Where does OppLoans do business?

OppLoans is a direct lender based in Chicago, IL. It was founded in 2009 and offers access to personal loans in 29 states across the USA.

What range of rates does OppLoans offer?

OppLoans offers personal loans with APRs starting at 59% and up to 199%.

Does OppLoans charge an origination fee?

Yes, 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.

How much can you borrow from OppLoans?

Loan amounts start at $500 and go up to $5,000.

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.

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.

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:

  • Applicants must have an active and valid checking account
  • Recent pay stubs
  • Proof of income
  • 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 as soon as 1 business day of approval.

    Does OppLoans report loan payments to credit bureaus?

    OppLoans reports credit data to the following credit reporting agencies:

    • Equifax
    • Experian
    • Transunion

    How does OppLoans describe itself?

    More affordable personal loans to help build your credit.

    • Institution Type
      Direct Lender
    • Bank Account Required?
    • Credit Score Range
      350 - 600
    • Employment Statuses Considered
      • Employed Full-Time
      • Employed Part-Time
      • Other
      • Retired
      • Self-Employed
    • Immigration Status Considered
      • U.S. Citizen
      • U.S. Permanent Resident
    • Joint Loan Applications Accepted
      Only Individual Applications
    • Military Status
      • Non-Military
      • Veterans
    • Minimum Age
    • Minimum Annual Income
    • Supported Income Types
      Direct Deposit (W2, SSA, SSDI)
    • Verification Documents Required?
      • Proof of Income
      • Recent Pay Stubs
    • Late Fee Amount
    • No Prepayment Fee
    • Origination Fee
      Up to 3%
    • Approval Speed (Hours)
    • Credit Bureau Reporting
      • Equifax
      • Experian
      • TransUnion
    • Funding Time Range (in days)
      1 - 3
    • Payment Options
      • Automatic Payments
      • Check by mail
      • Credit/Debit Card
    • Pre-Approved Soft Credit Inquiry
    • Loan Amount
      $500 - $5000
    • Loan Term (Months)
      9 - 24
    • APR
      59% - 199%
    Rates and terms vary by state. Applications processed and approved before 7:30 p.m. ET are typically funded the next business day.
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