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OppLoans personal loan amounts and interest rates
OppLoans loan amounts range from $500 to $4,000. OppLoans only offers loans to customers in 37 states and DC.
Depending on your credit score, where you live, and other financial factors, your APR will vary from 59% to 160%. This is much higher than APR ranges from similar companies. For example, Avant’s APR range is 9.95% to 35.99%, and LendingClub’s range is 7.04% to 35.89%.
Advantages and disadvantages of OppLoans personal loans
How OppLoans Personal Loans Work
OppLoans offers unsecured personal loans through FinWise Bank (Member FDIC) or Opportunity Financial LLC, depending on the origin of the loan. An unsecured personal loan does not require any collateral, such as a house or a car. You can use a personal loan for various purposes.
Loan terms vary from nine months to 24 months, depending on the state in which you live.
Still, if you need cash fast and are looking for a shorter loan term, OppLoans is probably a better option than a payday loan. Many payday loans have APRs of up to 400%.
You might want to see if you qualify for personal loans with lower APRs at other companies, as OppLoans rates are significantly higher than many competitors. You can also research credit cards for people with bad credit, as you may qualify for a lower APR and better terms with a credit card. Weighing the pros and cons of your choice will help you get the best deal possible.
Most loans from OppLoans are approved within a day and you will likely receive your funds the next business day, depending on when your application is approved.
You won’t pay any fees with an OppLoans loan, including origination fees, late fees or prepayment penalties.
Depending on what you need help with, you can email one of five customer support accounts, which you can find here. You can also call Monday through Friday, 7:00 a.m. to 11:30 p.m. CT, or Saturday and Sunday, 9:00 a.m. to 5:00 p.m. CT. If none of these options work for you, you can send mail to the company’s Chicago or Nevada branch at the addresses listed here.
OppLoans has a detail frequently asked questions sectionsorted by topic.
OppLoans does not ask you to detail why you want a loan on the application, but lists common reasons such as medical bills, home renovations, auto repairs or debt consolidation.
You will need to meet the following conditions to apply:
- Be at least 18 years old (or 19 in Alabama and Nebraska)
- Have a regular source of income
- Have a checking or savings account
- Receive paychecks by direct deposit (unless you live in Nevada)
If you live in one of the following states, you are do not eligible to take out a personal loan from OppLoans:
- New Hampshire
- New Jersey
- New York
- North Carolina
- West Virginia
What credit score do you need?
There is no minimum credit score required to qualify for an OppLoans personal loan, which is different from other personal loan companies. But keep in mind that the lower your credit score, the higher your interest rate will be.
You won’t have an impact on your credit score if you check your loan rates with OppLoans, as the company only produces a soft credit inquiry when pulling your credit report. An indirect credit inquiry is not visible to third parties and will not damage your score. At no time during the loan approval process will OppLoans perform a credit check.
OppLoans may be a good choice for you if you have bad credit. There is no minimum credit requirement and the company specializes in providing loans to those who are not normally eligible with other financial institutions. On the other hand, you have to recognize that the lower your credit score, the higher your APR could be – and OppLoans rates reach 160%.
Unless you need money fast, you may have time to improve your credit score before applying for a personal loan. Paying your bills on time and maintaining a low credit card balance could result in lower interest rates. That said, if your credit score goes up, you’ll always get a better rate from a lender other than OppLoans.
Is OppLoans trustworthy?
OppLoans is a Better Business Bureau accredited company, and Opploans is currently not rated by the BBB, as the company does not have enough information for the BBB to assign it a rating. The BBB is a non-profit organization focused on consumer protection and trust. The BBB measures businesses by evaluating companies’ responses to customer complaints, the truthfulness of advertising, and the transparency of business practices.
Keep in mind that BBB ratings don’t necessarily mean you’ll have a great relationship with OppLoans, so be sure to read reviews and ask friends and family about their experiences with the company as well.
OppLoans has no recent controversies. Due to its clean history, you can choose to use OppLoans as your personal loan company.
Comparison of personal loans OppLoans
Although rates depend on your unique situation, OppLoans interest rates are higher than those offered by comparable lenders, even companies that offer loans to people with poor credit. Here’s how OppLoans compares to similar companies:
OppLoans won’t charge you any fees, but it will come at the cost of a significantly higher APR than with LendingClub.
With LendingClub, you will pay an origination fee of between 1% and 6% of your total loan amount, and this fee will be rolled into your overall loan APR. The company can also penalize you if your payment is more than 15 days past due.
You will probably get your funds faster with OppLoans than with LendingClub. OppLoans will usually send you your funds within one business day of approval, while LendingClub can take two to four business days.
OppLoans has a maximum loan term of 24 months, while LendingClub has a minimum loan term of 36 months. If you’re looking to spread your costs over a shorter period, LendingClub might be a better choice for you.
OppLoans has no official minimum credit score requirements, while most Avant customers have a credit score between 600 and 700.
Avant offers loans to all 50 states and Washington, DC, while OppLoans only offers loans to customers in 37 states and DC. If you live outside the OppLoans coverage area, Avant is the best choice.
OppLoans does not have a mobile app, unlike Avant. So if managing your personal loans on the go is important to you, you might want to go with Avant.