The full trading name for OppLoans is Opportunity Financial. OppLoans is an online lender located in Chicago, Illinois. The organization provides fast personal loans to individuals that have low to reasonable credit scores. While the rates OppLoans offers are high compared to other online lenders, the rates become competitive when compared to other payday loan lenders and loan specialists.
How to Qualify for OppLoans
The following are the minimum requirements in order to qualify for an OppLoans instalment loan:
- Be a resident of one of the following states: Alabama, Delaware, California, Idaho, Georgia, Kansas, Illinois, Mississippi, Nevada, Missouri, Ohio, New Mexico, Tennessee, South Carolina, Utah, Texas, Virginia or Wisconsin.
- Be older than 18 years old
- Have a Social Security Number
- Be prepared to present proof of income and bank account
Terms and Rates of OppLoans
The rates on OppLoans loans can fluctuate between states and can be changed by the loan amount, credit profile, and loan term of the individual lender. Loan terms can be between 6 and 36 months while loan rates can be between 58% APR and 199% APR.
An example rate for a California loan would be an 18-month loan with 160% APR, while someone in Georgia may get a 24-month loan with 59% APR.
Borrowers will also need to consider the administrative fee, which isn’t included in the APR. Administrative fees also vary between states. Kansas borrowers will have to pay fee worth 2% of the credit limit, while Californian borrowers have to pay a flat fee of $75.
Why Should I Apply for an OppLoans Loan?
If you need to get a loan but don’t have a good credit score, then you won’t be able to get a personal loan from a bank or credit union. OppLoans offers bigger loans and better interest rates than their competitors, and loans can be approved as early as the next business day. The payments made against a payday loan can also improve your credit score, which makes it easier to get a loan with better terms in the future.
Other Reasons to Choose OppLoans
- Straightforward and simple online application process
- Long repayment terms
- No financial fees or repayment penalties
How Does OppLoans Work?
OppLoan applications are handled entirely online. Just applying for a loan won’t affect your credit score, and it takes just a few minutes to learn if you are eligible for the loan or not. Eligible borrowers will be presented with the loan agreement instantly. The agreement contains the loan rates and terms. If borrowers are satisfied with the terms in the loan amount and submit the loan agreements then their money is issued the following business day.