OppLoans 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 rates are high when compared to prime lenders. However, they are competitive when compared to payday lenders and other lenders that target borrowers with poor credit.
The business was launched in 2009 and has provided loans to more than 25,000 borrowers. OppLoans' edge on other lenders is its friendly customer service and that it doesn't pull your credit with any of the major credit bureaus, ever. Other lenders will perform a soft pull on your credit when you check your rate but perform a hard pull on your credit if you accept the loan agreement. OppLoans, on the other hand, never pulls your credit score with Experian, Equifax, or TransUnion, so applying for a loan will not hurt your credit score.
OppLoans has an A+ rating with the BBB, a 4.9 customer rating with Google, and 4.8 rating with Facebook.
How Does OppLoans Work?
OppLoans only accepts online applications. Applying for a loan does not affect your credit score. And it only takes only a few minutes to know if you 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 deposited within the next business day.
As of December 2016, OppLoans operate in Alabama, California, Delaware, Georgia, Idaho, Illinois, Kansas, Maryland, Mississippi, Missouri, New Mexico, Ohio, South Carolina, Tennessee, Texas, Utah, Virginia, and Wisconsin.
In certain states, such as Kansas, Maryland, Tennessee, and Virginia, OppLoans offers a line of credit product. Rates for the line of credit range from 36% to 160% APR 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 Rates?
Rates vary widely from state to state and depend on each borrower’s credit profile, loan amount, how long it takes to repay it. Rates range from 36% APR to 199% APR, and loan terms go from 6 to 36 months.
For example, in California, APR range from 36% APR to 160% APR and terms go from 9 to 36 months. In Utah, rates range from 125% APR 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 costs vary by state. In California it is $75; in Virginia, it is $50, and in Kansas, it is a $2 of the credit limit.
A typical loan with OppLoans is for $1,000 and has 17 bi-weekly payments of $81. That is the equivalent of a 99% APR.
How Much Can I Borrow From OppLoans?
OppLoans offers loan amounts ranging from $1,000 to $10,000.
Monthly payments vary depending on the loan amount, term and rate. To illustrate, a loan of $1,000 with a rate of 99% APR and a 17 bi-weekly installment plan will have monthly payments of approximately $144.
What Is OppLoans’ Application Process Like?
OppLoans has a fast and short application process. We love how 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.
How Is OppLoans Better Than Other Lenders?
OppLoans offers the following benefits:
- Fast loans and an easy application process.
- You receive a credit to your account if you complete one of their credit education courses.
- Borrowers with poor credit can qualify.
- OppLoans reports payments to TransUnion. If payments are made on time and regularly, this can improve the credit score of - borrowers.
- There are no prepayment penalty fees.
- OppLoans is cheaper than payday loans.
- You can check your rate without it hurting your credit score.
You should consider this:
- OppLoans is not available in all states.
- Rates are high.