Opploans Review

Company Profile

OppLoans, also known as Opportunity Loans, LLC, is an online lending platform that makes personal installment loans. They are a direct lender that makes loans to people who have less than perfect credit, giving them an opportunity to improve their credit score in the process. The service makes loans in the following 16 states: Alabama, California, Delaware, Idaho, Illinois, Kansas, Maryland, Missouri, New Mexico, Ohio, South Carolina, Tennessee, Texas, Utah, Virginia, in Wisconsin. Loans provided are unsecured, and available for nearly any purpose, including for holiday purchases.

 

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Service Profile

You can borrow up to $10,000, and the interest rate that you will be charged will vary from one state to another. For example, in Maryland your rate can be as low as 24%, while in many states the maximum can be as high as 199%. Best of all, OppLoans makes loans available to borrowers with less than perfect credit, giving them an opportunity to improve their credit score by taking the loan. The application and approval process with OppLoans can be completed within minutes, and you can receive your loan proceeds by the next business day. That means that a loan from OppLoans can be equivalent to a payday loan in speed, but at a much lower rate of interest than what a payday lender would charge.

Loan Features

  • Loan terms: 6 months to 36 months*
  • 24% - 199% APR*
  • Approval within minutes*
  • No collateral required*
  • $1,000 to $10,000 limit*
  • No minimum credit score*
  • Funding on the next business day*
  • No teaser rates or hidden fees*

 

Loan Application Information

With OppLoans the entire loan process takes place online - there is no need for a face-to-face meeting like the kind you have to have with a bank. But at the same time, OppLoans provides a team of loan advisors and customer service representatives to help guide you through the process. In order to be eligible for a loan with OppLoans, you must:

  • Be at least 18 years old

  • Have a stable income

  • Take home at least $1,500 per month

  • Have a direct deposit capability with your bank account

  • Live in one of the 16 states where OppLoans lends

Documentation requirements can include (but are not limited to) your credit report (which OppLoans will order), a copy of your driver's license, and information to document your employment and income. There are no application fees required in order to get a loan through OppLoans, but several states do have fees that are charged in addition to loan interest:

  • California: $75 administration fee

  • Kansas and Virginia: $50 origination fee

Repayment Terms

Specific repayment terms can vary from one state to another. Though the range of repayment is between six months and 36 months, the maximum repayment term in some states may be as little as 24 months. OppLoans also offers an opportunity to repay your loan based on bi-weekly payments. You can set up your payments to work through payroll deductions, but with OppLoans you can also have an ACH debit established so that the payments can be paid automatically through your bank account. There's no need to write a check and have to mail it to a remote address for payment. You can repay your loan early, and there is never a pre-payment penalty fee.

Help & Support

You can contact OppLoans by direct mail, or by email through the website. Customer support is also available by toll-free phone. You can reach them Monday through Friday, from 7:00 AM to 7:00 PM, Central standard Time, or on Saturday, from 9:00 AM to 4:00 PM. There is a FAQ page on the site that will provide answers to many of your questions. OppLoans is also active on the social media through Facebook, Google+, YouTube and Twitter.

Summary

OppLoans is an excellent loan source if you have less than perfect credit and normally borrow through payday loan sources. Loans can be up to $10,000, are unsecured, and offer you an opportunity to improve your credit score when you make your loan payments on time. It is a perfect loan for you to re-establish your credit after having experienced a period of financial difficulties.

Physical Address

Opportunity Financial

11 E. Adams Street, Suite 501

Chicago, IL 60603

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