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Should you use OppLoans?
| You may like OppLoans if you ... | You may not like OppLoans if you ... |
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How OppLoans works
OppLoans loan amounts range from $500 to $4,000. OppLoans only offers loans to customers in 37 states and DC. Loan terms range from nine months to 24 months, depending on the state you live in.
Depending on your credit score, where you live, and other financial factors, your APR will range from
Still, if you're in need of money fast and are looking for a shorter loan term, OppLoans is likely a better option than a payday loan. Many payday loans have APRs as high as 400%.
You may want to see if you qualify for personal loans with lower APRs at other companies, as OppLoans rates are significantly higher than many competitors. You could also look into credit cards for people with bad credit, as you may be eligible for a lower APR and better terms with a credit card. Weighing the pros and cons of your choice will help you get the best deal possible.
Most loans from
You won't pay any fees with an OppLoans loan, including an origination fee, late fee, or prepayment penalty.
Depending on what you need help with, you can email one of five customer support accounts, which you can find here. You can also call 800-990-9130 Monday through Friday, 7:00 a.m. to 11:30 p.m. CT, or on Saturday and Sunday from 9:00 a.m. to 5:00 p.m. CT. If neither of those options works for you, you can send mail to either the Chicago or Nevada branch of the company at the addresses listed here.
OppLoans has a detailed frequently asked questions section, sorted by topic.
You'll need to meet the following requirements to apply:
- Be at least 18 years old (or 19 in Alabama and Nebraska)
- Have a regular source of income
- Have a checking or savings account
- Receive paychecks through direct deposit (unless you live in Nevada)
If you live in one of the following states, you are not eligible to take out a personal loan from OppLoans:
- Colorado
- Connecticut
- Illinois
- Iowa
- Maryland
- Massachusetts
- New Hampshire
- New Jersey
- New York
- North Carolina
- Pennsylvania
- Vermont
- West Virginia
What credit score do you need?
There is no minimum credit score required to qualify for an
You won't impact your credit score if you check your loan rates with OppLoans, because the company only produces a soft credit inquiry when pulling your credit report. A soft credit inquiry isn't visible to third parties and won't damage your score. At no point in the loan approval process will OppLoans perform a hard credit inquiry.
OppLoans may be a good choice for you if you have poor credit. There is no minimum credit requirement, and the company specializes in providing loans to those who aren't normally eligible with other financial institutions. On the other hand, you should recognize that the lower your credit score, the higher your APR could be — and OppLoans rates top out as high as 160%.
Unless you need money fast, you may have time to improve your credit score before applying for a personal loan. Paying your bills on time and keeping low credit card balances could result in a lower interest rate. That said, if your credit score increases, you'll still get a better rate at a lender other than OppLoans.
Is OppLoans trustworthy?
Keep in mind that a great BBB rating doesn't necessarily mean you'll have a great relationship with OppLoans, so ensure you also read reviews and ask friends and family about their experiences with the company.
OppLoans does not have any recent controversies. As a result of its clean history and top-notch BBB rating, you might choose to use OppLoans as your personal loan company.
Pros and cons
How to get an OppLoans personal loan
The application is only available online and can be completed in several minutes. You'll need basic information for the initial application, including:
- Name
- Contact information including your address, phone number, and email
- Date of birth
- Social Security number
- Individual monthly income
- Income type
- Payment method
- Payment frequency
- Banking details
Your funds will be received based on the time when your application is approved. OppLoans lays out the likely delivery times as follows:
- If your loan is approved before 8:00 p.m. CT from Monday through Thursday, you can expect your money the next business day.
- If it's approved before 8:00 p.m. CT on Friday, you'll likely get your cash on Monday.
- If it's approved after 8:00 p.m. CT on Friday, Saturday, or Sunday, you can plan to receive your funds on Tuesday. If your approval day or deposit day aligns with a bank holiday, you'll need to wait one extra business day for processing.
How OppLoans compares
Although rates will depend on your unique situation,
| Image may be NSFW. Clik here to view.  | Image may be NSFW. Clik here to view.  | Image may be NSFW. Clik here to view.  |
Min. credit score None | Min. credit score Unspecified | Min. credit score 600 |
APR | APR | APR |
Origination fee? No | Origination fee? Yes | Origination fee? No |
OppLoans review vs. LendingClub review
OppLoans won't charge you any fees, but this comes at the cost of a significantly higher APR than with LendingClub.
With LendingClub, you'll pay an origination fee between 1% to 6% of your total loan amount, and this fee will be baked into your overall loan APR. The company may also penalize you if your payment is more than 15 days past due.
You'll likely get your funds faster with OppLoans than with LendingClub. OppLoans will usually send you your funds within one business day of approval, while LendingClub can take between two to four business days.
OppLoans has a maximum loan term of 24 months, while LendingClub has a minimum loan term of 36 months. If you're looking to spread out your costs over a shorter period, LendingClub might be a better choice for you.
OppLoans review vs. Avant review
OppLoans has no official minimum credit score requirements, while most of Avant's customers have a credit score between 600 and 700.
Avant offers loans to all 50 states and Washington, DC, while OppLoans only provides loans to customers in 37 states and DC. If you live outside of OppLoans coverage area, Avant is the better choice.
OppLoans doesn't have a mobile app, while Avant does. So if managing your personal loans on the go is important to you, you may want to go with Avant.