OppLoans is a short-term lender that lends money to borrowers with even the lowest credit scores. They offer consistently fast approvals for their personal loans. Also, OppLoans rates vary even more widely than most online lenders. However, OppLoans also offers loans to borrowers with far worse credit than most lenders would accept.
Unlike most lenders, OppLoans offers loans without a credit check. This makes them an option that might be worth considering if your credit score is too low to allow you to get a normal personal loan. However, their loans will carry much higher APRs than other bad credit personal loans.
What OppLoans Does
OppLoans is a regular online personal loan provider, at least on the surface. The company specializes in loans for those with bad credit, and they offer several options for bad credit borrowers.
No Credit Check Loans
OppLoans rates for no credit check loans will be higher than the rates on their other options. You can get a personal loan without a credit check if you would like, which is a good option if you have very low credit.
No credit check loans are applied for in the same way that any other personal loans would be. The difference is that OppLoans will look at financial information other than your credit score. Instead, they will look at your job, income, bank statements, and financial history.
Bad Credit Loans
Bad credit loans will carry far fewer requirements than other personal loans. Bad credit loans are meant only for borrowers with bad credit who would like to avoid the serious drawbacks of payday loans.
Bad credit loans from OppLoans are very easy to get and you can have the funds sent to you in two days or less. These loans are meant as an alternative to payday loans that carry extremely high APRs of over 199%.
Personal Installment Loans
OppLoans rates for installment loans are better than their other options. This option still doesn’t necessarily require a credit check. They will assess you based on other information like your income and personal banking history. You will need a minimum income of $1,500 per month to qualify.
Personal installment loans are simple. They involve a simple application process followed by an assessment and an offer. If you accept their offer, your first repayment will be due as per your agreement with OppLoans.
Debt Consolidation Loans
The last loan that OppLoans offers is debt consolidation. Debt consolidation loans are loans that are meant to pay for the balances of all your other loans. The idea is that you combine all your loans into one single loan with a longer repayment term. That makes it simpler and easier to pay back the money you owe. You can often get a better interest rate with a debt consolidation loan, meaning you can also save money with them.
How OppLoans Works
OppLoans offers these loans the same way most lenders do. There is one main difference: they don’t check your credit score.
All you need to do is choose which one of the four loan types you are looking for and send an application. Their online application form is easily found on their website. Then, after you click through to the application form, you will be asked for simple personal identification and financial information. OppLoans will use this information to assess you and come up with an offer.
If you accept an offer that OppLoans sends you, they will send you the money. From that point on, you will have to repay them as per the terms you agreed to.
OppLoans provides personal loans meant for bad credit borrowers looking for an alternative to payday loans. So, their rates are better and their repayment terms are longer than you could get with a payday loan. The thing is, payday loans have extremely high APRs and extremely short repayment terms. OppLoans does better than them, but their loans are still very expensive and have very short terms compared to other non-payday lenders.
OppLoans rates are high and their APRs start at 59% and can go as high as 199%. The company only provides small loans of up to $4,000.
Compared to other lenders, OppLoans is straightforward about their rates. They do not advertise themselves as being a cheaper personal lender. Instead, they advertise themselves as an alternative to payday lenders, who often carry APRs of 300% to 400%. So, OppLoans rates are very bad when compared with most other personal lenders. However, if your credit score is extremely low and payday lenders seem to be your only option for a loan, OppLoans is a much better alternative.
The rate you get from OppLoans will depend on their assessment of you. If you have a history of bankruptcies, missed debt repayments, or other red flags, they will charge you higher rates. If you just have a low credit score (which they don’t even check), but you have a stable income and your bank statements don’t show signs that you will likely fail to make payments, you will get an APR closer to 59% on your loan.
When Should I Consider An OppLoans Installment Loan?
If you have a credit score and income that give you access to other alternative personal loans, you should shop around. OppLoans offers very expensive loans for a personal lender. If you can access options other than payday loans, it won’t be hard to find a better rate than the one OppLoans will offer you.
However, OppLoans is good at what they do. As an alternative to payday loans, they won’t check your credit score. They also send their funds on the next business day. So, you can use OppLoans as a better alternative to payday loans to take on less risk and save more money. They will also give you more time for repayment than a payday lender would.