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 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.