OppLoans Review

Top10.com Staff

In a Nutshell

OppLoans is a direct lender that provides personal loans to borrowers who have less than perfect credit, giving them an opportunity to improve their credit score in the process.

pros

  • Highly rated customer service*
  • Quick and efficient approval process

cons

  • Only available in 36 states
  • Maximum APR can be as high as 199%

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OppLoans at a Glance

Loan types Multi purpose personal loans
Loan amount $500 to $4,000
Repayment terms   Differs per state>>**
APR 59% - 199%
Best for Emergency funding

Overview

OppLoans, also known as Opportunity Financial, LLC, is an online lending platform that provides a range of consumer credit products. It is a direct lender that, depending on your state, provides loan products to people who have less than perfect credit, giving them an opportunity to improve their credit score in the process. 

Best For?

You can borrow up to $4,000, and the interest rate that you will be charged will vary from 1 state to another. Best of all, OppLoans makes loans available to borrowers with less than perfect credit, giving them an opportunity to improve their credit score by taking the loan. The application and approval process with OppLoans takes just minutes, and you can receive the funds as soon as the next business day. That means that a consumer credit product from OppLoans can be equivalent to a payday loan in speed, but at a much lower APR*** than what a payday lender would charge.

Loan Features

OppLoans currently offers personal installment loans.

OppLoans currently offers or arranges installment loans in Alabama, Alaska, Arizona, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Kansas, Kentucky, Louisiana, Maine, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Mexico, North Dakota, Ohio, Oklahoma, Oregon, Rhode Island, South Carolina, South Dakota, Texas, Tennessee, Utah, Virginia, Washington, Wisconsin, and Wyoming. 

Loan Application Information

With OppLoans the entire application process takes place online - there is no need for a face-to-face meeting. But at the same time, OppLoans provides a team of loan advisors and acclaimed customer service representatives to help guide you through the process. 

OppLoans requirements:

  • Applicants must be at least 18 years old
  • Have a stable income
  • Take home at least $1,500 per month
  • Have a direct deposit capability with your bank account
  • Live in one of the 36 states where OppLoans lends:

Documentation requirements can include (but are not limited to) a copy of your driver's license, and information to document your employment and income. There are no application fees required in order to apply with OppLoans, but an initial fee may be charged in some states in addition to loan interest.

Repayment Terms

Specific repayment terms can vary from 1 state to another, ranging from between 9 months and 24 months.  OppLoans also offers an opportunity to set up your payment plan based on bi-weekly payments. There's no need to write a check and have to mail it to a remote address for payment. You can always repay early, and there is never a prepayment penalty fee.

Help & Support

You can contact OppLoans by direct mail, or by email through the website. Customer support is also available by toll-free phone. You can reach them Monday through Friday, from 7am to 7pm, CT, on Saturday from 9am to 4pm, and Sunday from noon to 5pm. There is also an FAQ page on the site that will provide answers to many of your questions. OppLoans is also active on social media through Facebook, Google+, YouTube and Twitter.

Summary

OppLoans is an excellent funding source if you have less than perfect credit and normally borrow through payday loan sources. Loans can be up to $4,000, are unsecured, and offer you an opportunity to improve your credit score when you make your payments on time. It is a perfect product for you to reestablish your credit after having experienced a period of financial difficulty.

Physical Address

One Prudential Plaza, 130 E Randolph St Suite 3400, Chicago, IL 60601

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Disclaimers

Only available in: Alabama, Alaska, Arizona, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Kansas, Kentucky, Louisiana, Maine, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Mexico, North Dakota, Ohio, Oklahoma, Oregon, Rhode Island, South Carolina, South Dakota, Texas, Tennessee, Utah, Virginia, Washington, Wisconsin, Wyoming

Actual loan amounts and term vary based on credit history, current income, ability to repay, and other factors. Go to www.opploans.com/ to check the loan amount and term that you may qualify for. Loan amounts range from $500 to $4,000 with an annual percentage rate (APR) range of 59% to 199%.
Loan lengths range from 6 to 24 months. Example: A $1,000 loan repayable in 6 monthly installments with an APR of 160% would have monthly payments of $252.48

*As of July 27, 2020. Ratings on third-party websites may periodically change. Please check third-party websites for up- to-date reviews and ratings. Google Rating: 4.9 out of 5 based on 7,824 reviews.

**Actual loan amounts and term vary based on credit history, current income, ability to repay, and other factors. Go to www.opploans.com/ to check the loan amount and term that you may qualify for. Loan amounts range from $500 to $4,000 with an annual percentage rate (APR) range of 59% to 199%.

***According to the Consumer Federation America, a non-profit consumer advocacy group, payday loans range in size from $100 to $1,000, depending on state legal maximums, and carry an average annual percentage rate (APR) of 400%. The maximum APR for a loan offered through and serviced by OppLoans is 199% and loan sizes range from $500 to $5,000.

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About The Author

Top10.com StaffByTop10.com StaffAug. 12, 2020
Our editorial staff is comprised of writers who are knowledgeable about financial services. We specialize in simplifying the process of choosing the right personal loan provider for your needs.