OppLoans Review: Payday Loan Alternative for Borrowers With Bad Credit
If you need a small personal loan but don’t have the best credit history, OppLoans can be an option to consider. If you manage this installment loan responsibly, it can help you improve your credit score.
- Opploans provides short-term loans with high interest rates, but it makes a good alternative to predatory payday loans.
- Borrowers with good credit should consider alternatives, but bad credit borrowers who need cash quickly should inquire.
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|Fixed Rates||99.00% – 199.00%|
|Loan Terms||Up to 36 months|
|Loan Amounts||$500 – $5,000|
|Fees||Origination fee: None|
Prepayment penalty: None
Late fee: Varies by state
There are dozens of reasons why you may need quick access to cash. If your car needs repairs in order to help you get to work, or if you have an essential appliance conk out on you at home, a short-term loan can save the day.
However, in these circumstances, many people who don’t have any savings in place turn to payday loans, which come with staggeringly high interest rates and predatory practices.
OppLoans exists as an alternative to those loans. This OppLoans review will cover the pros and cons of using the lender’s personal loans, so you can determine whether Opploans is right for you.
In this review:
- Opploans: At a glance
- The Pros & cons of Opploans
- Eligibility & application requirements
- Where to find Opploan alternatives
Opploans: At a glance
|Opploans personal loans|
|Loan amounts||opploans-perl-49-amountlow – opploans-perl-49-amounthigh|
|APRs||opploans-perl-49-fixlow% – opploans-perl-49-fixhigh%|
OppLoans is an online lender for people who need short-term personal loans.
Although Opploans’ interest rates are considerably higher than most personal loan lenders’, it does claim to be more affordable than payday loans, which many bad-credit borrowers turn to when they need a small but quick infusion of cash.
The trade-off is that even though the interest rates are still high, OppLoans doesn’t do a hard credit check and they have more lax credit requirements than some other lenders.
Despite the ease of the application and how quickly you can receive your money, OppLoans should be generally viewed as a last resort for people who need money quickly, and borrowers with good credit should almost certainly look elsewhere.
The Pros & cons of Opploans
- It’s an easy way to get cash fast; you may receive the money as soon as the next day after applying. You wouldn’t receive a loan that quickly from a traditional bank.
- No credit check required.
- You don’t need collateral, which means you don’t run the risk of having your car repossessed if you fall behind on loan payments.
- If you pay back the loan quickly, the high interest rate isn’t a problem.
- For people who can’t afford huge payments, there is the option of up to opploans-perl-49-termlengthhigh_m for a repayment period. Of course, it’s better to pay it off before that, but if you can’t, you can set up more affordable payments because of the longer term of the loan.
- It can help you rebuild or establish your credit score if you make timely monthly payments.
- No co-signer is necessary, which is good for people who don’t have someone who is willing or able to help them out.
- There are no hidden fees, which is a nice change from many payday loans that have hard-to-decipher billing that can hide a lot of fees.
- Even though it isn’t as expensive as some payday loans, it’s still a pricey way to borrow money.
- Most people will have some sort of better option for borrowing money.
- The loans aren’t available in every state.
- High-interest loans like this can create a cycle of debt for people that can be difficult to escape.
- This loan won’t be ideal for debt consolidation or paying off credit cards because the interest rate is so high.
OppLoans’ loan amounts range from $1,000 to $4,000. In addition, the repayment period is much longer than payday loans, which often have a repayment period of 14 days. With OppLoans, the loan term is up to 36 months, and that longer timeframe can help people who need affordable payments. Plus, if you are able, you can repay the loan faster with no penalties for doing so.
Many payday loans can have annual percentage rates (APRs) of up to 400%. Compared to that, OppLoans has an APR of 99% to 199. While that’s lower than some payday loans, it is much higher than you should pay unless you have no other options. Most other personal loans from banks and lenders will have a much lower APR if you are eligible.
OppLoans eligibility & application requirements
Here’s what you’ll need to get a loan from Opploans.
OppLoans will not perform a credit check through the three major credit bureaus: Experian, Equifax, or TransUnion. However, it will obtain an applicant’s credit score from Clarity Services, Inc., which is a credit reporting agency.
OppLoans says this will provide only a high-level look at your credit standing and will be considered a “soft pull” on your credit, and therefore will not affect your credit score.
Even if you have poor credit, OppLoans evaluates applicants by their ability to repay.
Proof of employment
To qualify for an OppLoans loan, you will need proof of employment for the past two months and a bank account in your name that’s at least 90 days old.
You’ll also need to live in one of the states serviced by OppLoans.
OppLoans offers installment loans in: Alabama, California, Delaware, Georgia, Idaho, Illinois, Mississippi, Missouri, Nevada, New Mexico, Ohio, South Carolina, Texas, Utah, and Wisconsin.
How to apply
The application process can be completed quickly on Opploans.com. You can submit your application after answering just a few basic pieces of information about yourself, where you live, your employment, and the amount of money you need.
Opploans will review your application and yoou may receive funding as soon as the next business day. However, it might take longer if they request additional documentation—which will depend on your personal situation.
Where to find Opploan alternatives
If you have bad credit and you need a personal loan, OppLoans might be a good option for you. However, you should compare the rates and loan terms you’re offered with some of our other bad credit loans.
If you have good or even fair credit, you should consider other options to find a lower rate. Our guide to the best personal loans can help you get started.
How we rated Opploans
We gaved Opploans a 3.90 / 5.00 as a bad credit lender. LendEDU rates personal loans based on the weighted average of multiple data points, which vary by credit category. You can read more about our methodology here.3.90 Opploans Personal Loans
Author: Shannon Serpette
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