OppLoans Personal Loans
in Personal Loans from Opportunity Financial, LLCClaimed Apply Now Get Personalized Rates
OppLoans Personal LoansClaimed
in Personal Loans from Opportunity Financial, LLC
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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 (and Washington, DC).
- Fast access to cash. In some cases you can get your money within 1 business day.
- Poor credit accepted. Even if you have bad or poor credit, you can apply. Borrowers with a credit score as low as 350 are considered for OppLoans Personal Loans.
- 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.
- 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 and Cons:
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 99% 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 Personal Loans?
Loan amounts start at $500 and go up to $4,000.
What can a personal loan from OppLoans Personal Loans be used for?
Personal loans from OppLoans Personal Loans 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 Personal Loans?
OppLoans Personal Loans offers personal loans with terms ranging from 9 to 36 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 - $4000|
|Loan Term||9 - 36 months|
|APR||99% - 199%|
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?
Yes, OppLoans Personal Loans may charge borrowers a late payment fee of up to $10.
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.
|Origination Fee||0% - 3%|
|Late Payment Fee||$10|
What do you need to qualify for OppLoans Personal Loans?Applicants with a credit score of at least 350 and up to 610 are 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 checking account
- Recent pay stubs
- Proof of income
- Driver's license
- Government issued photo ID
- Proof of identity
- Proof of residence
|Bank Account Required?||Yes|
|Application Types Accepted||
|Credit Score||350 - 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?
OppLoans Personal Loans reports your account activity to the following credit reporting agencies:
Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and can help improve your credit score.
- Washington, DC
- New Mexico
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
|No Prepayment Fee|
|Late Fee Amount||$10|
|Origination Fee ($)||$0 - $75|
|Origination Fee (%)||0% - 3%|
|Checking Account Required|
|Employment Statuses Considered||
|Immigration Status Considered||
|Joint Loan Applications Accepted||Individual Applications|
|Minimum Annual Income||$18,000|
|Supported Income Types||Direct Deposit (W2, SSA, SSDI)|
|Verification Documents Required||
|Credit Score Range||
350 - 610
|Approval Speed||24 hours|
|Credit Bureau Reporting||
|Customizable Payment Dates|
|Funding Time Range||1 day|
|Pre-Approved Soft Credit Inquiry|
|Loan Amount||$500 - $4,000|
|APR (Fixed APR)||99% - 199%|
|Loan Term||9 - 36 months|