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Opploans Personal Loans Review

Is Opploans a Good Company?

Need a personal loan but worried that you may not get a good deal? Don’t worry, Opploans can be a great option for you. Opploans provides borrowers with high-cost personal loans that are much better than those offered by traditional banks and credit unions.

But are Opploans really the right choice for your financial needs and are they even a legit and good company? In this review, we’ll be taking a look at Opploans and exploring the features of their personal loans, so you can decide if they’re the right option for you.

Opploans is an online lender that offers personal loans to borrowers with bad credit. Opploans has a simple online application process and offers competitive rates and terms for personal loans.

They offer personal loans, payday loans, installment loans and consolidation. The amount you can borrow starts from $500 and goes to $4,000. 

Loan Amount From $500 to $4,000
Loan Terms 9 to 18 months
APRs 59,00% – 160,00%
Origination Fee No
Prepayment Fee No
Immigration Status Considered U.S clients from certain states.
Employment Statuses Considered    Full-time and part-time employed
Intended Use Car repair, home repair, debt consolidation, medical expenses.
Joint Loan Applications Accepted No
Verification Documents Required  Tax returns and pay stubs
Late Fee No
Minimum Credit Score None
Minimum Income $1,500
Loan Purpose Personal use 
Supported Income Types Borrower must have steady income
How Long To Get Funds Same day or next day funding
Other Prerequisites Must be over 18 years old

Opploans Overview

Opploans is a personal loan provider that offers loans to people with bad credit. Opploans was founded in 2009 and is headquartered in Chicago, Illinois. The company has been accredited by the Better Business Bureau since 2013 and has an A+ rating.

They offer personal loans of up to $4,000 with very high-interest rates. Loans are repaid over a period of 9 to 18 months, and there are no prepayment penalties.

To qualify for a loan, you must have a regular source of income and an active checking account. You must also be at least 18 years old and a resident of the United States.

Overall, they are considered a high-interest rate lender and even though you can get the desired amount needed, it can cost you more later on than you actually borrowed. This can present a problem for some people. 

If you are interested in taking out a loan with Opploans, you can apply online or over the phone. In case you are approved for a loan, you will typically receive your funds within 24 hours. Considering they have high-interest rates, we do recommend you think hard about it. 

Opploans Personal Loan Rates, Terms, and Fees

The rates, terms, and fees for Opploans personal loans are very high in comparison to other personal loan lenders. The interest rate is high and the APR starts from 59.00%, and the loan term is between 9-18 months. There is no origination fee or prepayment penalty. The minimum loan amount is $500, and the maximum loan amount is $4,000.

The repayment schedule for an Opploans personal loan is flexible, and you can choose to make weekly, bi-weekly, or monthly payments. You can also sign up for automatic payments to ensure that your payments are always on time.

Types of Personal Loans Offered by Opploans

When it comes to Opploans, they have a couple of different types of personal loans they offer. Here is what they have:

  • Car repairs 
  • Home repairs and renovations 
  • Credit card and debt consolidation 
  • Medical debt payoff

How to Apply for Opploans Personal Loans

If you’re looking for a personal loan, Opploans can be one of the options to consider. Here’s how to apply for an Opploans personal loan:

  • Fill out your application
  • To apply for an Opploans loan, you’ll have to provide basic information like your name.
  • View your offer
  • If you are approved, Opploans will provide you with your loan terms.
  • Finalize the loan
  • After you review your offer, finalize and sign the loan documents. This will initiate the disbursement of your loan funds.
  • Start making payments

How to Qualify for Opploans Personal Loans

If you’re looking for a personal loan and don’t have the best credit, you may be wondering if Opploans is a reliable source. This direct lender offers personal loans to borrowers with bad or no credit. They’re one of the few lenders that consider more than just your credit score when evaluating your loan application. So, if you have bad credit but a steady income, you may still qualify for a loan from Opploans.

To qualify for a loan you must:

  • Be at least 18 years old (19 in Alabama)
  • Have a regular source of income
  • Have an active checking account in your name
  • Be a U.S. citizen or legal resident alien
  • Not currently in bankruptcy proceedings or have any outstanding bankruptcies within the past 12 months

In case you meet these qualifications and are looking for a personal loan, Opploans may be worth considering.

Pros and Cons of Opploans Personal Loans

When it comes to personal loans, there are a lot of things to consider. One of the things you’ll have to decide is whether or not you want to go with a traditional lender or a peer-to-peer lending platform like Opploans. Both have their pros and cons, so it’s important to weigh your options before making a decision.

First and foremost, Opploans’ biggest benefit is that they provide fast and easy funding. This is a big plus for many people since they can get the needed money anytime. On top of that, they also don’t require any credit checks, which allows people with not-so-good credit to borrow the money they need. 

Even with that said, the major downside of working with Opploans is that they are considered a very high interest-rate lender. In other words, this means that you could end up paying more money than you actually borrowed. And also, their loan terms are very short which can put some people in debt. 

Pros Cons
Fast funding Extremely high APRs
No credit score requirement Small loan amounts
Online application Short loan terms
A+ BBB rating Doesn’t allow co-signers

Is My Personal Information Secure with OppLoans?

Like with any other online lender, security is the most important thing. In the case of Opploans, it’s safe to say they are secure and your information is not going to be sold somewhere else or used for other things. 

This is a very crucial thing to know especially in today’s time and age. Overall, their website is secured and they work by laws, so you will be in safe hands. 

Is Opploans a Good Company?

Even though Opploans are considered a very high-interest-rate lender, they are a good company. They follow and oblige all the laws the USA has set and requires from online lenders. 

They have many positive reviews and ratings from many customers all over the USA and their rating of 4.60 proves that. Overall, customers are satisfied with both them and their services. 

In case you are not interested in working with a high-interest-rate lender, feel free to reach us at any time. We would gladly help you in finding the lender that suits your needs the best. 

Summary of Opploans Personal Loans

  • Opploans is a direct lender from Chicago, Illinois. 
  • They offer loans of up to $4,000 with APRs ranging from 59% to 160%, depending on a few different factors. 
  • The repayment terms are short and only allow terms from 9 to 18 months.
  • They have BBB accreditation and an A+ rating. On top of that, their online reviews are fairly good. 
  • The lender allows online application and issues their loans in these states: Alabama, Georgia, Nevada, and Wisconsin. In case you reside outside these states, they offer loans through their lending partners.

Opploans Personal Loans FAQs

  1. Is there an origination fee for an OppLoans personal loan? Opploans does not charge any origination fee for issuing a loan to a borrower.
  1. How much can I borrow with an OppLoans personal loan? With this lender, you can borrow anywhere from $500 up to $4,000.
  1. How long does it take to get approved for an OppLoans personal loan? The approval process for Opploans is just a few hours and you can even apply online.
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