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OppLoans Review

Andrew Omalley Andrew Omalley Last update:
Est. APR
59%-199%
Max loan
$4,000
Term
9-18

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

Disclosure
This website is an informative comparison site that aims to offer its users find helpful information regarding the products and offers that will be suitable for their needs. We are able to maintain a free, high-quality service by receiving advertising fees from the brands and service providers we review on this website (though we may also review brands we are not engaged with). These advertising fees, combined with our criteria and methodology, such as the conversion rates, our team of reviewer's finding and subjective experience and product popularity, impact the placement and position of the brands within the comparison table. In the event rating or scoring are assigned by us, they are based on the position in the comparison table, or according to other formula in the event specifically detailed by us. See our How we Rate page and Terms of Use for information. The reviews, rating and scoring are provided “as-is” without guaranties or warranties regarding the information contained in our website, which shall not be considered as endorsement. We make the best efforts to keep the information up-to-date, however, an offer’s terms might change at any time. We do not compare or include all service providers, brands and offers available in the market.
Andrew Omalley Andrew Omalley
Andrew is a freelance writer who has been crafting valuable pieces of content relating to personal finance for more than five years. Previously, he studied Economics & Finance at university and he has professional qualifications relating to financial advice.
This review is based on the writer's personal opinion.