If you’re stuck and need cash right away, Personal loans by OppLoans can get you fast funding with loans from $1000 to $10,000
Get funds within one business day.
If you are in need of quick funding, OppLoans may have a solution that suits your needs. High interest rates of payday loans can leave customers in more trouble than when they started, even though OppLoans touts themselves has having better interest rates than their competitors. Be sure to understand how much taking out a payday loan will truly cost you in the end.
Applying online is easy, and approval is same day in most cases. Once you’re approved a contract is drawn up with the terms of your loan that you e-sign, and from there you receive your funds from OppLoans via deposit into your account. Because the process is so streamlined, you could receive your funds within one business day of approval.
|Interest Rate (p.a.)||From 36% (variable)|
|Comparison Rate (p.a.)|
|Interest Rate Type||Variable|
|Minimum Loan Term||9 months|
|Maximum Loan Term||36 months|
|Min Loan Amount||$1,000|
|Max. Loan Amount||$10,000|
- OppLoans allows you to get funding in as little as one business day
- Repayment terms can be anywhere from 9 to 36 months
- High interest
- Limited availability
- Loan amounts vary from $1,000 to $10,000 based on which state you live in
- APR can range from 36% to 199% depending on your state, the amount of the loan, and length of repayment
- Repayment terms can be anywhere from 9 to 36 month(s)
- California has an administrative fee of $75
- Kansas and Virginia have an origination fee of 2% of credit limit and $50, respectively
- Late charges do not exceed 5% of the unpaid amount of the minimum payment for Kansas and Virginia
- Minimum payments can range from 2% to 9% of the principal balance or the credit limit, whichever is greater, in addition to any unpaid interest and fees
- Must be 18 years of age or older
- Only residents of Alabama, California, Delaware, Georgia, Idaho, Illinois, Missouri, New Mexico, Ohio, South Carolina, Texas, Utah, and Wisconsin qualify for loans
- Residents of Kansas, Maryland, Tennessee, and Virginia may apply for a line of credit product
- Have a valid social security number
- Have consistent income
Application Requirements Checklist
- Name and date of birth
- Local address
- Email address and phone number
- Social security number and driver’s license or state ID number
- Military service history
- Deposit account information
Fees & Repayments
- Administrative fee of $75 for California residents
- Late and dishonored check fees for California residents is $15
- Late fees in other states will not exceed 5% of the unpaid amount
- Credit Service Organization fee ranges from 8-15% of the loan amount monthly for Ohio residents
- Ohio residents also get charged 15% interest on the loan principal
- Texas residents incur a $30 fee for dishonored checks
OppLoans allows you to get funding in as little as one business day for when you need money now. The rates offered are advertised as less than other payday loans, and making regular, on-time payments of the minimum balance can improve your credit score.
Any short-term loans should be carefully scrutinized before applying. Even though OppLoans bills themselves as lower interest than other payday loans, payday loans are still the most expensive type of loan you can obtain. It could cost you between $17-35 per $100 you borrow over a 2-week period. It’s also important to compare loan services to one another. Here are some of the places where OppLoans stumbles:
- Limited availability. OppLoans doesn’t operate in every state, so if you aren’t living in one of the states serviced you won’t qualify.
- High interest. Because these are quick, short-term loans, there is a higher interest rate associated with them. Consider if you really need the funds now, and consider all of your options. According to OppLoans disclosures, 4 out of 10 people who take out a loan will need to renew the loan 5 times or more.
- Hard credit check required. When applying for OppLoans personal loans there is not an option for a soft credit check.
Pro-tip: if you need funds now and you know you can make the minimum required payments, the interest and credit check may be acceptable for a quick turnaround.
How to apply
To apply, have your personal information ready including social security number and driver’s license or state identification number. It’s also important to double check that you’re a resident in one of the states that is serviced by OppLoans. When you click the link through this site you will be taken directly to an application for a pre-approved loan.
What is an installment loan?
This is a type of personal loan that requires you to pay the amount borrowed and any interest that accrues during the term of the loan. These payments are made regularly and are usually scheduled for once or twice a month.
What is a payday loan?
Payday loans are more often than not taken out in emergency situations. Usually the loans are for smaller amounts and have shorter repayment terms. Interest on these loans can be astronomical compared to other types of personal loans. Because of the high interest, it’s very important to make payments on time, and to pay off the loan as quickly as possible.
How much can I borrow?
Loans are available for $1,000 up to $10,000 depending on the types of loans offered in your state of residence.
How are loans funded?
Usually loans are deposited in your existing bank account as soon as one business day after approval.
Can I repay early?
You can repay your loan early and make additional payments at no charge.