Review of the OppLoans platform | Personal Loans

Review of the OppLoans platform | Personal Loans 21.08.2019Leave a comment
Review of the OppLoans

In the modern world, life ‘in credit’ has become a commonplace. Instead of saving for the right thing, many prefer to buy it immediately and gradually pay off the debt. Unfortunately, it is impossible to predict financial stability. So, often, people face difficulties in repaying a loan.

As a result, they fall into the list of non-payers. Even a small delay is displayed in the credit scoring and damages it. And when the next loan is needed, problems arise, naturally. But, there is a way out even of this situation: many online lenders give out a loan for the poor to bad credit rating applicants.

This article will focus on OppLoans – an online lender that specializes in avail of fast funding to persons with not good credit score.

Best Offers in May, 2020

Lender APR Loan Amount Loan Term, Mo
3.99% – 35.99%
$1,000 – $100,000
24 – 84

4.73% – 35.99%
$1,000 – $50,000
36 – 60

59% – 199%
$500 – $10,000
9 – 36

5.99% – 24.99%
$5,000 – $35,000
24 – 60

5.99% – 35.99%
$500 – $5,000
3 – 36

Positive and Negative Sides of OppLoans Lending Platform

Pros Cons

Fast funding issuance.

If a borrower is approved for an emergency sum, they may count on the receiving money in debt the next business day, typically. So, between a person and the borrowed urgent sum is only 24 hours.

The service isn’t reachable for all residents of 50 states.

Thus, not everyone can ask for financial assistance from the company.

Interest rates which are comparably lower

APRs are more affordable than those of similar companies, i.e. payday loans (mini-loans) and the title lending which are typical options for persons with poor credit.

High-interest rates

Though the rates which offers the organization are lower than payday loans’ ones (up to 400%), they are still pretty high (99-199%).

A chance to promote credit rating

Subject on-time payments, one can effectively enhance credit rates with the platform. It cooperates with credit agencies.

Loans’ progress of persons who live in Ohio and Texas isn’t reported to credit departments by the service

Borrowers from these regions should not hope to improve credit situation with the assistance of the platform since the data on payments aren’t given to credit agencies.

Advantages of a credit line

The financial entity allows obtaining the credit line for those who live in Virginia, Kansas, and Tennessee states, respectively. It is a chance to count on money practically any time one needs without reapplying until the limitation period is to its end.

A flexible payment option

The company tries its best to make the debt paying back more flexible and manageable as possible. One may change the payment date online in his personal account or through customer’s support.

A request produces no impact on the actual credit

A person can be absolutely safe about a loan qualifying, it won’t hurt the score.

Long period to pay out the borrowed emergency amounts

The organization lends funds for up to 36 months to repay.

OppLoans Overview

OppLoan is an online lending organization that is eager to help people with bad credit score to obtain an emergency sum. The service positions itself as an option not to fall into the clutches of providers of mini loans and not wallow in debts. Though, they have distinctive similarities, like high-interest rates, for instance.

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The platform works closely with 3 reputed credit departments which makes feasible to boost in credit cooperating with the organization. One can easily request financial assistance here: the procedure is very simple, so an applicant does not need to spend a lot of precious time on it.

The service is characterized with comfortable conditions, simplicity, and speed of loan processing. OppLoan has an ever-growing customer base. Today, it consists of about 100,000 people.


OppLoan is a direct lender. This is important because one has to deal only with the service to solve any probable troubles with loan repayment difficulties or issuing funds.

Also, there is much important educational information on the financial matter in a blog that the platform runs. So, a person can not only apply for the urgent sum but also find out interesting and useful data about money and its correct managing.

The platform uses all the necessary personal information protection protocols to keep the applicants’ data safe from unauthorized third sides.

Best Offers in May, 2020

Lender APR Loan Amount Loan Term, Mo
3.99% – 35.99%
$1,000 – $100,000
24 – 84

4.73% – 35.99%
$1,000 – $50,000
36 – 60

59% – 199%
$500 – $10,000
9 – 36

5.99% – 24.99%
$5,000 – $35,000
24 – 60

5.99% – 35.99%
$500 – $5,000
3 – 36

The Service Offers

The company makes it possible to obtain installment loans to those borrowers who, usually, have difficulties with this due to the low credit score. One more product the lender offers is a line of credit. This lender doesn’t work through all the states.

For each state, the conditions on the financial products vary. But, a person shouldn’t worry,  they can easily reach all the features in the appropriate section. It is classified by states; one has to press the button with the name of the state to get to know the condition.

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This lets the applicant to be prepared for the future deal and to understand what he/she can count on.

The information about credits is in the same section. For the potential borrowers to be fully aware of the essence of these two credit products the organization provides and to make a thoughtful decision if these are really the options they need, here is a brief explanation on them.

Personal Loan

Typically, personal loans are considered to be a more beneficial option to payday loans. The main features of these loans are their short duration, which rarely exceeds 1.5-2 years, as well as a small amount compared to, for instance, a mortgage, a student loan, and a car loan.

One has to be aware that the above-mentioned mortgages and car loans are also types of personal loan since one has to pay off the borrowed amounts partially, each month. Although, they are considered to be their separate kinds of lending.

Naturally, a personal loan is disbursed to be repaid with equal partial payments (if APR on the lending is fixed) for a beforehand set period.

