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OppLoans Personal Loans

in Personal Loans from Opportunity Financial, LLC

Claimed Apply Now Get Personalized Rates

OppLoans Personal Loans

Claimed

in Personal Loans from Opportunity Financial, LLC

SuperMoney Net Recommendation Score +54

SUPERMONEY NET RECOMMENDATION SCORE

This product is strongly recommended by SuperMoney users with a score of +54, equating to 4.1 on a 5 point rating scale.

+54

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

Strongly recommended

229 users recommend
18 users are unsure
62 users don't recommend
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Highlights
Community Rating Strongly recommended
APR  (Fixed APR) 59% - 160%
Loan Amount $500 - $4,000
Loan Term (Months) 9 - 24 months
Number of Reviews 309

OppLoans Personal Loans Review

OppLoans Personal Loans is offered by Opportunity Financial, LLC, a direct lender founded in 2009 and based in Chicago, IL. OppLoans Personal Loans is available in 37 states across the USA.

Key Takeaways
  • APRs starting at 59%. Personal loan interest rates typically range between 5% and 36%. The starting rates for OppLoans Personal Loans are on the higher end of the spectrum.
  • Fast access to funds. In some cases you can get your money within 1 business day.
  • Prequalified rate. You can check your prequalified rate at Opportunity Financial, LLC with a soft pull that will not affect your credit score.
  • Origination fees of up to 3%. This is on the low end for lenders that charge an origination fee. However, plenty of lenders don't charge an origination fee. Origination fees are deducted from the loan amount, so consider them when deciding how much you need to borrow.
  • No late fees. Missing a payment can seriously damage your credit, but OppLoans Personal Loans will not charge additional fees if you miss the due date on a payment.
  • Short loan terms. OppLoans Personal Loans offers loan terms as short as 9 months. Most personal loans have a minimum term of 12 to 36 months.
  • Minimum income of $18,000. You will need an annual income of at least $18,000 to apply for OppLoans Personal Loans, which is below average for the lenders in our database
OppLoans Personal Loans Pros & Cons
Pros Cons
  • $0 prepayment fee.
  • Considers applicants with fair credit.
  • Funding available within 1 business day.
  • APRs as high as 160%.
  • Charges an origination fee of up to 3% of the loan amount.
OppLoans Personal Loans FAQ

What rates and terms does OppLoans Personal Loans offer?

OppLoans Personal Loans has higher interest rates than the average for lenders reviewed on SuperMoney.

What APR rate does OppLoans Personal Loans offer?

OppLoans Personal Loans offers a fixed APR personal loan product that ranges from 59% APR up to 160% APR.

How much can you borrow via OppLoans Personal Loans?

Loan amounts start at $500 and go up to $4,000

What is the maximum loan term you can get with OppLoans Personal Loans?

OppLoans Personal Loans offers personal loans with terms ranging from 9 to 24 months.

OppLoans Personal Loans Rates & Terms
Loan Amount $500 - $4000
Loan Term 9 - 24 months
APR 59% - 160%

What fees does OppLoans Personal Loans charge?

Does OppLoans Personal Loans charge an origination fee?

OppLoans Personal Loans may charge a loan origination fee of 0% to 3% of the loan amount of $0 to $75 OppLoans Personal Loans 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 Personal Loans charge a late fee?

No, OppLoans Personal Loans will not charge you a late fee.

Does OppLoans Personal Loans charge prepayment fees?

No, OppLoans Personal Loans does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the loan off early.

OppLoans Personal Loans Fees
Origination Fee 0% - 3%
Prepayment Fee? No
Late Payment Fee $0

What do you need to qualify for OppLoans Personal Loans?

Applicants with a credit score of at least 400 and up to 610 may be eligible for OppLoans Personal Loans. The minimum age to be eligible is 18 or the state minimum, whichever is higher.

To qualify for personal loans with OppLoans Personal Loans, applicants need a minimum annual income of $18,000 or higher. OppLoans Personal Loans only considers borrowers who are employed and meet the minimum income requirement.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. APRs for the OppLoans Personal Loans product fall outside of the MLA limits, and as a result, the product cannot be issued to these applicants. Active duty service members and their covered dependents are considered “covered borrowers" under the Military Lending Act.

U.S. citizens are, of course, eligible for the services offered by OppLoans Personal Loans. Permanent resident / green card holders are also eligible to apply.

To qualify, applicants may need to provide the following documentation:

  • Applicants must have an active and valid personal checking account
  • Recent pay stubs
  • Proof of income
  • Driver's license
  • Government issued photo ID
  • Proof of identity
  • Proof of residence
OppLoans Personal Loans Eligibility Criteria
Minimum Age 18
Bank Account Required? Yes
Application Types Accepted
  • Individual Applications
  • Credit Score 400 - 610

    What is the estimated funding time for a personal loan via OppLoans Personal Loans?

    OppLoans Personal Loans will typically approve (or deny) a loan application within 24 hours and fund personal loans within 1 business day of approval.

    Does OppLoans Personal Loans report your account activity to credit bureaus?

    Yes, OppLoans Personal Loans reports your account activity to the following credit reporting agencies:

    • Equifax
    • Experian
    • Transunion

    Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help improve your credit.

