Opportunity Loans is a trade name of Opportunity Financial, an online lender based in Chicago, Illinois. It offers fast personal loans to people with poor to fair credit. Its interest rates are high when compared to prime lenders. Yet, they are competitive when compared to payday lenders and other lenders that target borrowers with poor credit.
The business was launched in 2009 and is currently managed by Jared Kaplan, its CEO, and President. Opportunity Loans has an A- rating with the BBB and is ranked high in social networks.
How Does OppLoans Work?
Opportunity Loans only accepts online applications. The process takes only a few minutes and applicants know immediately if they qualify for a loan. Eligible applicants receive an instant loan agreement that details the rates and terms of the loan. If a borrower agrees to the terms and submits the loan agreement, funds are generally deposited within the next business day.
As of November 2015, Opportunity Loans operate in Alabama, California, Delaware, Idaho, Illinois, Missouri, New Mexico, Ohio, South Carolina, Texas, Utah and Wisconsin.
In certain states, such as Kansas, Tennessee, and Virginia, Opportunity Loans offers a line of credit product. Interest rates for the line of credit range from 36% to 160% and have an origination fee of $50. The line of credit works like a credit card and minimum payments are 4% of the outstanding balance.
What Are OppLoans’ Terms and Interest Rates?
Interest rates vary widely from state to state and depend on each borrower’s credit profile, loan amount, how long it takes to repay it. Interest rates range from 36% to 199% and loan terms go from 6 to 36 months.
For example, in California, APR rates range from 36% to 160% and terms go from 9 to 36 months. In Utah, rates range from 125% to 199% APR and loan terms go from 6 to 24 months.
There is also an administrative fee to consider that is not included in the APR. The administrative fees vary by state. In California it is $75; in Virignia it is $50, and in Kansas it is a $2 of the credit limit.
A typical loan with OppLoans is for $1,00 and has 17 bi-weekly payments of $81. That is the equivalent of a 99% APR.
How Much Can I Borrow From Opportunity Loans?
Opportunity Loans offers loan amounts ranging from $1,000 to $10,000.
Monthly payments vary depending on the loan amount, term and interest rate. To illustrate, a loan of $1,000 with an interest rate of 99% and a 17 bi-weekly installment plan will have monthly payments of approximately $144.
What Is Opportunity Loans’ Application Process Like?
Opportunity Loans has a fast and short application process. We love that borrowers know immediately whether they are eligible and what their rates and term are. The entire process from application to funding can take as little as one business day.
Applicants must have a stable income of at least $1,500 a month. They must also have direct deposit set up to their bank account.
How Is OppLoans Better Than Other Lenders?
Opportunity Loans offers the following benefits:
- Fast loans and an easy application process.
- Borrowers with poor credit can qualify.
- Opportunity Loans reports payments to TransUnion. If payments are made on time and regularly, this can improve the credit score of borrowers.
- There are no pre-payment penalty fees.
- OppLoans is cheaper than payday loans.
- You can check your rate without it hurting your credit score.
You should consider this:
- Opportunity Loans is not available in all states.
- Interest rates are high.
- There is no option for a soft credit inquiry.
- In some states, there is an administrative charge to consider.