OppLoans Review
Last updated January 17th, 2019
Recommended for: Installment Loan for Emergency Funds
OppLoans provides $1,000 to $5,000 installment loans to consumers stuck in payday or title loans. The company offers up to 36-month installment loans with interest rates from 99% to 199% with fees varying by state. Completing the application will not harm your credit score. OppLoans says they will typically approve (or deny) a loan application within 24 hours and fund personal loans within 3 business days of approval.
Reviews
OppLoans has one of the best ratings on the web with over 100,000 customers funded. They are focused on strong customer service and a fast turnaround process. They were named as one of the fastest growing companies in 2016 by Inccom
- Google review - 4.9/5
- Glassdoor review - 4.9/5
- Credit Karma review 4.8/5 by 942 users
- Better Business Bureau (BBB) 4.9/5 by 930 reviews
Payday and Title Loan Trap
We are contacted daily by consumers stuck in payday and title loans that do not have the cash to pay the original amount that they borrowed. They are stuck in a loop of paying new fees every two weeks and the original loan amount never changes. Payday lenders count on borrowers inability to repay their loan so they can add higher interest and penalities which equates to a higher profit for themselves. As well, title loan providers can repossess your car if you default.
The payday and title loan lenders have direct access to the borrower's bank account and every time a person is late or unable to pay off the loan in full, more fees apply and the debt is rolled over. Many states ban payday loans and rollovers completely, but 29 states allow them without restriction. Tens of thousands of people are trapped today without a way out with interest rates ranging from 250% to 1,500%.
High-Interest Rates
When your credit score is below 590 and your credit history is tarnished, you will have an issue finding a loan. Here are the typical loan options to start looking for a loan with low-interest rates:
Options for credit:
- Secured loans (using your home or auto for security)
- 18 month 0% interest balance transfer credit cards
- Co-signing from a friend or family member
- Unsecured personal loan from an online lender, bank or credit union
If you are unsuccessful with all of these options, this is where OppLoans steps in. They have positioned themselves in the middle working with people that are struggling to find a way out of a bad situation.
Yes, the interest rates are higher than most lenders and so is their risk to lend to consumers with bad credit. It is a way out.
What is an Installment Loan
An installment loan is a loan with a set number of payments plus interest and fees over a series of months. Payday and title loans require a lump sum payment and this large payment is where most people become stuck in a payday loan. Installment loans come under many different names like a personal loan or signature loan. Installment loans are used for every type of purchase including home, auto, education and any other item you may require. The amount you can borrow will depend on your credit score and overall financial health.
Key points of an installment loan:
- Set number of monthly payments that lowers the principal with every payment
- When this loan is paid in full, it will improve your credit score if all payments are made on time
OppLoans reporting agencies:
- Transunion
- Equifax
- Experian
- When this loan is paid in full, it will improve your credit score if all payments are made on time
- While the interest rates are high, you will pay off the payday loan
- No risk of losing your car
- No collateral required
States Offering OppLoans
OppLoans offers installment loans in 26 states and a line of credit in 3 states
Alabama | Florida | Michigan | Nevada | South Carolina | Idaho |
Arizona | Illinois | Mississippi | Ohio | Utah | *Line of Credit |
Alaska | Georgia | Minnesota | New Mexico | Texas | Kansas |
California | Indiana | Missouri | Oklahoma | Wisconsin | Tennessee |
Delaware | Kentucky | Nebraska | Oregon | Wyoming | Virginia |
*What is a Line of Credit?
OppLoans offers a revolving credit if you live in Kansas, Tennessee or Virginia. The credit amount is $500 to $4000 and the line of credit is designed so that if you make the minimum required payments, you will pay off your loan in 12 months. You can choose to take additional advances and the term of the line of credit can be extended.
