OppLoans

• Reliable Customer Service
• Quick and Easy Loan Process
• Competitive Interest Rates
• Longer Loan Terms
• No Hard Credit Check
• Financial Resources and Tools
• Refinancing for Eligible Customers
• Positive Customer Reviews

Reliable Customer Service

With OppLoans, customers will find friendly, courteous, pleasant representatives who are more than willing to help.

Customers rave about the ease of working with OppLoans customer service; the overwhelming sentiment is that the company makes the entire application and approval process smooth and easy, and the representatives make customers feel comfortable and valued.

There's also a common feeling that the company's staff members know the industry well and can answer just about any question. If they don't know the answer, they're happy to find someone who does.

Many personal loan lenders don't even offer human-based customer service, preferring to be strictly online lenders, with no human contact. With OppLoans, you can email help@opploans.com or call 800-990-9130, 7 days a week Monday-Friday, 7 a.m.–10 p.m. and Saturday and Sunday between 9 a.m.–4 p.m. Central Time for assistance.

Quick and Easy Loan Process

Potential OppLoans customers can apply online in a matter of minutes and receive approval in a reasonable amount of time. If approved, you may receive funds in your account as soon as the same business day via checking account. This is a much faster process than you might see with other lenders.

That being said this service is subject to credit approval and verification. Actual approved loan amount and terms are dependent on standard underwriting guidelines and credit policies. Funds may be deposited for delivery to your bank via ACH as soon as the same business day if verification is completed and final approval occurs before 12:00 PM CT on a business day. If approval occurs after 12:00 PM CT on a business day or on a non-business day, funds may be delivered as soon as the next business day. Availability of the funds is dependent on how quickly your bank processes the transaction.

Competitive Interest Rates

The annual percentage rate (APR) of OppLoans products is 160 percent, compared to personal loan lenders that generally offer interest rates over 300 percent. 

While OppLoans' rate range is low compared to personal loan options, in comparison to other bad credit personal loan companies, OppLoans' rates are very high. In most cases, competing lenders offers rates ranging from 19 to 36 percent, which is high in comparison to other personal loan lenders, but allows them to loan money to low-credit borrowers.

Longer Loan Terms

Compared to other personal loan lenders, OppLoans loan term of 9 to 18 months is high. While loan terms vary by lender, most other companies offer much shorter loan terms, requiring borrowers to repay their loan by their next paycheck. 

A shorter loan term can save you more money on interest overall, but a longer loan term means that you will be in debt for a longer period of time and you will usually have a lower monthly payment.

No Hard Credit Check

OppLoans specializes in fast, simple loans without a hard credit check. It uses an alternative credit reporting agency to assess applicants' credit factors. This means that your credit report won't be affected by your application. You can get a loan offer without consequence to your credit. 

In addition, borrowing with this lender can help you build or rebuild your credit. OppLoans does report to the three major credit bureaus (Experian, Equifax, or TransUnion) as you repay your loan. So, on-time payments can help improve your credit score.

On the flip side, please remember that if you fail to meet the repayment terms of your installment loan, it may affect your FICO score negatively. 

Additionally, there are no prepayment penalties — meaning that if you can pay off your loan early without consequence, such as being charged a fee.

Financial Resources and Tools

To promote long-term financial wellness, the OppLoans offers free educational resources through a section of its website called OppU. These include interactive courses on a variety of topics including:

• Money management
• Budgeting
• Saving
• Understanding credit and credit history
• Debit and credit card basics
• Debt reduction

It's commendable when loan companies recognize that users in need of a short-term loan may have bad credit now, but with more education, can take charge of their financial future. 

Refinancing for Eligible Customers

OppLoans offers refinancing to eligible current borrowers. If you are eligible, there will be a 'Refinance Now' button available on your online account. 

Positive Customer Reviews

The majority of OppLoans reviews are positive, with 83 percent of customers awarding the company 5 stars. The positive reviews frequently highlight OppLoans' customer service, which is often described as reliable, fast, and professional. Many reviews make mention of specific OppLoans representatives, suggesting that the loan process is personalized. 

Many reviews do mention high interest rates, but this it is common in the short-term loan industry that you will get a much higher interest rate than you might with long-term installment loan companies. That being said, OppLoans' rates may be high, but they are low in comparison to other short-term lenders.

OppLoans is also quick to respond to reviews left on BestCompany.com, demonstrating that they care about their customers and are always looking to improve their services to meet the needs of borrowers.

• Low Maximum Loan Amount
• Not Available in All States

Low Maximum Loan Amount

OppLoans offers loans from $500 to $4,000. The maximum amount offered is considerably low compared to competing short-term/bad credit lenders. Many other lenders offer up to $10,000.

Not Available in All States

OppLoans doesn't offer its loan products or services in the following states: 

• Colorado
• Connecticut
• Georgia
• Iowa
• Maryland
• Massachusetts
• New Hampshire
• New York
• South Dakota
• Vermont
• West Virginia

If you reside in any of these states you will need to look into other personal loan lender options.