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If you’ve been turned away by most lenders due to past credit challenges, you could be in luck with OppLoans. It’s a direct lender that views its customers as more than just a credit score and evaluates other factors to make lending decisions. You can apply for a loan without impacting your credit, and payment activity is reported to the three credit bureaus to help you build credit.
OppLoans Personal Loan
OppLoans Personal Loan
OppLoans Overview
- Loan amounts: $500 - $4,000
- APR range: 160%
- Minimum credit score: Not applicable
Pros:
Flexible eligibility guidelines
Fast funding times
No origination or early repayment fees
Cons:
Limited availability
Steep APR
Small loan amounts
OppLoans loans
Types of loans
OppLoans specializes in unsecured, fixed-rate installment loans. There are no origination fees, and you can get approved and funded the same business day.
Loan amounts
You can access between $500 and $4,000, depending on your state of residence, credit rating and debt-to-income (DTI) ratio. OppLoans wants reassurance you can afford to repay what you borrow and uses these factors to determine your loan amount.
Interest rates
OppLoans personal loans are accessible to borrowers with lower credit scores, but they come at a cost. Although the lender does not assess application or origination fees, the APR in most states is 160 percent. So, you can expect steep borrowing costs that could be significantly higher than with other loans through traditional lenders.
Repayment terms
Loan terms are between nine months and 18 months. The brief repayment period and high APR could mean a sizable monthly payment that’s challenging to work into your budget. Still, there’s a potential upside: if you can pay the loan off early, you could cut borrowing costs as OppLoans doesn’t assess prepayment penalties.
Availability
OppLoans offers same-day funding to applicants. To qualify, loans must be fully approved by 12:00 PM Central Time on a business day. Otherwise, loan proceeds are disbursed the following business day. Funds availability is subject to your financial institution’s transaction processing time.
Refinance options
Select borrowers can refinance their personal loans. You must pay $400 or 15 percent of your loan balance before the lender determines your eligibility for a refinance. If you're eligible, the option to refinance will appear on your dashboard in the customer portal. There are no guarantees you’ll be approved – you must apply to receive an official decision from the lender.
Upon approval, you could receive the difference between your initial loan amount and the current balance in cash. Some borrowers also qualify for larger loans if their financial situation has changed since the initial application.
That said, refinancing may not be ideal to secure a lower interest rate. The site states most applicants receive the same interest rate on the new loan.
OppLoans loan requirements
You must be at least 18 years old with an open checking or savings account to qualify for a personal loan. Applicants must also receive at least one source of regular income through direct deposit to be eligible for funding.
Note: Personal loans are currently unavailable to residents of Colorado, Connecticut, Georgia, Iowa, Maryland, Massachusetts, Nevada, New Hampshire, New York, Pennsylvania, South Dakota, Vermont and West Virginia.
How to apply for an OppLoans personal loan
OppLoans makes it easy to access the funds you need. Here’s a closer look at the streamlined application process:
- Submit the online loan application.
- Sync your bank account to automate the verification of your income.
- Get a lending decision in minutes.
- Receive your loan proceeds as soon as the same business day.
OppLoans alternatives
Upstart
Upstart Loan
Upstart Loan
Upstart features personal loans of $1,000 - $50,000 depending on your state of residence. The APR ranges are 7.8% - 35.99%, as advertised on their website. The application process is fast and straightforward. You will get fixed rates and terms of either 3 or 5 years (36 or 60 months), and you can pre-qualify with a soft credit check that won't ding your credit score.
Upstart may charge an origination fee, which will take a bite out of your loan amount, and they don't offer joint, co-signed or secured loans.
OneMain Financial
OneMain Financial Loan
OneMain Financial Loan
OneMain Financial lets you unlock even more funding. Loan amounts are $1,500 - $20,000, and APR of 18.00% - 35.99%. So, if you can qualify for an unsecured personal loan with this lender, it could be the better option.
But, there are potential drawbacks to consider when making a decision. An origination fee of up to 10 percent applies in select states. Depending on your financial profile, you could also be limited to secured loans. If you’re uncomfortable with putting up collateral to get approved, OneMain Financial may not be a viable alternative for you.
Frequently asked wuestions (FAQs)
Is OppLoans a legitimate lender?
Yes. OppLoans holds an A- rating from the Better Business Bureau (BBB). It’s also verified by Trustpilot with a 4.5-star rating and well over 4,000 reviews. Plus, 95 percent of LendingTree users recommend its personal loans.
Is it hard to get a loan from OppLoans?
If you meet the lending criteria, it may not be challenging to get a loan from OppLoans. Be sure you live in one of the states the lender serves before applying.
Does OppLoans offer bad credit loans?
Yes, OppLoans offers personal loans to credit-challenged borrowers.
This story was written by NJ Personal Finance, a partner of NJ.com. The information presented here is created independently from the NJ.com editorial staff, and purchases made through links in this article may result in NJ.com earning a commission.
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