Terms and Conditions
Loan Amounts | Installment and Personal Loans from $500 to $4000. See below for rates/terms for more information about the type of loan we offer in your state. |
Required Credit Score | Any Credit Score Can Apply |
Only Lends In | , , , , , , , , , , , , , , , , , , , , |
Minimum Annual Income | $18000 |
Types of Income | Regular source of Income and must have worked at same place for over 3 months |
Variable Rate Option | Available if requested |
APR Range | Interest Rate Varies by State 99% to 199% |
Loan Term | Terms are 6 months to 36 months |
Repayment Schedule | Semi-monthly, monthly |
Credit Inquiry | Soft Inquiry |
Fees and Closing Costs | Origination Fees of 0% - 3%, late fee - $10, no prepayment fee |
Secured Loans | Unsecured |
Co-Signer | No |
Direct Deposit | Yes - must have a valid bank account with 90 days history |
Loan Purpose | Emergency fund |
Qualifications | 18 + years of age, have a regular source of income and been employed for 3 + months. 19 years old in Alabama and Nebraska |
Allows Military | No - see the Military Lending Act (MLA). The Military Lending Act prohibits lenders from charging service members more than a 36% APR. |
Insurance | Not available |
Legal Documents Required | US. Citizen, permanent resident |
Number of Offers | One |
Customer Service | Phone, email |
Installment Loan Interest Rates and Term by State
State | Loan Amount | Repayment term months | APR % | Finance charge $ |
Alabama | $2000-$4000 | 12-24 | 160 | |
California | $3925 | 162.49 | 4,737.37 | |
Delaware | $500-$5000 | 9-18 | 160 | |
Georgia | $3,001-$5,000 | 12-24 | 59 | |
Idaho | $1,001-$5,000 | 9-18 | 160 | |
Illinois | $500-$4,000 | 9-18 | 99 | |
Mississippi | $501-$2,500 | 9-12 | *160 | |
Missouri | $500-$3,000 | 9-18 | 160 | |
Nevada | $2100 | 159.32 | 1648.45 | |
New Mexico | $500-$3,000 | 9-18 | 160 | |
Ohio | $500 – $4,000 | 6-24 | **below | |
South Carolina | $601-$4,000 | 9-18 | 199 | |
Texas | $500-$5,000 | up to 179 days | ***199 | |
Utah | $500-$4,000 | 9-18 | 160 | |
Wisconsin | $500-$4,000 | 9-18 | 160 | |
Alaska | $500-$4,000 | 9-18 | 160 | |
Arizona | $500-$4,000 | 9-18 | 160 | |
Florida | $500-$4,000 | 9-18 | 160 | |
Indiana | $500-$4,000 | 9-18 | 160 | |
Kentucky | $500-$4,000 | 9-18 | 160 | |
Michigan | $500-$4,000 | 9-18 | 160 | |
Minnesota | $500-$4,000 | 9-18 | 160 | |
Nebraska | $500-$4,000 | 9-18 | 160 | |
Oklahoma | $500-$4,000 | 9-18 | 160 | |
Oregon | $500-$4,000 | 9-18 | 160 | |
Wyoming | $500-$4,000 | 9-18 | 160 | |
Line of Credit | ||||
Kansas | See terms on OppLoans | See terms on OppLoans | 160 | |
Tennessee | See terms on OppLoans | See terms on OppLoans | 160 | |
Virginia | See terms on OppLoans | See terms on OppLoans | 160 |
OPPLOANS Disclosure: Rates and terms vary by state. Applications processed and approved before 7:30 p.m. ET are typically funded the next business day.
*10% of scheduled payment after 16 calendar days past due
**Your Credit Services Organization fee will be 8-15% of the loan amount monthly. You will also be charged interest by your lender of 25.00% on the loan principal
***You will also be charged interest by your lender of 10.00% APR on loan principal and CAB fees.
OppLoans charges a $75.00 Administrative Fee. A late fee of $15.00 is charged for each payment that is 15 days or more past due. The charge for a dishonored check is $15.00
You have the right to rescind your loan within 3 days of signing your loan contracts.
CONTACT
Suite 3400 Chicago, IL 60601 USA
Contact : OppLoans
Contact: 1-800-990-9130
In Our View
OppLoans is a great choice if you are locked up in a payday loan or title loan. We recommend that you try to get a bad credit loan or personal loan with other lenders before paying high-interest rates with OppLoans. If you have tried every other avenue to pay off paydays loans and were unable to find money, OppLoans is a good solution.
- Payday Loan Roll Over - Payday Loan Roll Over acquired July 2018
- Exceptions to the usury law - Exceptions to the usury law
- Difference between a hard and soft inquiry - Difference between a hard and soft inquiry acquired July 2018
- BBB - Better Business Bureau - BBB - Better Business Bureau
Comments (1)
John
I got $2,000 from opploans, they helped me pay off some payday loans... can't believe i got suckered into getting them in the first place. Was still expensive. best advice, AVOID PAYDAY LOANS