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Get a reasonable cost installment loan from $500 to $5,000, even with less-than-perfect credit.
Bad credit doesn’t mean you have to pay those high rates offered by some other short-term lenders. The lower rates offered by OppLoans can help offset the cost of borrowing, though there are still risks involved.
Aliyyah Camp is a publisher helping folks compare personal, student, car and business loans. Prior to joining Finder, she ran her own personal finance blog and wrote for numerous finance sites. Aliyyah earned a BA in communication from the University of Pennsylvania. She regularly attends industry conferences to stay in the know about market changes that can affect consumers. When she's not helping people with their personal finances, you can find her at the movies or going for a run outdoors.
First, do I qualify?
To qualify for an installment loan through OppLoans, you must:
Live in one of its serviced states: Alabama, Alaska, Arizona, California, Delaware, District of Columbia, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Kansas, Kentucky, Louisiana, Michigan, Minnesota, Mississippi, Missouri, Montana Nebraska, Nevada, New Mexico, North Dakota, Ohio, Oklahoma, Oregon, South Carolina, South Dakota Tennessee, Texas, Utah, Virginia, Wisconsin, Washington or Wyoming.
OppLoans is a direct lender that offers large loans with comparatively lower interest rates than its competitors. Its easy application process, long repayment terms and minimal fees set it apart from your other short-term options, and since it reports to the big three credit bureaus, you may be able to improve your score while paying off your loan.
If approved, your loan funds will be deposited into your bank account, usually within one to two business days.
What are the benefits of using OppLoans?
Get your funds fast. Applications that are approved before 7:30 p.m. EST can be funded as soon as the next business day.
Lower interest than a title or payday loan. While it doesn’t have as low an interest rate as a traditional loan or credit card, OppLoans does provide funds at rates well below the 1,200+% APR you might find with other short-term lenders.
Builds credit history. Making timely payments on your loan could increase your credit score because OppLoans reports to all three major credit bureaus: Equifax, Experian and TransUnion. OppLoans doesn’t report payment history for borrowers in Ohio or Texas, however.
Lines of credit. If you life in a state where OppLoans provides lines of credit — currently only Kansas, Tennessee and Virginia — you may be qualified to have funds whenever you need it without having to fill out another application.
Payment flexibility. OppLoans gives you the ability to change your payment date so you won’t fall behind if your situation changes.
What should I watch out for?
OppLoans offers one of the most affordable short-term loans in the industry when compared to other payday and installment loan providers. But you may want to be aware of other cautions such as:
Limited availability. OppLoans doesn’t operate in every state. You won’t be able to borrow if you live outside of its serviced regions.
High interest. Because Opploans provides loans to people with less-than-perfect credit, the interest rates tend to be high. According to OppLoans’ disclosures, 4 out of 10 people who take out a loan will need to refinance their loan at least once.
How much does a loan from OppLoans cost?
Your ultimate costs will vary depending on your state of residence, how much you borrow and your qualifications. APRs generally range from
99% to 199%
— much lower than that of payday loans.
Specific fees for California, Ohio and Texas residents
If you live in California, you’ll pay a $75 administrative fee. Late and returned checks will incur a $15 fee.
Late fees in states other than California will not exceed 5% of the unpaid amount.
If you live in Ohio, monthly Credit Service Organization fees range from 8% to 15% of the loan amount. You’ll also pay 15% interest on the loan principal.
If you live in Texas, you’ll pay a $30 fee for all returned checks.
What borrowers have to say about OppLoans
OppLoans is accredited by the Better Business Bureau (BBB) and has received an A+ rating as of August 2018, based on its business practices. Out of the over 900 reviews left about OppLoans, the overwhelming majority are positive.
However, there have been a few complaints. The majority concern either OppLoans’ preapproval process or its high interest rates. Even if you’ve been preapproved, there’s no guarantee your loan will actually be funded until OppLoans has checked your credit. And unlike other short-term loan options, OppLoans’ interest rate is capped at 199%. While costly, this is less expensive than similar products.
It doesn’t have any reviews on its Trustpilot page, but reviewers on other sites have given it a positive response. OppLoans’ customer service is often cited as one of their best features, and the large loan amounts set it apart from other short-term loan options.
Is OppLoans legit?
Yes. OppLoans is a legitimate lender and a direct provider. This means that when you call OppLoans, you speak with them. If you are approved for a loan, OppLoans provides the money upfront rather than connecting you with another lender as a broker would.
