How Do I Pay Back my OppLoans Personal Loan?
All this to say: it’s probably a good idea to look at alternatives like other lenders, waiting until your credit score is higher, or even using a credit card before considering OppLoans. That way, you may be able to get a lower interest rate or qualify for better loan terms.
Overview of OppLoans
Cons
Privacy Policy
How OppLoans Works
OppLoans is also a great fit if you want fast funding, considering you can get loan proceeds as soon as the next business day once your loan is approved.
What does this mean? Well, if you’re consistently paying back your loans on time, this could help to increase your credit score. Keep in mind the opposite can happen: if you miss a payment it could hurt your score and lead to late fees.
Our review will give you the information to decide if using this service is right for you.
Contributor Sarah Li-Cain is a personal finance writer based in Jacksonville, Florida, specializing in real estate, insurance, banking, loans and credit. She is the host of the Buzzsprout and Beyond the Dollar podcasts.
Features
OppLoans is different from many other personal loan lenders in that you don’t need to go through a prequalification process, where you submit your information and the lender checks your credit to see what you may qualify for.
No Hard Credit Check
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.
The following are answers to some of the most commonly asked questions about OppLoans.
FICO Score Increases
That being said, OppLoans may review your financial information such as income, financial history, bank statements and employment statements when considering you for a loan. Basically, it’ll use these details to determine your ability to pay back what you borrow.
Getting an OppLoans personal loan is relatively quick. Since you apply online and approval isn’t dependent on a hard credit inquiry, you could be approved and receive funding in as little as one to three business days. According to OppLoans, the time you’ll receive funding will depend on the day and time when your application was approved.
Assessing our pros and cons will be helpful in deciding if you want to apply for a loan from OppLoans.
Refinance Existing Loan
Pros
OppLoans is an online lender and applicants can’t apply over the phone or in person — you can only do so online. Plus, you won’t be allowed to apply with a co-signer as part of a joint application, so only your information will be needed.
TurnUp Program
How Long Does it Take to Get Approved by OppLoans?
Fast Funding
Depending on the specific terms of your loan, you’ll either make monthly or bi-monthly payments (every two weeks). You can schedule recurring payments or pay them manually either via ACH transfer, debit card, or paper check.
Plus, certain states may have minimum borrowing amounts. For example, residents of Georgia need to borrow a minimum of ,001 whereas those who live in Atlanta need to take a loan of at least ,000.
Eligibility
With that in mind, here’s what you need to do:
- Be at least 18 years old, or 19 in Alabama and Nebraska
- Currently worked for the same employer for a minimum of three months
- If not employed, must have proof of a regular source of income (like Social Security benefits or self-employment income)
- A resident in a state where OppLoans operates
- Have a traditional bank account that’s been open for a minimum of 90 days
- Be willing to be paid loan proceeds by direct deposit
What Type of Loan is OppLoans?
Of course, there are some major downsides to taking out a loan from this lender. The obvious one is the high interest rates.
How to Apply for a Loan Through OppLoans
Plus, you won’t be able to borrow more than ,000 which could be a huge drawback if you’re hoping to take out more for things like renovations or consolidating some debt. You’ll also have to pay the loan back within 18 months or less, and many lenders may offer more flexible loan terms.
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.
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- Get all necessary information ready: Read the requirements for OppLoans and gather all necessary details such as your proof of income, banking details, and desired loan amount.
- Go to OppLoans’ online application page: All you need to do is click on the “Apply Now” button on the top right corner and fill out the form, including personal details like your employment information.
- Provide necessary documentation: You may be asked to upload proof such as source of income and bank statements.
- Wait for approval: After submitting your application form, OppLoans will process your application, though if you want you can check on its status by logging into your account. You’ll be contacted on their decision— if denied, OppLoans will let you know the reason why. If approved, confirm your banking details and the funds will be sent as soon as the next business day.
What to Consider Before Applying for a Loan From OppLoans
OppLoans has many similar features as to what you’d find with other online lenders — an online application form, ability to manage your loan online, and you can use loan proceeds for almost any purpose (some exceptions apply). However, it doesn’t offer features that some don’t — check these out as you’re doing your own research.
OppLoans has a TurnUp Program where it’ll review your loan application and compare it to other lender partners. That way, you can see if the loan you get through OppLoans is better or if the lending partners offer a better loan with a lower interest rate.
If you end up borrowing more, make sure you can afford to take on the new payments before submitting an application.
Of course, the lender wants to make sure you have the ability to pay back the loan, so it’ll look at other factors such as your income. OppLoans may also use alternative credit information that’s provided by Experian and Clarity Services to determine whether to approve you for a loan — neither will show up as a hard inquiry on your credit report and affect your credit score.
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 0 to ,000. However, the exact amount will vary depending on factors such as your income and proof you can make the payments.
Source: thepennyhoarder.com
Although OppLoans won’t look at our credit score when considering you for a loan, every month it will report your repayment activity to the three major credit bureaus — Experian, Equifax, and Transunion.
Pros and Cons of OppLoans
Yes, OppLoans is a legitimate online personal loan lender. It specializes in loans for borrowers who have bad credit and is forthcoming in loan terms and conditions. However, some might balk at the high interest rates, though the company claims it is lower than most traditional payday loan lenders.
- Fast funding times
- Straightforward online application process
- No credit check required
- No prepayment penalties
- No origination fees
- High interest rates
- Low loan amounts
- Not available in all states
- Can only be paid through direct deposit (except for New Mexico)
- Limited loan terms
Frequently Asked Questions (FAQs) About OppLoans
Is OppLoans Legit?
OppLoans is an installment loan lender. It means you can borrow money in a lump sum, and pay it back in installments over time. Unlike many other lenders, OppLoans doesn’t require its applicants to go through a credit check, making it a good fit for those with less than stellar credit. <!–
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Many personal loan lenders will conduct a hard credit check, where your credit history and credit score will be considered as part of your eligibility requirements and could temporarily affect your score. However, OppLoans will do no such thing — it won’t require access to your credit reports.