Opploans Personal Loans Review

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. 

Opploans Personal Loans Pros and Cons

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:

• Fast funding 
• No credit score requirements 
• Online application 
• A+ BBB accreditation

Cons:

• Very high APR’s
• Small loan amounts 
• Short loan terms 
• Doesn’t allow co-signers

What Are the Eligibility Requirements for an Opploans Personal Loan?

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.

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.

How Do I Apply for a Discover Personal Loan?

OppLoans offers online loan applications, but the lending platform does not provide a prequalification process like some top online lenders. With that said, we will provide you with the step by step application process below. 

• • Start an online application. To begin the online application process, navigate to “Apply Now” on the OppLoans homepage.
  • Provide additional documentation. In some cases, it may be necessary to submit proof of income so OppLoans can verify your income and employment. 
  • Await approval. Once you submit all of the necessary documentation, OppLoans will begin processing your application. 

How Much Can You Borrow with an Opploans Personal Loan?

Opploans 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.

Considering they offer very high interest rates and very short loan repayment terms, there is a big possibility that you could end up in debt. Because of this, we advise you to find another lender if you are unsure if you will be able to repay the loan back in time.

What Is the Interest Rate on Opploans Personal Loans?

We have mentioned multiple times that Opploans is considered a high fee lender. And that is very much true. Their APR starts from 59.00% and goes up to 160.00%. 

In overview, that is a lot since their maximum allowed borrowing amount is only $4,000. This means that you will pay more than you actually borrowed. Additionally, it is also much higher than similar companies’ APR ranges.

What Is the Repayment Term for Opploans Personal Loans?

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.

Generally speaking, their loan terms go from 9 to 18 months, which is a very short repayment period. In comparison to other lenders of this type, they offer the shortest loan terms. This can present a problem for many people since they can end up in debt if unable to repay the loan back in time.

Is There an Origination Fee for Opploans Personal Loans?

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.

Luckily you will not have to pay an origination fee but your interest rate is still going to be high. Because of that, it’s important to think about whether or not you are able to repay the loan back on time.

Is Opploans a Trustworthy Lender?

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.

Opploans Personal Loans Summary

• 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 an 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.

FAQs About Opploans Personal Loans

1. How much can I borrow from Opploans?

With Opploans personal loans you can borrow anywhere from $500 up to $4,000.

2. Does Opploans offer a mobile app?

Unfortunately, Opploans does not offer a mobile app for their clients, so you will need to check everything online.

3. Can I use an Opploans personal loan for any purpose?

You can use their personal loans for purposes like car repairs, home repairs, debt consolidation, medical expenses, or almost any other personal purpose.