OppLoans is a solid alternative to expensive payday loans, especially for those with bad credit.
While eligibility requirements are straightforward, the high interest rates means its an expensive personal loan option.
Our review will give you the information to decide if using this service is right for you.
Applicants may be eligible to borrow anywhere from $500 to $4,000.
Plus, certain states may have minimum borrowing amounts.
Probably not as good as youd like.
It always seems like an uphill battle to build (and keep) a decent amount in savings.
But what if your car breaks down, or you have a sudden medical bill?
According to the Consumer Financial Protection Bureau, the average payday loan has an APR of almost 400%.
Plus, you might not have many options if your credit score is really low.
OppLoans loans, however, doesnt charge origination fees, nor prepayment penalties.
However, it doesnt offer features that some dont check these out as youre doing your own research.
OppLoans, on the other hand, doesnt require access to your credit reports.
Basically, the company uses these details to determine your ability to pay back what you borrow.
What does this mean?
If you want to build your credit score, OppLoans could help.
Refinance Existing Loan
Existing OppLoans borrowers can apply for a refinance loan.
Depending on your financial profile, you may be able to be approved for a higher amount.
In essence, what youre doing is reborrowing what youve already paid towards your existing loan.
Otherwise, the money may be able to arrive as soon as the next business day.
Plus, even if you meet the above requirements, you may still have your loan denied.
Of course, there are some major downsides to taking out a loan from this lender.
The obvious one is the high interest rates.
At rates starting at 59%, youre better off looking at alternatives first before considering OppLoans.
That way, you may be able to get a lower interest rate or qualify for better loan terms.
OppLoans is an installment loan lender.
Yes, OppLoans is a legitimate online personal loan lender.
It specializes in loans for borrowers who have bad credit and is forthcoming in loan terms and conditions.
Getting an OppLoans personal loan is relatively quick.
She is the host of the Buzzsprout and Beyond the Dollar podcasts.
Contributor Taylor Millam-Samuel contributed to this report.
When you log into your bank account, how do your savings look?
Probably not as good as youd like.
It always seems like an uphill battle to build (and keep) a decent amount in savings.
But what if your car breaks down, or you have a sudden medical bill?
