Overview of OppLoans
OppLoans provides personal loans as an alternative to payday loans. Funds from approved loans can be deposited in the borrower’s account within as little as one business day.
What makes OppLoans different from payday loans is that OppLoans offers longer terms, lower APRs, and higher loan amounts.
Additionally, OppLoans specializes in providing personalized loan service. The personal loans offered are designed to help consumers who want to build or rebuild their credit. Instead of paying back a loan in one lump sum, which is usually the case with payday loans or cash advances, OppLoans offers personal installment loans.
This means that loans are repaid in regular monthly payments.
Our Review of OppLoans
In our opinion, OppLoans should be used only the case of an emergency when other alternatives have been exhausted.
OppLoans offer short term installment loans to their customers. This is often conducted without a credit check.
Their installment loans come with a very high APR limit of 199%. This can make it very difficult to pay back any money borrowed.
If you are in desperate need of immediate funds try our online lending tool. It allows you to compare alternative options before making a final decision.
Compare personal loan rates here
How to Apply
All applications are handled online. The company states that applying for a loan will not harm a consumer’s credit score.
In order to apply for a loan, consumers will need to enter information about themselves, their work, and their finances. They will also have to provide proof of their bank account.
The online application can be completed in just a few minutes, with applicants typically receiving a loan response quickly.
OppLoans has more than 25,000 customers. Based in Chicago, OppLoans offers fast payment installment loans in the following states:
- District of Columbia
- New Mexico
- North Dakota
- South Carolina
- South Dakota
In addition, OppLoans offers a line of credit product in Kansas, Maryland, Tennessee, and Virginia, and has an A+ rating with the Better Business Bureau.
Although OppLoans has an A+ rating with the Better Business Bureau they have very mixed reviews online. Some of this will be associated with high APRs ranging between 59% and 199%.
One area they do thrive in is their customer service team. Their opening hours are from 7 am - 11:30 pm Monday to Friday which makes speaking to a representative very easy.
They do not offer an early settlement reduction fee with their loans. That means if you have the money to pay off your loan earlier than your term suggests you will still owe the full amount of interest.
Website and Functionality
Based on our experience and the customer feedback we have received the OppLoans website is somewhat clear and direct within the first few pages.
It is however very busy and makes it hard to dig through a lot of information to find out clearly how it all works and what a customer really needs to apply.
Does Financer.com recommend OppLoans?
Most people at some point are going to need financing. OppLoans are a high-interest short term lending company, that could be considered as a last resort borrowing option.
They are legitimate and have had thousands of people use them over and over again. Financer.com would recommend researching alternative lending options before committing to borrow.
Compare personal loan rates here
By reading OppLoans reviews, consumers will gain a better idea as to what to expect from loans originated by OppLoans in order to determine if this particular lending solution is right for their needs.