OppLoans Personal Loans Review
OppLoans Personal Loans Review
OppLoans poses itself as a safer alternative to predatory lenders, including those offering payday and title loans.

Interest rates are still extremely high with this online lender, but if you have bad credit, it’s a quick and efficient way to receive financing fast.

Plus, since OppLoans are installment loans, you can begin to rebuild your credit when you make on-time payments each month.

As unsecured loans, there’s no collateral needed, so you don’t have to worry about losing your next paycheck or even your car if the event of a default. Keep reading to learn more about OppLoans and whether their loan offerings are right for you.

OppLoans Personal Loans

You can receive a loan from OppLoans for a variety of purposes, including car repair, family expenses, rent, debt consolidation, medical bills, and other major expenses. Borrowers can access as much as $4,000 or as little as $1,000.

That’s a much higher range compared to other bad credit loan products like payday and title loans. APRs, while lower than payday lenders, are still high for installment loans, ranging from 99% to 199%. The exact range depends on your eligibility and the state in which you live.

Loan terms are much longer than payday loans and can last as long as three years. While this may result in more interest over time, it makes for lower monthly payments and ideally, a less likely chance of defaulting.

Before you think about applying with OppLoans, make sure you meet their residency requirements. OppLoans installment loans are currently available to borrowers in the following states:

  • Alabama
  • California
  • Delaware
  • Georgia
  • Idaho
  • Illinois
  • Mississippi
  • Missouri
  • New Mexico
  • Ohio
  • South Carolina
  • Texas
  • Utah
  • Wisconsin

Residents living in these states may be eligible for a line of credit from OppLoans:

  • Kansas
  • Tennessee
  • Virginia

Borrower Profile

While application requirements at OppLoans aren’t nearly as strict as with other lenders, you’ll still need to meet a few basic qualifications. To start, you must be at least 18 years old with a bank account that must be at least 90 days old.

There’s no credit minimum, but you do need a job and must be with the same employer for at least the last three months. You must also receive your paychecks via direct deposit.

lady on laptop

Loan Process

The OppLoans application process is extremely simple. All you have to do is enter some basic information into the form on the lender’s website.

Within a matter of minutes, you’ll receive a customized loan offer, detailing your interest rate, payment amount, number of payments, and total cost of the loan. This helps you make an informed decision as to whether or not the loan makes sense for you.

If you’re happy with the loan terms, you can accept the agreement and move onto the next stage. This entails verifying the details of your application. OppLoans is set on quality customer service, so whenever you have a question or need help, you can call to talk directly to a Loan Advocate.

Once You’re Approved

Funds are sent directly to your bank account, typically within a single business day. You can also request a mailed check to receive your funds if you prefer.

If you live in a state only offering a line of credit, you can begin to make withdrawals as soon as funds are available. You’ll have a minimum required payment each month, and can make additional withdrawals as long as the total amount is under your credit limit.

Regardless of loan type, you can check your account balance and loan agreement at any time by accessing the “My Account” page on the OppLoans website. Payments are most frequently made through payroll deductions.

You can also sign up for automatically debited payments via electronic transfer that occur each month on the due date.

There are no penalties for prepayment of the loan so you can put more towards your balance anytime you have extra money. This simple trick can save you a lot of cash on interest payments over time.

Special Features

Unlike payday loans, getting a loan through OppLoans can help rebuild or establish good credit. That’s because they report to all three credit bureaus, so as long as you pay your bill on time each month, you should start to see a positive change in your score.

Obviously, if you pay your bills late, that also shows up on your credit report and can hurt your score even more.

Another interesting feature from OppLoans is that you can take an online credit education course to earn a credit to your account. This offer is limited to one credit per loan and you’ll learn a lot about credit and finances. You can call a Loan Advocate to get more details on the process.


OppLoans’ History

OppLoan is a quickly growing company that has made its mark as the highest rated nonprime lender on the web. In fact, it’s so popular that it was named one of Inc.com’s fastest growing companies in 2016.

OppLoans is extremely focused on providing strong customer service on top of its lower interest rates (compared to payday lenders) and quick turnaround time.

To date, they’ve made loans to more than 100,000 customers and have high online ratings. They’re rated 4.9/5 stars on Google reviews and 4.8/5 stars on Facebook reviews.

What to Consider When Getting a Bad Credit Loan with OppLoans

When you have bad credit, you should take extra care when making any major financial decision. Not only do you need to make sure your choice helps to rebuild your credit, you also need to make sure your current financial situation is in good order.

Here are a few things to think about before taking out a loan with OppLoans or any other lender.

What are your current finances like?

An installment loan with OppLoans is a big commitment because you could be making those payments each month for as long as three years. Take a look at your monthly budget and make sure you can comfortably afford the payments.

You should also have an emergency savings stash tucked away. That way you’re prepared in case another financial necessity crops up, like a hospital bill or a car repair. The last thing you want to do is back yourself into a corner where you have a lot of financial commitments and no safety net.

Also, think about your current job situation. Do you feel like you have a secure position? Are you paid regularly with a healthy minimum of hours scheduled each week?

Most lenders, including OppLoans, have certain employment requirements. In addition to meeting those, you should also meet your own requirements to help you feel secure that you can meet your financial obligations each month.

Where is your credit score headed?

An installment loan with OppLoans can potentially help your credit score because they report to all three credit bureaus — Equifax, Experian, and TransUnion. But if your budget is already feeling maxed out each month, it might be risky to take on an extra loan.

Yes, your timely payments are listed on your credit report. But if you can’t afford your payments and eventually end up defaulting on your loan, your credit score will take a nosedive again.

Plus, those defaults stay on your credit report for seven years, so it’ll be difficult to get out of the cycle of bad credit financing. It’s important to remain prudent when deciding on new loans and do your best to prepare a financial cushion.

Walk through your worst case scenario and figure out how you would deal with it should it actually happen. This is an extremely valuable mental exercise when you’re making any kind of big decision.

While an installment loan from OppLoans is reported to the credit bureaus, it’s still going to add to your credit utilization. Depending on the situation, this could help or hurt your credit score.

If you’re paying off credit card debt, you may end up helping your score because revolving credit is viewed less favorably than an installment loan. But if you’re simply adding on fresh debt, you could see a dip in your score if you have high debt amounts in other areas.