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Saturday, October 16th
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!
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.
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.
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.
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:
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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