OppLoans are no-credit-check small loans with fast funding but very high rates. These loans are designed for individuals who need quick access to cash but may not qualify for traditional loans due to their credit history. While OppLoans can provide a fast solution in financial emergencies, it's important to note that the interest rates are significantly higher compared to other loan options.

Pros and Cons

Pros

1. Fast Funding. OppLoans provides quick access to funds, making it a viable option for individuals facing a financial emergency and needing money quickly.

2. Reports To Major Credit Bureaus. This feature can help borrowers improve their credit score by making timely payments, which is beneficial for building or rebuilding credit history.

3. Payment Is Tied To Borrowers’ Pay Schedules. This alignment can make it easier for borrowers to manage their loan repayments, ensuring that payments are made on time and reducing the risk of missed payments.

Cons

1. High Interest Rates. OppLoans loans come with significantly high interest rates, making them an expensive borrowing option. Borrowers should be aware of the cost implications before taking out a loan.

2. Interest May Make Up More Than 50% Of The Loan Amount. The high cost of borrowing means that a substantial portion of each payment goes toward interest rather than paying down the principal loan amount.

3. Does Not Offer Pre-Qualification. Without the option to pre-qualify, borrowers may not know their potential loan terms and interest rates until after they apply, which could impact their decision-making process.

How to Apply for an OppLoans Loan?

1. Choose Your Application Method. You can apply either online or in-store, depending on your preference and convenience.

2. Fill Out The Application Form. Complete the application form by providing all required personal and financial details.

3. Provide Necessary Documentation. Ensure you have the following documents ready government-Issued ID, proof of income, and bank account information.

4. Submit Your Application. After filling out the application and providing all required documents, submit your application.

5. Wait For Approval. The review process is typically quick, and you will be notified of the decision soon.

Conditions and Requirements

Conditions

• APR. The estimated Annual Percentage Rate (APR) for OppLoans ranges from 160.00% to 179.00%. This high APR reflects the cost of borrowing through OppLoans and can significantly increase the total repayment amount.

• Loan Amount. Borrowers can apply for loan amounts ranging from $500 to $4,000. This range provides flexibility depending on the borrower's financial needs and eligibility.

• Repayment Terms. OppLoans offers repayment terms of 9, 12, and 18 months. These terms provide options for borrowers to choose a repayment period that best fits their budget and financial situation.

Requirements

1. Age. You must be at least 18 or 19 years old to apply for a loan.

2. Residency. You need to be a resident of the state where you are applying for the loan.

3. Government-Issued ID. Provide a valid ID such as a driver’s license or passport to verify your identity.

4. Proof Of Income. Documentation like pay stubs or bank statements to demonstrate your income.

5. Active Checking Account. You must have an active checking account where the loan funds can be deposited and from which payments can be withdrawn.

How to Choose a Lender

1. Confirm Licensing. Ensure that the lender is licensed to operate in your state. Verify this information with your state regulator or attorney general. This step is crucial to avoid illegal lenders and ensure the protection of your consumer rights.

2. Check Membership In Reputable Associations. Look for lenders that are members of reputable associations, such as the Community Financial Services Association of America. Membership in such organizations can indicate reliability and adherence to industry standards.

3. Review Terms And Conditions. Carefully review all the terms and conditions of the loan contract. Pay attention to the fine print to understand the lender's policies, fees, and your obligations as a borrower.

4. Examine Interest Rates And Total Loan Cost. Thoroughly examine the interest rates on the loan and ensure your contract includes a detailed breakdown of the total cost of the loan. This helps you understand the full financial impact of borrowing and compare offers from different lenders.

5. Understand Your Right Of Rescission. Take advantage of your right of rescission, which typically allows you to rescind the loan within three days after signing the agreement. Alternatively, use the "cooling-off" period to thoroughly review the contract and make an informed decision before committing to the loan.

OppLoans. Apply Online