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OppLoans Personal Loans 2022 Comprehensive Review
Ben Luthi is a personal finance and travel writer who loves helping people learn how to live life more fully. His work has appeared in several publications, including U.S. News & World Report, USA Today, Yahoo! Finance and more. Updated on Jan. 1, 2022 Advertiser Disclosure Advertising Disclosure
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. Get Prequalified for a Personal Loan
Answer a few questions to see which personal loans you pre-qualify for. The process is quick and easy, and it OppLoans in the details
Loan Amount $500 – $4,000 APR from 59.00% - 160.00% Term lengths 9 to 18 months Funds available in As soon as one business day OppLoans is best for people who may not be able to get a loan elsewhere
Personal loans from OppLoans are designed for people who may not be able to get a loan elsewhere, but as a result, its APRs are sky-high. So, they should only be used if you have a financial emergency and no other funding is available. However, OppLoans loans are not a good option for people who have fair to excellent credit or are looking to build credit. They’re also not ideal if you need to fund a small emergency expense. Lending terms
OppLoans personal loans range from $500 to $4,000 and are designed for . If you are a resident of Georgia, you may be eligible for an APR as low as 59%, but note that this is not available in any other state. Terms range from 9 to 18 months, giving you far more time to repay the debt than you’d get with a payday loan or title loan. The lender doesn’t disclose a minimum credit score or income requirement, but you must live in one of the 37 states where the lender operates. You should also meet these eligibility criteria: Be at least 18 years old (19 in Alabama and Nebraska) Have a checking or savings account in your name Have a steady source of income Receive your paychecks through direct deposit (New Mexico residents are exempt from this requirement) Not be a covered borrower under the Military Lending Act If you get approved, you’ll receive the loan funds as soon as the next business day. Fees and penalties
OppLoans doesn’t charge an application fee, an origination fee or a prepayment penalty. With APRs as high as they already are, the lack of fees can be a relief. The lender may, however, charge a late fee or a nonsufficient funds (NSF) fee, depending on the state where you reside. How to apply for a loan with OppLoans
OppLoans offers online applications only, and you can apply for a personal loan through the lender's website using your computer, smartphone or tablet. To start the process, you'll need to provide basic information about yourself, including your name, address, phone number, date of birth and Social Security number to confirm your identity. You'll also be asked to create an account with OppLoans with your email address and a password. Then, you'll be asked to share information about your employment situation and income, plus bank details so that OppLoans can send your funds if your application gets approved. After you submit your information, OppLoans will run a credit check, but it won't affect your credit score because the lender doesn't check with any of the major credit reporting agencies. Instead, it checks your credit score through Clarity Services, Inc., another credit bureau, whose report doesn't impact your credit score. The lender does, however, report your payment activity to the three major credit bureaus - Experian, Equifax and TransUnion - so paying on time can help improve your credit score. You may also need to provide documentation to verify your income. Residents of Illinois and Nevada must submit a pay stub. Plus, OppLoans could request a bank statement or award letter if you wish to have alimony, disability or Social Security benefits considered when you apply. Before you accept a loan, though, take a little time to see if you might be able to qualify for more favorable from other top lenders. Get Prequalified for a Personal Loan
Answer a few questions to see which personal loans you pre-qualify for. The process is quick and easy, and it How Bankrate rates OppLoans
Overall Score 4.4 Availability 4.8 Low minimum loan amount of $500-$4,000, approval within minutes and next-day funding Affordability 3.3 Very high APRs compared to other personal loan lenders Customer Experience 4.0 Online application and access and 7-day customer service Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information. On This Page
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