
Many of the usual types of eligibility requirements are in place if you want to get an OppLoans personal loan. This includes having an existing bank account, a verifiable steady source of income, and being at least 18 years old.
Loan Terms
There’s not really any curtailment on what you can use the borrowed funds for, with most types of expenses going to be coverable. There are no origination fees in place which is ideal.
OppLoans only offers smaller sums of money to borrowers, with the most that you can get in one go usually being $4,000. This is a lot lower than the cap that other lenders have in place. However, the $500 minimum is ideal for people who are just looking to borrow a smaller sum. The exact borrowing limits can vary from state to state.
Repayment Terms
There are no prepayment penalties in place when it comes to OppLoans personal loans. The exact APR that you will have to pay depends on numerous factors, such as the state in which you are living and your personal financial situation.
As OppLoans focuses on providing loans to people with poor credit, the APRs tend to be quite high. The term lengths that are in place are quite limited, with the majority of loans needing to be paid back in a time period of between 9 and 18 months.
Privacy & Security
OppLoans has developed a good reputation since its launching, with its customers generally being very happy with their experience. This is reflected in the reviews on TrustPilot, with OppLoans having a very solid 4.7/5 rating. It also has an A+ rating with the Better Business Bureau.
OppLoans also make sure that it properly protects the data of its players. This is achieved by deploying encryption technology and never sharing personal information with third parties.
Customer Support
The main ways that you can contact the OppLoans support team is through email or phone support. The team will be working seven days a week during certain hours. The email response team often isn’t the fastest, but they tend to have quality replies when they do get back to your question.
OppLoans also give customers access to OppU, which is an offering made up of financial literacy articles and courses. This allows people to get a better grasp of what it means to get a personal loan and the knock-on implications it can have.
Final Thoughts
OppLoans is going to be a good fit for those people who have poor credit and don’t need a significant sum. There is no minimum credit score required, which is ideal for people with a subpar credit history, but you will have to deal with higher interest rates as a result.
The time to funding is pretty fast, which is ideal and OppLoans has a good track record of keeping its customers happy.
Address
130 E Randolph St
Ste 3400
Chicago, IL 60601-6379