    OppLoans Personal Loans Disclosure: *OppLoans does not offer products in all states. Not all applications are approved. Approval and loan terms vary based on applicant qualifications and by state law. Applications processed and approved before 7:30 p.m. ET Monday-Friday are typically funded the next business day. See the OppLoans Rates & Terms for details. ** As of June 5, 2018. 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 3,611 reviews. *** OppLoans performs no credit checks through the three major credit bureaus Experian, Equifax, or TransUnion. Applicants’ credit scores are provided by Clarity Services, Inc., a credit reporting agency. OppLoans only charges an origination fee in California. † TX Residents: Neither OppLoans nor the third-party lender reports payment history to the major credit bureaus: TransUnion, Experian, and Equifax.
    SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...
    Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

    Contact

    • Headquarters
    •   130 E Randolph St
      Suite 3400
      Chicago, IL 60601
    •   Visit Site

    Hours of Operation

    • Sunday 9:00am - 5:00pm
    • Monday 7:00am - 11:30pm
    • Tuesday 7:00am - 11:30pm
    • Wednesday 7:00am - 11:30pm
    • Thursday 7:00am - 11:30pm
    • Friday 7:00am - 11:30pm
    • Saturday 9:00am - 5:00pm

    About OppLoans Personal Loans

    Message From Opportunity Financial, LLC

    Opploans is one of the highest-rated online lending platforms in the industry. Our dedication to serving our customers is reflected us in 4.8+ rating on Google and Facebook. With fast funding, total transparency and unmatched customer service, OppLoans provides accessible and simple-to-understand short-term lending products for middle-income consumers who may be turned away by traditional providers.

    Message From Our Editor

    What We Love About OppLoans Personal 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 helps borrowers who don’t own any property and don’t have cash or a cash equivalent to use as collateral.

    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.

    OppLoans also offers excellent customer service. Their phone number is easily found on the website. When you call, you’ll get a real person on the phone rather than an automated system.

    What Could OppLoans Do Better?

    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. This is due to different interest rate requirements across the United States. These laws are in place to protect consumers, but they also severely limit the number of people who are eligible to receive a loan from OppLoans.

    OppLoans Backstory

    Opportunity Financial, LLC, was founded by Todd Schwartz in 2012. The company offers unsecured installment loans to customers with poor to fair credit. These loans can help pay for any kind of debt, including car repairs and unforeseen medical expenses.  “Our intent is to provide non-prime borrowers a safe and reliable alternative to payday lending,” says the company’s CEO, Jared Kaplan.

    "Half of Americans have non-prime credit scores, 57 percent have less than $1,000 in their savings account and nearly eight out of 10 live paycheck-to-paycheck. This is the reality in America today," explains Kaplan.

    The Verdict

    In the end, OppLoans offers flexible requirements and terms on unsecured personal loans that don’t require collateral. They have a fast and easy online application process and offer great customer services. 

    OppLoans can help you avoid higher interest rates because they offer lower rates than predatory payday loan companies. They can also teach personal finance skills and help you improve your credit score over time.

    Availability

      Available in 37 states
    • Alaska
    • Alabama
    • Arizona
    • California
    • Delaware
    • Florida
    • Georgia
    • Hawaii
    • Idaho
    • Illinois
    • Indiana
    • Kansas
    • Kentucky
    • Louisiana
    • Maine
    • Michigan
    • Minnesota
    • Missouri
    • Mississippi
    • Montana
    • North Dakota
    • Nebraska
    • New Mexico
    • Nevada
    • Ohio
    • Oklahoma
    • Oregon
    • Rhode Island
    • South Carolina
    • South Dakota
    • Tennessee
    • Texas
    • Utah
    • Virginia
    • Washington
    • Wisconsin
    • Wyoming

    Feature Breakdown

    Late Fee Amount $0
    No Prepayment Fee
    No Late Fees
    Origination Fee ($) $0 - $75
    Origination Fee (%) 0% - 3%
    Checking Account Required
    Employment Statuses Considered
    • Employed Full-Time
    • Employed Part-Time
    • Retired
    Immigration Status Considered
    • U.S. Citizen
    • U.S. Permanent Resident
    Joint Loan Applications Accepted
    • Individual Applications
    Military Status
    • Non-Military
    Minimum Age 18
    Minimum Annual Income $18,000
    Supported Income Types
    • Direct Deposit (W2, SSA, SSDI)
    Verification Documents Required
    • Driver License (or other photo ID)
    • Recent Pay Stubs
    • Proof of Income
    • Proof of Identity
    • Proof of Residence
    • Government Issued Photo ID
    Credit Score Range 400 - 610
    Approval Speed 24 hours
    Credit Bureau Reporting
    • Experian
    • Equifax
    • TransUnion
    Customizable Payment Dates
    Funding Time Range 1 day
    Payment Options
    • Automatic Payments
    • Check by mail
    • Credit/Debit Card
    Pre-Approved Soft Credit Inquiry
    Loan Amount $500 - $4,000
    APR (Fixed APR) 59% - 160%
    Loan Term 9 - 24 months

    OppLoans Personal Loans Community Reviews

     

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    SUPERMONEY NET RECOMMENDATION SCORE

    This product is strongly recommended by SuperMoney users with a score of +54, equating to 4.1 on a 5 point rating scale.

    +54

    Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

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