OppLoans offers online installment loans to bad credit borrowers nationwide. These personal loans are designed as an alternative to payday loans for borrowers who need quick funding at interest rates that are still very high, but lower than payday lenders. The company boasts over 300,000 customers. OppLoans provides access to credit via a partnership with FinWise Bank, which originates the loans in some states.
- Bad or poor credit is not an obstacle to approval.
- Applying doesn’t impact FICO credit scores.
- There are no prepayment penalties.
- The maximum loan is $4,000.
- Interest rates are much higher than traditional personal loans.
OppLoans offers personal loans that can be used for several purposes, including:
- Car repairs
- Household expenses
- Paying rent
- Medical expenses
- Major purchases
- Consolidating and paying off other loans
OppLoans personal loans range from $1,000 to $4,000. The maximum repayment term for a personal installment loan is 36 months. Individual loan interest rates and repayment terms are determined by the state in which the loan originates. This also determines whether the borrower pays an origination fee for a loan and if so, how much. OppLoans does not charge a prepayment penalty for repaying a loan early.
While no minimum credit score for approval is disclosed on the company’s website, OppLoans personal loans are designed for borrowers with poor or bad credit. Borrowers do need to have a traditional bank account open in their names with at least 90 days of banking history, and receive their paychecks through direct deposit. OppLoans borrowers must also have at least three months’ of employment and income history for approval.
Personal Loan Finder
Select your desired loan amount and loan purpose, your desired credit score range, and your state to see estimated annual percentage rates and loan terms.
OppLoans has an A+ rating with the Better Business Bureau.
Borrowers can apply for a personal loan with OppLoans online. There is a credit check, but it does not affect FICO credit scores. Borrowers must verify their bank account as part of the application process, which can be done securely online. Loan details and payments can be viewed and scheduled through an online account.
- People who have poor or bad credit scores
- People who need to borrow $4,000 or less
- People who need loan funding quickly