OppLoans is a solid alternative to expensive payday loans, especially for those with bad credit. While eligibility requirements are straightforward, the high interest rates means it’s an expensive personal loan option.
Our review will give you the information to decide if using this service is right for you.
Overview of OppLoans
Founded in 2015, OppLoans is headquartered in Chicago. The online lender offers loans that are geared towards borrowers who have poor credit history and claims to have fast funding times and a personalized service. Depending on where you live, you may have your loan originated by Opportunity Financial LLC or a lending partner — you’ll go through OppLoans for your loans no matter who funds it.
OppLoans currently services loans through their lending partners in 31 states throughout the South and the Midwest, and their installment loans are available in Alabama, Georgia, Nevada, and Wisconsin.
How OppLoans Works
OppLoans works with those who have limited or bad credit — aka borrowers who typically have a hard time being approved by traditional lenders. Applicants may be eligible to borrow anywhere from $500 to $4,000. However, the exact amount will vary depending on factors such as your income and proof you can make the payments.
Plus, certain states may have minimum borrowing amounts. For example, residents of Georgia need to borrow a minimum of $3,001 whereas those who live in Atlanta need to take a loan of at least $2,000.
Loan terms for OppLoans range between nine and 18 months, and interest rates can be anywhere from 59% to 160% APR. Yes, the rates are quite high compared to other lenders, but it’s typically less compared to payday loans and you may not have as much of an option if your credit score is really low.
OppLoans loans, however, doesn’t charge origination fees, nor prepayment penalties. That means if you wanted to pay off your loan early (perhaps to save on interest), you won’t have to pay…