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OppLoans Review

Saturday, October 16th

2021 Personal Loan Reviews

OppLoans Review 2.5 Star Rating

OppLoans

2.5 Star Rating
  • Loans available from $500 to $4,000
  • Interest rates higher than other personal loan lenders
  • "A+" rated and accredited by the BBB
  • Available in 33 states
  • Funds available within 24 hours
  • No prepayment fees

OppLoans specializes in personal loans for "middle income, credit-challenged consumers" who may have a hard time getting funding through more traditional lenders. They've helped over 500,000 customers get up to $4,000 within one business day over the last 10+ years.

Easy to qualify to borrow money

What are the eligibility requirements for applying for a personal loan with OppLoans? You only have to be at least 18 years old (or 19 in Nebraska and Alabama) and have a regular source of income with direct deposit going to a checking or savings account.

Available in 33 states

You also have to live somewhere that is part of OppLoans' area of operations. At the time of this review, OppLoans offered loans in 33 states nationwide. In four states (Alabama, Georgia, Nevada, Wisconsin), OppLoans funds personal loans directly but in others they're originated by one of the provider's lending partners. Rates and terms vary by location, and you can get sample loan information by clicking on the "Rates and Terms" link and then on your state of residence.

Extremely high interest rates

Objectively speaking, those rates and terms aren't very appealing. In fact, they're closer to what you'll find in a payday loan rather than a traditional personal loan. Running through the rates listed on their website, we ran through several examples where the amount of money required to pay back the loan was almost twice the amount that you borrowed in the first place. Clearly this personal loan option is meant for people with few alternatives.

Helpful financial education available

On a more positive note, OppLoans has a credit education course called OppU that anyone can use for free. It teaches financial topics like budgeting, saving, credit education and more - which you may need if you're in a position where you're considering a high interest rate personal loan like the ones offered by OppLoans!

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No prepayment penalty

Another plus is that OppLoans doesn't charge any prepayment fees. If you take out a high interest rate personal loan, you'll want to pay it off as quickly as you can to save money. We appreciate that this lender doesn't penalize you for making a good financial choice by paying back what you borrowed as soon as possible.

Good reputation

In spite of the high rates and terms of the personal loans here, we're glad to see that the lender maintains an "A+" rating and accreditation with the Better Business Bureau. There were about 100 complaints filed against OppLoans in the three years leading up to this evaluation, but hundreds of positive reviews were also submitted over that same timeframe. Clients said that OppLoans was extremely easy to work with, transparent with all of the loan terms, and a great option for anyone who doesn't qualify for a more traditional personal loan with another lender.

Featured by many loan referral services

We were also reassured to see OppLoans included by many of the personal loan referral platforms in our review. Such services work hard to connect borrowers to reputable lenders, which is a good indicator that OppLoans can be trusted.

Trustworthy option for the "credit challenged"

For the "credit challenged" , OppLoans is a helpful resource. The company offers personal loans at high rates, but that are still lower than the average payday lender. All signs show that the entire process is clearly explained and serviced well throughout the lifetime of the loan. For those with decent credit, there are much more affordable ways to get a personal loan - but if those options fail you, OppLoans is worth consideration.

Where Can You Find the Best Personal Loans?

With inflation on the rise and an endless list of possibilities for unexpected expenses - car repairs, visits to the ER, and broken appliances, to name a few - it's no wonder that an increasing number of people are applying for personal loans.

Sound familiar? If you find yourself in need of some cash, you've probably considered borrowing from a friend or relative - but there's no guarantee that your loved ones are in a position to help, and who really wants to ask? Fortunately, you've got options that don't involve an awkward conversation with people you know. There are many lenders that specialize in personal loans ranging from $500 to as much as $100,000, with simple application processes that can be completed 100% online.

The Best Personal Loans Compare Personal Loans Compare Personal Loan Reviews What are the best Personal Loans Best Personal Loan Reviews

Personal Loan FAQ

Any way you like! Personal loans typically don't come with restrictions on how they're used. Paying off high-interest credit cards, splurging on a luxury item you've always wanted, taking a much-needed family vacation: you can use your personal loan for all of that and more.
Most banks and credit unions offer personal loans, but your financial institution might not offer the most competitive rates. There are many lesser-known sources that want to earn your business with lower APRs and more personalized attention over the life of the loan.
That depends on a number of factors, such as your credit history and income. It's definitely worth shopping around, just like you would when buying a car or other big-ticket item. Consider using a service that allows you to get loan offers from multiple lenders with a single application: that will make it more likely that you'll get the best possible rate and terms on your personal loan.
When you're making an initial inquiry to see if you qualify for a personal loan, it usually involves a "soft pull" on your credit - verifying your identity, credit score, and current debts. That will not lower your credit score. However, if you take the next step and apply for a specific loan, expect that your credit score may dip a (but only temporarily).
Most lenders allow you to complete the process online, from beginning to end. That's a big perk for people who can't get to a brick-and-mortar bank during regular business hours.
Personal loans are available in amounts ranging from $100 to $100,000. Before you get too excited and start planning how you'll spend the money, keep in mind that the amount you'll actually be approved for depends on your financial situation. The higher your credit score and the lower your outstanding debts, the more likely it is that you will qualify for a bigger loan.
The application process can be extremely fast: some lenders can approve your loan in just a few minutes. Once you accept a personal loan offer, most providers will direct deposit the funds within 1-5 business days.
As with any kind of loan, it's important to keep track of the details: don't borrow more money than you can comfortably repay, make on-time payments every month, and communicate with your lender if unforeseen circumstances arise (e.g. unemployment, natural disaster, disability) and you need forbearance or other accommodations. It's also wise to check out the reputation of the lender: reviews from previous clients and a rating from the Better Business Bureau can be very informative as you decide which provider to use for your personal loan.
Compare the Best Reviews

Continued from above...

What's the catch? There isn't one, as long as you choose your lender carefully. Some providers of personal loans charge excessively high interest rates and offer shorter-than-average terms, making it harder for you to pay it back on time. On the other hand, most reputable sources of personal loans are completely transparent with their interest rates, give repayment terms of up to five years, and won't charge you any fees if you're able to pay off your loan earlier than anticipated.

How can you determine which lender is the best choice for your personal loan? That largely depends on your individual circumstances, but there are several factors to keep in mind as you consider your options. They include the following:

  • Loan amount. How much can you borrow? Some lenders offer a maximum loan of $4,000 or less, while others can fund loans of $25,000 or more. Make sure the provider you choose can actually give you the money you need.
  • Loan terms. How much will you pay in interest? How long will you have to repay the personal loan? Are there any origination fees, prepayment penalties, or other costs associated with the loan?
  • Eligibility. What is required to qualify for a loan? Some lenders have minimum credit score requirements, residency requirements, or other criteria you need to meet to be approved for a loan.
  • Referral service or direct lender. Some personal loan platforms work as a one-stop shop to compare offers from multiple institutions, while others fund your loan directly. A referral service is a great way to make sure you're getting the lowest possible interest rates, but you may still have to go through the application process with the lender itself.
  • Reputation. What do other borrowers say about their experience with the lender? Has the company gotten a positive evaluation from the Better Business Bureau?

TopConsumerReviews.com has reviewed and ranked the best providers of personal loans available today. We're confident that this information will help you get the money you need, deposited quickly and at the lowest possible rates!

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