OppLoans gives online installment loans to people all over the country who have bad credit. These personal loans of up to $4,000 are meant to be an alternative to payday loans for people who need money quickly. The interest rates are still very high but lower than those paid by payday lenders. The company has more than 700,000 clients. Through a partnership with FinWise Bank, which makes loans in some states, OppLoans helps people get credit.
For those who would not be able to obtain a loan elsewhere, OppLoans is the ideal option.
OppLoans loans are made for people who might not be able to receive a loan from another source, but as a result, their APRs are pretty high. Therefore, you should only utilize them if you are in a financial emergency and have no other options for money. OppLoans loans are not a wise choice for those with fair to exceptional credit or who wish to establish credit. There are better options, too, if you need to cover a little emergency bill.
How to use OppLoans to apply for a personal loan
Using your computer, smartphone, or tablet, you can apply for a personal loan on OppLoans’ website. OppLoans exclusively accepts online applications.
Step 1 is to register.
To begin the procedure, you must first supply essential details about yourself, like your name, address, phone number, birth date, and Social Security number. Additionally, OppLoans will want you to set up an account with them using your email address and a password. Then, for OppLoans to transmit your funds if your application is granted, you will be required to provide information about your employment status, income, and bank information.
Step 2: Find out whether to lend.
OppLoans will perform a credit check once you submit your information, but because the lender doesn’t check with any major credit reporting agencies, it won’t impact your credit score. Instead, it uses Clarity Services, Inc. to examine your credit score; this credit bureau’s report does not affect your credit score. Paying on time, however, can help you raise your credit score because the lender does report your payment activity to the three main credit bureaus, Experian, Equifax, and TransUnion.
Step 3: Submit the required paperwork.
You can also be asked to present proof of your identification and financial situation. Examples of things you’ll need are as follows:
Driver’s license, U.S. passport, government-issued identification, or permanent resident card Documentation with your total Social Security number, such as your most recent W-2 or 1099 from the previous two years. The most current W-2 or 1099 (within the last two years), a paystub, or a benefit/award letter are acceptable forms of identification.
Seal the agreement in Step 4.
Take some time to investigate whether you might be able to qualify for more affordable personal loan rates from other reputable lenders before you accept a loan.
Pros and Cons
- Funding as soon as the next business day
- No origination or application costs
- No early payment fees
- Hefty APRs
- Small loans between $500 and $4,000
- Accelerated repayment schedules in several states
Permitted Loan Uses
Permitted Loan Uses
- Contingency Expenses
- Home repairs
- Car repairs
- Debt consolidation
- Medical bills
- Rent and utility
What OppLoans prohibits using loan proceeds for
Usage limitations are not applied to personal loans provided by OppLoans.
Compared to NetCredit, OppLoans
With loan amounts up to $10,000, NetCredit gives you extra borrowing power if your credit could be better.
You have up to 60 months to pay off the loan, and its maximum APR is slightly lower at 155 percent. Even so, there might be better choices because the extended loan period would make the loan much more expensive because you’ll have to pay much more in interest. In some states, you could also be charged an origination fee if you live there.
Comparing OppLoans and OneMain Financial
Another choice for people looking for personal loans with fair to bad credit is OneMain Financial.
OneMain Financial may be the better option because its loans allow you to access more money. After all, they vary from $1,500 to $20,000 with maximum APRs of 35.99 percent and loan periods of up to 60 months. But there are some expenses to think about. In some states, the loan origination charge ranges from $25 to $500, or 1% to 10% of the loan amount. Late payment penalties range from $5 to $30 each time. Additionally, collateral will be needed for your secured loan to be accepted and funded.
Contact info for OppLoans
You can contact customer service by phone or email. Between 9:00 AM and 5:00 PM CT on Saturday and Sunday or between the hours of 7:00 PM and 11:30 PM CT on Monday through Friday, dial 800-990-9130 to talk with a representative. You can also email [email protected] or use the chat tool to answer frequently asked questions.
Which credit score are you requiring?
OppLoans personal loans are intended for borrowers with poor or bad credit, despite the company’s website not specifying a minimum credit score for approval.
Where Are OppLoans in Business?
Unlike Colorado, Connecticut, Illinois, Iowa, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, South Dakota, Vermont, and West Virginia, OppLoans offers loans in every state. OppLoans has branches in Nevada and Illinois.
OppLoans: Is It Reputable?
According to the Better Business Bureau, OppLoans has an A rating. Additionally, it has received an outstanding 4.6 out of 5 stars from more than 3,500 reviews on TrustPilot. Twelve loan-related complaints against Opportunity Loans LLC were made to the Consumer Financial Protection Bureau in 2021, including unexpected costs. Each was promptly answered and finished with an explanation.
Opploans Security and Safety
Users of mobile apps are constantly concerned about security. This is particularly crucial for a program that enables you to borrow money online. Everything ought to be trustworthy, secure, and transparent. The Opploans app has good security, as evidenced by reviews of it. The business doesn’t engage in any dishonest business practices. It offers effective services and conducts business legally. Accordingly, the Opploans application deserves the top rating in the non-prime consumer lending category.
The Better Business Bureau has given it an A+ rating (BBB). The app receives high marks from LendingTree and Google for its dependable and high-caliber customer care. Opploans deserves clients’ trust and qualifies as a secure online platform. Utilizing the company’s application to apply for loans is generally secure.
Does Opploans Make Sense for You?
With the help of the application Opploans, people with bad credit can quickly obtain a loan without any paperwork or credit checks. Although the interest rates on Opploans are relatively high, they are far lower than those applied to traditional loan services like title loans and payday loans.
Does Opploans submit credit bureau reports?
Opploans sends reports to the three major credit bureaus, Equifax, Experian, and Transunion, once a month regularly.
How many loans are available through Opploans?
You can only apply for one loan at a time using the Opploans app. Per the client, only one loan may be open. You can apply and ask for a new loan once you have fully paid it. Opploans run your credit. Opploans checks your credit after giving you a loan. This is because your bank credit reports are not examined, nor are you exposed to stringent credit checks.
Opploans: Do they impact your credit?
You don’t need to be concerned that asking for a loan from Opploans will hurt your credit score. Central credit bureau reports from Experian, Equifax, and TransUnion are not considered. Additional criteria, such as the type of loan, the quantity of income, etc., influence a company’s choice to approve or deny a loan.
When does Opploans have business hours?
Since the Opploans crew is available from 7 am to 11:30 pm from Monday through Friday, you can get in touch with them whenever you need to. It would help if you got in touch with the service on the weekends between 9 am and 5 pm. Specialists are glad to react to client inquiries and offer assistance in resolving any issues.