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:

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
  • 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 $1000 to $5000. 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

Headquarters
130 E Randolph St

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.

Anchor
  1. Payday Loan Roll Over - Payday Loan Roll Over acquired July 2018
  2. Exceptions to the usury law - Exceptions to the usury law
  3. Difference between a hard and soft inquiry - Difference between a hard and soft inquiry acquired July 2018
  4. BBB - Better Business Bureau - BBB - Better Business Bureau
OppLoans Dislaimer: OPPORTUNITY FINANCIAL, LLC MAY DISCONTINUE OR MAKE CHANGES IN THE INFORMATION, PRODUCTS OR SERVICES AT ANY TIME WITHOUT PRIOR NOTICE TO YOU AND WITHOUT ANY LIABILITY TO YOU. OPPORTUNITY FINANCIAL LLC RESERVES THE RIGHT TO TERMINATE ANY OR ALL OF THE SITE CONTENT WITHOUT PRIOR NOTICE TO THE USER. THE AVAILABILITY OF THE SITE AND INFORMATION, PRODUCTS OR SERVICES DOES NOT MEAN OPPORTUNITY FINANCIAL LLC IS DISTRIBUTING OR SOLICITATING TO ANY PERSON TO USE THE WEBSITE OR SUCH INFORMATION, PRODUCTS OR SERVICES WHERE PROHIBITED BY LAW.