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OppLoans

August 8, 2017 by Leave a Comment

Opportunity Financial

OppLoans

Best for borrowers in the 600-700 FICO range.  OppLoans is an installment lender that operates in 18 U.S. states.

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5.0
Our Score

  • The Good
  • The Bad
  • The Summary
  • Reviews

Home › Review › Loans › Payday & Installment Loans › OppLoans

The Good

Simply put – customer satisfaction.  OppLoans has one of the highest consumer satisfaction ratings of any company anywhere on the credit spectrum.  We are referring to independent reviews sites such as Google and Facebook – not review sites where companies can pay to infuence their score.

At the time of this writing, their Google user reviews score is 4.8 out of 5.0 stars.

opploans-google-reviews

OppLoans has a 4.9 rating on Facebook, an A+ rating with the BBB, and at the time of this writing, has provided loans to over 100,000 consumers.  Applying for a loan on OppLoans is a pretty simple process that conducts only a soft pull on your credit.  It is NOT a hard pull (which can impact your actual FICO score when applying for other loans – read more about hard credit inquiries here).  So applying for a loan with OppLoans will not effect your credit.

 

What is an Installment Loan

Like a payday loan, and installment loan is unsecured and invovles very little underwriting to determine the consumer’s ability to payback the loan.  However, unlike payday loans, nstallment loans are typically at a lower interest rate and are paid back over a longer period of time.

How Much Can I Borrow?

OppLoans makes loans with a minimum amount of $500 and a maximum amount of $5,000.  APR rates very from 22% to 199% depending on the monthly payments and the loan amount.

 

How Much Will It Cost?

Monthly payments vary depending on the loan amount, term and rate. For example, a loan of $2,000 with a rate of 99% APR and a 17 bi-weekly installment plan will have monthly payments of approximately $288.  In general, the quicker you can pay back a loan, the lower the interest rate on it that you will pay.

The Bad

Working with OppLoans is limited most by their geography.  At the time of this writing, OppLoans operates only in the following states:

 

OppLoans States:

Alabama, California, Delaware, Georgia, Idaho, Illinois, Kansas, Maryland, Missouri, New Mexico, Ohio, South Carolina, Tennessee, Texas, Utah, Virginia, Wisconsin

 

Of course, one should evaluate the suitability of an installment loan before accepting this money.  While marginally better than a payday loan, it is still a very high interest rate and should be paid off as quickly as possible.

 

The Summary

If an installment loan is needed for your current financial situation, OppLoans is clearly one of the most reputable lenders in the space.

 

They have interest rates competitive with other installment lenders paired with extremely high levels of customer service.  Their call center representatives are professional, available, and offer factual information based upon our review.

Ratings Breakdown

Loan Amount$5000

Max Length1.5 years

Credit Score580 - 700 FICO

APR Range22.0-199.0%

Availability18 US states

Year Founded2010

Review Last Updated: August 8, 2017

How We Rate

BrightRates provides unbiased reviews to help consumers make better financial decisions. We are serious about the editorial integrity of our reviews.

If you see a fact that is misprepresented, please contact us.

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THE OPERATOR OF THIS WEBSITE IS NOT A LENDER, does not make credit decisions, and does not charge any application fees. This Website does not constitute an offer or solicitation to lend. This Website provides a service wherein we submit the information you provide to one or more lending platforms and attempt to match you with a lending platform. This service is not available in all states, and the states serviced by this Website may change from time to time and without notice. Providing your information on this Website does not guarantee that you will be matched with a lending platform or approved for a loan. The lending platform may perform a credit check or otherwise verify the information you provide. Not all lending partners offer loans up to the advertised amount and not all lending platforms can provide you with the loan amount you requested. Loan amounts are determined by the lending platform based on individual creditworthiness. All financial terms of the loan will be provided to you by the lending platform. Loan terms, conditions, and policies vary by lending platform, state, and applicant qualifications. For details, questions, or concerns regarding your loan please contact your lending platform directly. In some situations, faxing or emailing of documents may be required. Cash transfer times may vary between lending platforms and may depend on your individual financial institution. Loan repayment periods could vary by lending platform and location. Not all applicants will meet the lending criteria to qualify for a loan. Borrow Responsibly – A short-term loan is ideally used for short-term financial needs only, not as a long-term financial solution. Late or missed loan payments may be subject to increased fees and interest rates. lending platforms may use collection services for nonpayment of loans. We recommend seeking credit counseling if you have financial difficulties.