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OppLoans

Additional information

Interest Rate (APR)

59% to 160%

Loan amount

6 to 18 months

Min. credit score

$500 to $4,000

Financeive’s rating

3.5/5

OppLoans

OppLoans Is Not a Good Idea If:

  • You’re attempting to establish your credit
  • You’re Looking to increase your score: OppLoans reports payments to all three credit bureaus if you pay on time. However, there are quicker and less expensive ways to develop credit.
  • Saving money
  • Cheaper options aren’t always quick or easy, and they might necessitate asking for assistance. They might, however, help you avoid paying interest and becoming caught in a debt cycle.

OppLoans Is a Good Idea In These Cases

  • Debt consolidation.
  • Car repairs.
  • Home repairs.
  • Medical bills.
  • Emergency expenses.

You can read our full OppLoans review to inform your decision-making process.

Pros

  • There are no costs for closing: OppLoans does not charge a loan origination fee, late charge, or prepayment penalty.
  • Fast access to cash: You will most likely receive your money the next business day if your loan is approved at a later date.
  • It’s simpler to qualify if your credit is bad: Many other personal loan firms and financial institutions would refuse people with terrible credit, but OppLoans provides solutions for those with terrible credit ratings.

Cons

  • The minimum and maximum APRs are quite high: OppLoans’ APR range is 59% to 160%, which is far greater than the average of other personal loan providers.
  • Limited maximum loan amount: You can only borrow up to $4,000, however the greatest amount of money you’re qualified to borrow is determined by your state, creditworthiness, income, and ability to repay.
  • It’s only available in certain states. OppLoans is only accessible in 37 states and Washington, DC. You won’t be able to get a loan from the firm if you don’t live in one of those states.

What You Should Know About OppLoans

  • After making $400 in loan payments or paying down 15% of the loan, Opploans offers refinancing.
  • The lender’s website offers financial education.
  • For most clients, it will make payments to Equifax, Experian, and TransUnion.

On-time payments reported to the credit bureaus can help your credit score.

Customers might take out a loan for up to 18 months, and the bank encourages borrowers to call and discuss a hardship plan if they are unable to pay back their debts.

OppLoans Is Not a Good Idea If:

  • You’re attempting to establish your credit
  • You’re Looking to increase your score: OppLoans reports payments to all three credit bureaus if you pay on time. However, there are quicker and less expensive ways to develop credit.
  • Saving money
  • Cheaper options aren’t always quick or easy, and they might necessitate asking for assistance. They might, however, help you avoid paying interest and becoming caught in a debt cycle.

OppLoans Is a Good Idea In These Cases

  • Debt consolidation.
  • Car repairs.
  • Home repairs.
  • Medical bills.
  • Emergency expenses.