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OppLoans is now offering a $50 gift card for every person that takes out a personal loan with your OppLoans referral link and gets their loan funded. See other referral offers here.
Sometimes, life throws you a curveball, and you find yourself in desperate need of some fast cash. When your car breaks down. When you have unexpected health problems. When you can’t pay your rent on time. Life happens, whether you’re ready or not.
For most people, getting a loan is a piece of cake. But if you don’t have the best credit, your options are extremely limited. When it seems like you have no other choice, consider OppLoans.
OppLoans offers short-term installment loans with no credit check. Think of it as a fast and low-cost alternative to payday and title loans. But be forewarned, although cheaper than its short-term installment loan peers, OppLoans rates are still pretty high.
Let’s take a closer look at OppLoans below and see if it’s a good idea for you to take on one of their loans.
OppLoans $50 Referral Bonuses
You get a $50 gift card for every person who gets a personal loan funded through OppLoans using your referral link.
To participate, go to the OppLoans Refer-A-Friend page. Enter your first name, last name and email address to share your personal code with people you know. When your friends receive their loan, you’ll get a gift card sent to your email. The more people you refer, the more gift cards you’ll earn.
Please note, the OppsLoan Refer-A-Friend program is not available in California and Wisconsin.
Here’s our referral link to OppLoans. Thanks ahead of time!
|Minimum credit score||None|
|Loan amounts||$500 – $4,000|
|Terms||Up to 36 months|
|Funding time||1 – 2 business days|
The typical OppLoans borrower has a credit score of 560 and makes under $45,000 annually.
They borrow an average of $1,400 with an APR of 140%.
- No credit check required
- Easy online application
- Quick approval
- Fast funding
- Long repayment terms
- Payment flexibility
- High rates
- Direct deposit required
- Not available in all 50 states
Before we delve into all the OppLoans goodies, let’s first find out if you even qualify for their personal loans.
First off, you have to live in a one of the states that OppLoans serves. That includes: AK, AL, AZ, CA, DE, FL, GA, HI, ID, IL, IN, KS, KY, LA, ME, MI, MN, MS, MO, NE, NV, NM, ND, OH, OK, OR, RI, SC, SD, TN, TX, UT, VA, WA, WI, WY.
You also must:
- Be at least 18 years old (19 in Alabama and Nebraska).
- Not be listed as Covered Borrowers in the Military Lending Act database, including active duty service members and their dependents (sorry guys!).
- Have a regular source of income from your current employer for at least 3 months and receive your paychecks via direct deposit (not required for New Mexico borrowers).
- Have a traditional bank account in your name with 90 days of history.
OppLoans is a direct lender that offers – compared to its competitors – large loans at low interest rates. The application process is easy, and you’ll have longer repayment terms and pay fewer fees than other short-term solutions. Plus, OppLoans reports to all three credit bureaus, so you’ll improve your score as you pay off your loan.
OppLoans features include:
OppLoans personal loans can be used a number of ways. For major purchases, home improvement projects, car repairs, weddings, child expenses, rent, medical procedures, debt consolidation, unexpected expenses and more.
Instead of checking your financial profile with the three major credit bureaus, OppLoans will get your information from Clarity Services. This bureau collects data on consumers who don’t have the best credit scores. OppLoans will also scan your bank transactions to get a sense of your cash flow.
If your application is approved before 7:30pm, EST, you could receive funding as early as the next business day.
No, OppLoans definitely does NOT have the lowest interest rates on the market, especially when you compare numbers with a traditional loan or credit card.
BUT they definitely have competitive rates when you compare them to other short-term lenders. We’ll take up to 199.00% APR over 1,200%+ any day.
OppLoans reports to all three major credit bureaus: Equifax, Experian and TransUnion.* Make timely payments on your loan, and you could increase your credit score.
*OppLoans does not report payment history for Ohio and Texas borrowers.
If you have to, you can change your payment date. Use this feature if your financial situation changes, so you don’t end up falling behind and hurting your credit score.
You might be eligible to refinance for a larger loan, or to extend the loan term, if you make on-time payments for several months.
Unfortunately OppLoans does not offer their services for free. Check out various costs you may incur below:
|Origination Fee||0% – 3% of loan amount|
(deducted before funding)
|Late Fee||5% of unpaid amount, up to $10|
($15 for California borrowers)
|Returned Check Fee||$15 for California borrowers|
$30 for Texas borrowers
(California borrowers only)
|Credit Service Organization Fees|
(Ohio borrowers only)
|8% – 15% of loan amount|
+ 15% interest on the loan principal
OppLoans Application Process
We find the OppLoans digital application process easy, fast and very user-friendly. To apply, you’ll need to create a user profile that includes basic information like your age, bank account, employment history and annual income.
Once you submit your information, OppLoans uses a proprietary approval algorithm to review your application. This system is so efficient, you could be pre-approved on the very same day.
After pre-approval, you’ll get a customized loan offer outlining your interest rate, payment amount, number of payments and total cost of the loan. If you’re satisfied with the loan terms, accept the offer.
Next up, OppLoans will verify the details of your application. If everything checks out, you’ll need to sign the contract through the customer self-service portal. A payment schedule will be provided at this time.
If you have any questions at any point during the application process, you can contact Loan Advocates via the OppLoans Call Center.
OppLoans Funding & Payments
Once you sign the contract, your loan will either be deposited directly to your bank account (usually within one business day), or mailed to you by check (if this is your preference).
In some states, you may be offered a line of credit. In this case, you can make withdrawals once your funds become available. You’ll have a minimum required monthly payment, and you can make additional withdrawals as long as the total amount stays below your credit limit.
Payments can be made through payroll deductions or by automatic payments from your bank account on the same day each month.
OppLoans Tip: Explore Your Other Options First
Yes, OppLoans does give you a more affordable, safer option to predatory loans for borrowers with less-than-ideal credit. But it’s still pretty expensive.
If your goal is to raise your credit score, there are better ways to do it. Check out secured credit cards, like Capital One® Secured Mastercard®, and credit-builder loans.
If you need to get your hands on some quick cash, consider the following alternatives:
- Ask your family or friends for a loan.
- Get assistance from a local nonprofit, charity, government or religious organization.
- Approach a credit union for a payday alternative.
- Request a paycheck advance from your employer.
- Sell your unwanted belongings to a consignment store or pawn shop.
You shouldn’t take out a last minute loan unless you absolutely have to. If that’s the case, OppsLoans is a solid option with relatively low APRs, long payback terms, an easy online application and fast funding.
Just remember, you’ll need to have direct deposit in order to qualify, and it does not serve all 50 states.
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