Opportunity Financial, LLC, was founded in 2012 and is known as OppLoans. It is an online lender based in Chicago, Illinois. The company offers unsecured installment loans to customers with poor to fair credit.
“Our intent is to provide non-prime borrowers a safe and reliable alternative to payday lending,” says the company’s CEO Jared Kaplan.
Compared to prime lenders that service people with good to excellent credit, OppLoans’ interest rates are high. “However, the rates are lower than payday and title loans targeting borrowers with poor credit,” says Kaplan.
OppLoans’ personal loan details
Currently operating in 17 states, OppLoans has provided loans to more than 25,000 borrowers. The company offers lengthy repayment terms of up to 36 months. The application process is quick and easy. Funding is fast.
However, the rates are lower than payday and title loans targeting borrowers with poor credit”
OppLoans also offers excellent customer service. The 800 number is easily found on the website. When you call, you’ll get a real person on the phone rather than an automated system.
Who are OppLoans’ personal loans designed for?
OppLoans lends to borrowers with fair to poor credit. The only other options for such borrowers are predatory loans charging high interest. There is no minimum credit score required.
“We design our loans to give non-prime borrows an alternative to payday lending,” says Kaplan. “Our personal loans are up to 125% less expensive than payday loans.”
OppLoans offers unsecured loans, rather than secured loans. This means that you don’t need a source of collateral to back the loan. This is helpful for borrowers who don’t own any property and don’t have cash or a cash equivalent to use as collateral.
Compare the pros and cons to make a better decision.
- Easy application process
- Fast funding—apply today; receive money in your account tomorrow
- Less expensive than payday and title loans
- No minimum credit score; borrowers with poor credit can qualify
- Repayment terms up to 36 months
- No collateral necessary
- No hidden fees
- No prepayment penalties
- Helps build your credit score by reporting to all three major credit bureaus
- Good customer service
- Though OppLoans’ interest rates are lower than many payday lenders, they are still high. These loans are a good choice for borrowers with fair to poor credit. If you have good to excellent credit, you may be better off with a different option.
- OppLoans doesn’t operate in all 50 states. Click here to see if they operate in your state.
OppLoans’ lending criteria for personal loans
- You must supply proof of a stable income ($1,500 monthly minimum)
- Providing bank account direct deposit information is required
What is OppLoans’ personal loan application process like?
OppLoans’ personal loan application process is fast and easy to complete. You can finish filling out the forms within a matter of minutes, and you’ll get an answer quickly.
The following screenshots provide a guide of what to expect when filling out an OppLoans application.
Step 1: Provide your name, email address, and create a password.
2: Fill in your address, phone numbers, and how you heard about OppLoans.
3: Provide employer and income information.
4: Fill in your loan amount, purpose of the loan, and personal identification information
9 reasons to choose an OppLoans personal loan
- Flexible credit score requirements: OppLoans offers a good solution for borrowers with fair to poor credit.
- Collateral not necessary: OppLoans offers unsecured loans, so you won’t need to put anything up for collateral to qualify for one.
- Avoid higher interest rates: OppLoans loans are perfect for those who don’t want to pay the extra high interest rates charged by alternative lenders, such as payday loans. For instance, you could pay 400% APR to get a payday loan. That interest rate is much higher than the 99% to 199% interest rate with OppLoans.
- Feasible repayment term options: OppLoans also makes paying back the loan more feasible. The company provides repayment terms of up to 36 months. If you’re having financial difficulty and take out a loan, it helps your budget to stretch out repayment. This is a perk you don’t get from payday loans. Payday loans often have just two-week terms.
- No hidden fees or prepayment penalty: If you’re able to pay off your loan early, you won’t have to worry about facing any penalties for doing so. You also won’t have to worry about being hit with unexpected, hidden fees.
- Can improve your credit score: Though you start out with poor to fair credit with OppLoans, you may finish with a higher credit score. The company reports on-time, regular payments to all three credit bureaus: Equifax, Experian, and TransUnion.
- Fast and easy application process: When you’re in a financial bind, you want quick financing solutions. For that reason, the easy loan application and fast funding make OppLoans a good choice.
- Great customer service: If you have any difficulties, you can rely on OppLoans’ excellent customer service. Simply call the 800 number during business hours and get connected to a customer service rep.
- Teaches personal finance skills: In addition to helping borrowers raise their credit scores, OppLoans teaches personal finance skills through its OppU platform, which features free online classes focused on various financial topics.
Check out SuperMoney’s OppLoans Reviews page for more information and find out if you qualify.
Julie Bawden-Davis is a widely published journalist specializing in personal finance and small business. She has written 10 books and more than 2,500 articles for a wide variety of national and international publications, including Parade.com, where she has a weekly column. In addition to contributing to SuperMoney, her work has appeared in publications such as American Express OPEN Forum, The Hartford and Forbes.