If you don’t want to take out a payday loan, an installment loan through OppLoans could be the right decision for you
If you need money quickly but can’t pay it back within a few weeks, you may want to look into an installment loan with a fixed rate and scheduled payments. OppLoans offers more money than a traditional payday loan without needing to pay it back in one lump sum on your next payday. The amount you can borrow varies by state.
OppLoans is a legitimate lender with great customer reviews. Read on to learn more about their services.
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.
How can OppLoans help you?
OppLoans offers personal loans for as little as $500 that can be used for almost any legitimate purpose.
Key information about OppLoans includes:
- Loan term. 9 to 36 months depending on eligibility and state of residence.
- APR. Varies between 99-199 depending on loan term, eligibility and state of residence.
- Fees. Varies by state, but can be upward of 15% of the amount borrowed.
- Borrower maximums. Usually $4,000, but depends on state of residence.
- Turnaround time. 1 business day.
Currently OppLoans offers services in Alabama, Alaska, Arizona, California, Delaware, Florida, Georgia, Idaho, Illinois, Indiana, Kansas, Kentucky, Michigan, Mississippi, Missouri, Nevada, New Mexico, Ohio, Oklahoma, South Carolina, Tennessee, Texas, Utah, Virginia and Wisconsin.
There are specific laws around installment loans in every state that are designed to protect borrowers. Caps on interest rates and loan fees are designed to help keep predatory lending to a minimum, but these regulations don’t catch all lenders. OppLoans offers a lower interest rate than other installment loan providers, and while it isn’t as low as a traditional loan from a bank or credit union, it can be a better option than a payday or title loan.
What else does OppLoans have to offer?
- 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 bank or credit card, OppLoans does provide funds at rates well below the 1,200+% APRs you find with other short term lenders.
- Reliable customer service. OppLoans provides a phone number you can call to contact the company directly for any questions you may have.
- 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.
Is applying for an installment loan online safe?
When it comes to your financial details and identity, security should be a top priority whether you’re in an office or online.
OppLoans has privacy protection that safeguards your information from being farmed out for profit to other businesses.
Be on the lookout for predatory lending
Though OppLoans is an installment loan provider, rather than a payday lender, there have been illegitimate companies dealing in similar loans. A mortgage is a type of installment loan, and recent history shows that lenders can be just as ruthless with installment loans as payday.
There are a few things to look out for with short term installment loans:
- High interest rates. While not as high as some payday loans, the APR for OppLoans installment loans usually ranges between 99-199.
- Risk of a debt spiral. Taking on a loan that you can’t make regular payments on can lead to needing to refinance–which can result in more fees, penalties and a negative impact on your credit.
According to the Pew Charitable Trusts, nearly 12 million Americans take out short term loans annually. Repeat borrowers are a common trend among those individuals, and some companies will even reward regular borrowing.
One of the biggest ways to avoid repeat borrowing is to ensure you can pay off any loan you take within the terms of that loan. If you don’t make payments in full and on time, it could negatively affect your credit score and open you up to late fees. Be aware that some lenders will penalize you for making an early payment. Always read your contract carefully before signing.
What else do I need to know?
OppLoans is a direct lender rather than a broker. When you apply with them, you’re trying to get funding from them directly. This means that when you call, you’re actually going to speak with a representative of the company instead of a broker.
Lending brokers can be useful because they can connect you with lenders you may not reach otherwise, but illegitimate brokers could sell your information to lending companies long after you’ve applied.
Before you apply for any loan, be sure to read the fine print. Lenders are legally bound to telling you what they do with your information. If you can’t find this information, consider another lender instead.
What other options are available?
Despite having less in the way of fees and lower APRs, installment loans still may not fit the bill. If Opploans isn’t right for you or doesn’t serve your state of residence, compare APRs, fees and details of similar providers. There are also options outside of a short-term loans that you can consider:
- Secured credit cards. A secured credit card may be a reasonable option if you’re looking to make a big purchase. Some secured credit cards have significantly better APRs than short-term loans, and a few even have introductory offers. Keep in mind that you’ll need to make an initial deposit of the credit limit to begin using the card.
- Bad credit personal loans. These personal loans options are offered by lenders who accept applicants with low credit scores of less than 600. The interest rates will be higher than more competitive loan offers, but may be more affordable than typical installment loans.
If you’re looking to avoid payday loans, OppLoans is a legitimate lender who will work directly with you to get you through a rough financial time. While there are other options, if you have a less-than-perfect credit history, an installment loan from OppLoans may be a way to fund any budget pitfalls you might have.