in Personal Loans from OppLoans
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Where does OppLoans do business?
OppLoans is a direct lender based in Chicago, IL. Founded in 2009, OppLoans offers access to personal loans in 37 states (and Washington, DC).
What rates and terms does OppLoans offer?OppLoans has higher interest rates than the average for lenders reviewed on SuperMoney.
What personal loan APRs does OppLoans offer?OppLoans offers a fixed APR personal loan product that ranges from 59% APR up to 199% APR.
Your APR can vary depending on several factors, such as your credit score. Find out what your credit score is and whether there is any false or inaccurate information in your credit history with these credit monitoring tools.
How much can you borrow via OppLoans?
Loan amounts start at $500 and go up to $5,000.
What can a personal loan from OppLoans be used for?
Personal loans from OppLoans are typically used for special purchases, home improvement projects, weddings, medical expenses & procedures, unexpected expenses or similar purposes.
What is the maximum loan term you can get with OppLoans?
OppLoans offers personal loans with terms ranging from 9 to 24 months. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.
|Loan Amount||$500 - $5000|
|Loan Term||9 - 24 months|
|APR||59% - 199%|
What fees does OppLoans charge?
Does OppLoans charge an origination fee?
OppLoans charges a loan origination fee of 0% to 3% of the loan amount. OppLoans deducts the fee directly from your loan amount before depositing your money, so make sure you take this fee into account when deciding how much you need to borrow.
Does OppLoans charge a late fee?
Yes, OppLoans may charge borrowers a late payment fee of up to $10
Does OppLoans charge prepayment fees?
No, OppLoans does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the loan off early.
|Origination Fee||0% - 3%|
|Late Payment Fee||$10|
What do you need to qualify for a loan with OppLoans?
Applicants with a credit score of at least 350 can apply for a loan via OppLoans . The minimum age to apply for a loan is 18 or the state minimum, whichever is higher.
To qualify for a OppLoans loan, applicants need a minimum annual income of $18,000 or higher. OppLoans only considers borrowers who are employed and meet the minimum income requirement.
Active duty servicemembers and their covered dependents cannot apply for a loan via OppLoans. The Military Lending Act prohibits lenders from charging servicemembers more than a 36% APR.Only U.S. citizens and permanent residents can apply for a loan.
To qualify, applicants may need to provide the following documentation:
|Bank Account Required?||Yes|
|Joint Applications Accepted?||Yes|
|Credit Score||350 - 600|
What is the estimated funding time for a personal loan via OppLoans?
OppLoans will typically approve (or deny) a loan application within 24 hours and fund personal loans within 3 business days of approval.
Does OppLoans report loan payments to credit bureaus?
OppLoans may report credit data to the following credit reporting agencies:
- Washington, DC
- New Mexico
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
|No Prepayment Fee|
|Late Fee Amount||$10|
|Origination Fee||0% - 3%|
|Credit Score Range||
350 - 600
|Immigration Status Considered||
|Minimum Annual Income||$18,000|
|Bank Account Required|
|Employment Statuses Considered||
|Supported Income Types||
|Joint Loan Applications Accepted||
|Verification Documents Required||
|Loan Amount||$500 - $5K|
|Loan Term (Months)||9 - 24|
|APR (Fixed APR)||59% - 199%|