On top of lending installment loans, OppLoans also runs a blog and has many financial tips to help you through your money issues.
Compare more installment loan providers
Updated September 21st, 2019
How do I apply?
Confirm that you’re a resident in one of the states OppLoans services. Then click the Go to Site button on this page to be directed to OppLoans’s application form.
Live in a serviced state: Alabama, Alaska, Arizona, California, Delaware, District of Columbia, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Kansas, Kentucky, Louisiana, Michigan, Minnesota, Mississippi, Missouri, Montana Nebraska, Nevada, New Mexico, North Dakota, Ohio, Oklahoma, Oregon, South Carolina, South Dakota Tennessee, Texas, Utah, Virginia, Wisconsin, Washington or Wyoming.
Are at least 18 years old and a permanent resident of the US with a SSN.
Minimum monthly income
District of Columbia
In the application form, you’ll be asked to fill out the following:
Your contact details, including your name, address, email and phone number
Your bank account details
Your income and employment details
The application process step-by-step:
Go to the site and click the Apply Now button, then follow these steps:
If you receive a conditional approval, OppLoans will contact you to confirm your information. If you receive a rejection, read below to see what you should do next.
If you received a letter or email from OppLoans stating that you’ve been preapproved, you may be wondering if it’s a legitimate offer. Businesses like OppLoans will do a soft pull on your credit to determine if you might qualify, then will send you a document stating you could possibly take out a loan.
A preapproval offer doesn’t guarantee you’ll ultimately get the loan. Rather, this is a process some lenders use for marketing. Your credit changes monthly, and it may not be the same as when OppLoans did a soft pull.
Some people have left negative reviews online about their experience of receiving a preapproval notice in the mail from OppLoans and then getting rejected after applying. Understand that this is completely normal. You may have been preapproved, but that doesn’t guarantee a loan. You’ll need to meet other eligibility criteria, such as a regular source of income and active bank account, in order to qualify.
If you want to pursue a loan with OppLoans after getting a preapproval notice, you can visit the website listed on your offer and type in the offer code.
I got the loan! Now what?
Budgeting for your payments will help you keep up with the costs of your loan so you can avoid further debt caused by refinancing or missing a payment. A big part of making sure the loan is a smart move for you is fully understanding the costs and repayment terms.
If you think you’ll miss a payment, contact OppLoans right away to see if there’s a way to avoid non-sufficient funds fees or change your payment date. OppLoans offers a refinancing option to eligible borrowers as well as the option to change your payment due date online.
I didn’t get the loan. What happens next?
There are quite a few reasons you might have been denied for a loan. States have different regulations on how many loans you can take out at once or over a period of time, and OppLoans has its own criteria when determining who it will lend to.
People are often denied because they don’t have a high enough monthly income to afford a loan. In this case, you may want to request a lower amount to avoid future rejection. You could also reach out to customer service to ask for a denial reason, take the appropriate steps to fix the problem so that your future applications have a better chance of being approved.
If you’re looking to take out a loan for a longer period than other short-term options offer, OppLoans could be a good decision for you. It’s a highly rated company that’s often complimented for dedicated customer service. With an easy online application, you’ll know if you’re approved within minutes and receive approved funds as soon as the next business day.
Like all online-only lenders, OppLoans needs your bank account information to not only deposit your loan, but also to withdraw your payment when it comes due. This is a common practice, but unfortunately it means that people without bank accounts don’t qualify.
If your application is approved before 9 p.m. CT* Monday through Friday, you may have your loan funded as soon as the next business day. If your loan is approved outside of business hours or during the weekend, your funds should be available by the following Tuesday. Bank holidays may also add an extra day for processing.
*Ohio customers must apply before 8 p.m. CT.
Yes. OppLoans is listed on your TransUnion credit report as FinWiseOppLoans or FinWise/OppLoans on other credit reports.
No, your credit won’t be impacted by applying for a loan with OppLoans.
It may. Although many payday and installment loan lenders don’t require the best credit score in order to take out a loan, OppLoans still reports your payments to the big three credit bureaus.
Yes. You can pay off your loan early and make additional payments at no additional charge.
The best solution is to contact OppLoans. Because of its flexible payment date, you may be able to change to a due date that better suits your circumstances.
Image source: opploans.com
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