Here are the main features of the lender:

  • Simplicity. One does not need to leave his home/office to receive money. Anyone can apply for a loan online. It is only necessary to fill out the form, and in the shortest possible time money will appear on the card (bank account).
  • Time-saving. Having any gadget with Internet access, a person can obtain fast funding. One doesn’t have to visit banks and spend half a day in the lines.
  • Independence. A borrower no longer needs to adapt to the financial institutions’ work schedule: it is possible to take a personal loan online out at any time of the day, on weekdays and weekends.
  • Small amounts. Banks are mainly interested in loans for large amounts, so, if one needs a little financial support, a personal loan is the best solution.

Main Requirements

It is very easy to meet the requirement. Here, they are:

Min. credit score 500
Min. age
Min. monthly earnings
Bank account
Social Security Number
US citizenship or a Permanent residence permit (green card)

Rate & Terms

APR 99% - 199%
Loan Amount
$500 - $4,000
Loan Term
Up to 36 months
Late payment fees
Approximately $10, depends on the state

One has to understand clearly that the features stated above contain common options that a company offers and they can differ, firstly, from state to state, secondly, from the borrower to borrower taking into consideration his actual financial situation.

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Also, applicants should be prepared that even if they have been pre-approved, they actually can not get any emergency funding. Pre-approval doesn’t provide any guarantees. Besides, the eligibility of an applicant implies various factors that can influence the decision on a loan.

How to Apply

Prior to beginning with the inquiry form, it is important to get to know if a company provides services in the state you live.

How to Apply
How to Apply

Then, a person should have at hand bank account details, the SSN, and a phone number. Since these numbers are incredibly important, it is unacceptable to mess up with them, it is better to check yourself.

So, to begin the money request process, one has to do the following steps:

  • First of all, it is demanded to create a personal account. A person will be asked to indicate the first and last names, a current email address, and to set the password.
  • Then, the service will inquire about the address details, a mobile phone number, and also a home number.
  • After, a borrower has to write down his/her employment details, including an employer name, a type of payroll, an income kind, etc.
  • The next step is to specify the features of a bank account and a loan to get (an amount and a purpose). Also, the system will ask for the Social Security Number.
  • Finally, there will open a window with the terms of a lending agreement. One has to agree and submit a request.

When a person has finished with the inquiry form, they can wait for the email with the decision on the application.

In case of a positive one, OppLoan employees will get in touch with the borrower to verify the data indicated if necessary.

Customer Support

The company doesn’t leave its customers one on one with their questions, propositions, and possible difficulties.

The customer’s support operates constantly to be really useful and satisfy the clients to the full. All the necessary information about how to contact the service is given clearly.

There are phone numbers, email addresses, and an actual headquarters office address. Also, it is possible to reach the organization in its social networks profiles – on Facebook and Twitter.


What About Users Opinions?

Through the 9 years OppLoans operating on the financial market, it has managed to gather a base of 100,000 clients.

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The company has been given an A+ rating from the BBB (Better Business Bureau). On Google, they have a 4.9/5 rating.

Google Reviews

Though, there are no reviews on their TrustPilot profile yet.

People are satisfied with these options mostly:

  • Relatively low-interest rates;
  • Bigger sums to get comparing to payday lending;
  • Possibility to alter the payment date;
  • Customer’s support;
  • Fast application;
  • Quick funds issuance;

There are also negative reviews about the OppLoans platform. The average ones are:

  • Lots of people are confused with getting a pre-approval email and then not actually being accepted. Many stated that they went through the application form and received an email with the pre-approval decision, but, were never let after to take part in the program.
  • Though the majority of clients are satisfied with the customer’s support, there are those who admitted the rude attitude towards them.
Negative Reviews
Negative Reviews


The list of states where OppLoans functions is indicated on the webpage of the company. One can easily assess it and find out if it is worthwhile to try to qualify for an emergency cash.

There is nothing frightening and threatening about it, one needs not to worry. This information has to be specified for OppLoans to issue urgent funding to a borrower.

Typically, if an applicant has submitted his request within working hours, he can count on getting money in debt on the next business day. However, weekends and holidays may stretch this period.

No, qualifying for the emergency money with OppLoans won’t affect the credit rating in no way. FICO credit score will remain the same.
Of course, it may and it will. Also, OppLoans works together with credit bureaus and reports on every clients’ loan. Thus, if one wants to increase credit or re-build it, it is not advisable to be late with paying back funds. A borrower has to be punctual and well-disciplined financially.
One has definitely to contact the customer’s support and try to solve the situation in the most beneficial way for him. A person can be given a possibility to modify the payment date that fits him more.
It is possible only if a person has moved to the state where the company issues emergency funds in, subject their account is in good condition, meaning there have been no delays and missed payments.
At the present moment, the organization does not provide such an option. One can submit an application only through the Internet, using any gadget that has access to it. (a laptop, a tablet, a smartphone, etc.).


OppLoans can be an excellent opportunity for a person with a low credit score to get a personal loan. The service offers high-interest rates, although they are standard for such types of credit products.

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A potential applicant of OppLoans with bad credit has to be fully prepared for high rates because in such a way a lender ensures itself in case they won’t pay back the funds which is typical for these borrowers. So, here, everything is fair and transparent.

Any request for fast financial aid has to be well-thought. It is inevitable to weigh all the possible benefits and downsides for yourself. If this is really what helps a person to cope with the unexpected difficulties with money, so, why not to grab this chance?

It is important, though, to remember the obligations to pay back the borrowed funds timely.

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Andrei Shilkov

Blog author. I am well versed in Finance and Digital Marketing. I have two bachelors degrees in Finance. Born in Russia, but later moved to the USA, to western Pennsylvania, the city of Pittsburgh. I have a Certified Public Finance Officer (CPFO) certificate. I also worked at IRS and Microsoft.

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