OppLoans is a direct lender based in Chicago, IL. It was founded in 2009 and offers access to personal loans in 18 states across the USA.
OppLoans offers personal loans with APRs starting at 59% and up to 199%.
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.
Yes, OppLoans may charge borrowers a late payment fee of up to $10.
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.
Loan amounts start at $500 and go up to $5,000.
OppLoans offers personal loans with a maximum term of 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.
Applicants with a credit score of at least 500 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:
OppLoans will typically approve (or deny) a loan application within 24 hours and fund personal loans as soon as 1 business day of approval.
OppLoans reports credit data to the following credit reporting agencies: