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OppLoans Reviews

OppLoans is a state licensed and regulated lender offering online short-term loans. Established in 2009, the company has served more than 100,000 customers to date. They have a dedicated and friendly customer service that helps with all your queries. A loan application with OppLoans doesn’t affect your credit score because they won’t make credit checks from major bureaus. Website:www.opploans.com

Opp Loans is an online short-term loans lender. Based in Chicago, they focus on offering affordable and fast loans to people with fair and poor credit scores. The lender offers two types of short-term loans that include: installments loans and line of credit loans. However, these loans do not have significant differences in terms of rates.

With a great customer care department, they have earned the trust of over 100,000 customers. Compared to their competitors, they seem to offer better rates to the qualified applicants. The company has a social responsibility plan and they have been offering scholarships to successful applicants.

The application process is entirely online and with the simple and straightforward form, you can finish in minutes. You will be required to fill out your personal information which may include:

  • Your full names
  • Banking details
  • Employment details
  • Your state of residence

After the application is submitted, it will take a few moments to receive feedback on the loan status. If the loan is approved, you will receive the loan agreement and the details with specific rates and repayment schedules.

To receive the funds, you must agree to the loan terms on the agreement. If the loan is approved before 7:30 pm ET, the money will be available in your account on the following business day.

The loan repayment terms may be different in the various states but normally, a loan term is between 6 months and 36 months. The payments can be synchronized with your payday schedules for payroll deductions and if ACH is set up, the deductions will be automatic. In addition, the lender allows early loan payments without any charges.

The website is loaded with learning resources that are aimed at helping customers improve their financial literacy. Also, there is a reward system that gives you credits after successful completion of the courses.

To qualify for a loan with opportunity loans, you must meet the following requirements:

  • Be at least 18 years of age
  • Have a government issued ID
  • Be a permanent resident or a citizen of the US
  • Have a stable source of income with at least a three-month employment history with the current employer
  • Have an active bank account with at least 90 days verifiable history
  • You must be receiving your paychecks via direct deposit
  • You must not be on active military duty. Spouses and dependents of individual in military are not eligible

OppLoans, have several loan products with amounts ranging from $1000-$10,000. Their installment loans allow borrowers to get a single lump sum that will be repaid over a pre-determined period. The loans have an edge over normal payday loans in that you are not required to make a single huge payment. On the contrary, the loan is broken down into small amounts that can be paid over a specified timeframe. To people struggling with cash flow, it alleviates the burden of paying a strenuous lump sum.

The installment loans are paid in amortizing amounts meaning that every payment made covers a fraction of the principal amount and the interest. With this method, the amount paid after every billing cycle will be the same throughout the repayment term.

In most cases, the lender will report your repayment history to a superior credit bureau.

OppLoans offers a line of credits loans in three states in the US. These loans are also known as flex loans and they are unsecured borrowings that allow you to access funds regularly. When an application is approved, you will always be allowed to borrow up to your credit limit. The repayments are based on the interest on the outstanding balance, meaning you are only charged for the unpaid amount. In Tennessee, the minimum monthly payment is 6% of the outstanding balance or the credit limit during the closing period.

The line of credit loans is accompanied by a customary fee that will vary between the three covered states. For example, in Tennessee, the origination fee plus the periodic interest rate will be equivalent to 160 APR.

The rates and charges will vary depending on your credit profile, the state of residence, loan amount, and the repayment duration. Generally, you can expect to deal with an APR ranging 36% – 199%.

For instance: residents from California will pay between 36% APR – 160% APR with a loan duration of 9 – 36 months. Utah is restricted at 125%APR – 199% APR with loan durations between 6 – 24 months. Apart from the APR fees, there are loan administration fees that vary by state.

The application process is easy and fast with near instant approvals. The online-only process offers both convenience and satisfaction with a quick turnaround time.

Because OppLoans reports the borrower’s payments to a major credit bureau, there is a high chance of improving a credit score after several timely payments.

While most credit facilities will lock out people with damaged credit, Company may allow such individuals to access the loans. The only thing they will focus on is the ability to repay the loan.

If you are a new applicant, checking your rates doesn’t have any impact on your credit score. This is a relief to borrowers with low credit scores because the lender uses soft credit checks.

Unlike several other personal loans providers, this lender doesn’t penalize you for early loan payments.

Because of the unique approach with the personal loans, they are very competitive with payday loans. Additionally, they give you some credits to your account upon completing some of their online credit courses.

Currently, OppLoans.com offers its services in 17 states in the US.

Their installment loans are available in Alabama, Delaware, California, Georgia, Idaho, Illinois, Missouri, Mississippi, New Mexico, South Carolina, Texas, Ohio, Wisconsin, and Utah.

Lines of credit loans are offered in Kansas, Tennessee, and Virginia.

OppLoans doesn’t seem to be offering any discount codes to their customers at the moment. However, it’s prudent to check regularly to make sure you won’t be left behind just in case of future changes.

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