Do you need a no-credit-check small installment loan, and fast? Our OppLoans review will help you decide if this legit lender for bad credit borrowers has the right loan for you.
When using loans, you should take your time; especially when evaluating alternatives to payday lenders. But life happens and sometimes you need an installment loan with a fast approval.
You might need to deal with pressing expenses quickly, such as an unexpected car repair, family bills, making rent, or other needs. But don’t fall into the hands of a payday lender if you don’t have good credit. Consider your options before you decide.
Our OppLoans review reveals what you need to know about this is highly rated installment loan provider – even if you have bad credit.
What is OppLoans?
Opportunity Financial, LLC, or OppFi, is a reputable online lender based in Chicago. They provide and facilitate quick approval installment loans for those with bad credit.
They’re highly rated too. The Better Business Bureau or BBB gives OppLoans an A+ rating. That’s the highest possible rating, and it’s reserved for companies with transparent business practices, among other factors.
OppLoans services all of its loans and partners with FinWise Bank to fund loans in some states. This helps them serve more customers. If you get an installment loan, OppLoans will be your point of contact.
Note:
OppLoans’ main product is installment loans. They offer their customers more affordable credit when compared to payday or auto title borrowing. And they make it a point to offer friendly customer service and fast approvals.
In addition to lending, OppLoans offers free financial education courses through their website. And their blog covers useful topics about personal finance, loans and debt.
In this review, we’ll cover OppLoans’ personal loan product and the pros and cons of getting a loan from them. Be sure to check the FAQs at the end of this review too.
OppLoans installment loan review – highlights
» Simple application. OppLoans’ online application is fast and simple to complete. You’ll need to provide information about yourself, your finances and agree to lending disclosures.
» Fast approval. With OppLoans you can get the money you need fast, even if you have poor credit. If your application is processed and approved before 9:00 PM central time, your loan could be funded the next business day.
» Longer terms. With OppLoans, repayment terms range from 9 to 18 months. In general, longer terms can help make your payments easier on your wallet.
» Soft credit pull. Applying won’t impact your FICO credit score. OppLoans will get a sense of your creditworthiness from Clarity Services, Inc., a third-party provider. That means that as a borrower with OppLoans you won’t undergo a credit check from a credit bureau.
» Customer support. OppLoans has more than 900 customer reviews on file with the Better Business Bureau. Customers who rated OppLoans 5 stars noted their friendly, courteous customer service.
» High interest rates. OppLoans APRs range from 59% to 160%. While high, these rates are lower than the average APR of payday loans, which can be much higher.
If you end up getting a loan, you can improve your FICO credit score by making your payments on time.
» See also: Additional simple ways to improve your credit score.
OppLoans personal loan details
| Summary | Fees |
|---|---|
Loan amounts: $500 – $4,000* Terms: 9 – 18 months* Credit pull: Soft pull (won’t affect your FICO score) Time to funding: Typically next business day after approval Repayment: Every 2 weeks | Origination fee: Varies by state Prepayment fee: No fee Late payment fee: Varies by state Returned payment fee: Charged in certain states |
*Note: Amounts and terms vary by state.
If you have an unexpected situation which requires extra funding that you don’t have, OppLoans can provide a quick turnaround time. Their application process is online and you can easily complete it on your phone. You can also save your progress and come back to it, if you need more time.
Loan amounts range from $500 to $4,000, and repayment terms are generally 9 to 18 months, but vary by state. For example, some states have loan minimums.
So, for instance, if you request a $500 loan and the minimum loan policy applicable to your state is $1,000, you might get approved for a larger amount.
If you’re approved for a loan, you’ll receive an email notification and one of their loan advocates will be available to answer your questions. So it’s important to use an email address you check often when you create your account.
With OppLoans you’ll know how much you owe in each period. If you wish to prepay your loan, you can do so without incurring any fees. Just make a payment using your saved bank account or debit card.
Eligibility Requirements
To be eligible for an installment loan from OppLoans, you’ll need to be a U.S. resident and be at least 18 years old or 19 in you live in Alabama or Nebraska.
In addition, you’ll need to:
- Reside in a state where Opploans operates
- Have a regular source of income
- Receive your paycheck through direct deposit
- Have a traditional bank account with 3 months or more of banking history
OppLoans personal loans aren’t secured by collateral. So as part of their lending process, they rely on other credit factors, including your income information. They want to see that you have a regular source of income which enables you to repay your loan, even if your credit is less than perfect.
There’s no specific minimum credit score or maximum debt-to-income ratio that you need to meet in order to apply.
Applying for an installment loan from OppLoans
OppLoans makes it easy to apply for your loan online. The application form is simple and you can easily complete it using your cell phone.
In most cases, if your application is approved before 9 pm central time from Monday through Thursday, you can expect to receive your funds the next business day.
The application requires some personal information and asks for your:
- Employment information
- Income type and frequency
- The amount and purpose of your loan
- Bank verification information
- Review and agree with lending disclosures
Note:
OppLoans’ bank verification is a secure process designed to verify your identity and financial information. This allows OppLoans to process your application faster.
When you’re done, OppLoans will review your application and provide you with an email notification letting you know if you’re approved. Under some circumstances, you might need to upload additional information. In those cases, it might take longer to get your loan approved.
Pros and Cons of an OppLoans installment loan
Pros
- Fast process. The application process is quick and you can receive your funds in as little as 1 business day after your application is approved.
- Longer terms. Loan terms are 9 to 18 months, but in some states they can be as long as 24 months if you need the added flexibility.
- No prepayment fees. You can prepay your loan without incurring prepayment fees. If you make an early prepayment, be sure to keep making your scheduled payments.
- Friendly customer service. Users who’ve reviewed OppLoans through the Better Business Bureau praise their polite, patient customer support staff and professionalism.
- Transparency. OppLoans provides detailed information about its rates and terms. They do so for every state where they do business.
Cons
- Offers vary by state. Terms and rates aren’t uniform across all states; in addition, OppLoans may not be available in your state.
- High interest rates. While OppLoans is safer and more affordable than payday loans, their rates are still high. You should only consider their loans if you’ve been turned down by other lenders and you need short-term funding.
- Pre-approvals are subject to verification. If you receive a pre-approval notification in the mail, it doesn’t necessarily mean that you’re approved for a loan. You still need to meet OppLoans’ identity and credit information standards.
OppLoans customer reviews
OppLoans gets high ratings by both the Better Business Bureau and by its past customers. The BBB rates them an A+, which is their highest rating. And past customers, in fact more than 1,150 of them, have rated OppLoans an average of almost 5 stars out of 5.
Below are some of the common responses of customers who rated them 5 stars on the BBB website:
- Helpful, professional, polite customer service
- Patient representatives
- Prompt follow up phone calls
- Easy, simple and quick process
- Would recommend to others
And here are some of the common responses of customers who were disappointed:
- Loan was declined
- Lower loan amount than expected
- Loan was declined after submitting information
Is OppLoans a good fit for you?
OppLoans makes it easy and fast to get an installment loan when you need to cover unexpected expenses and your credit is less than perfect.
But their rates are too high to make it the type of loan you want to use for long-term financing. Theirs are the type of loans you want to repay quickly.
If you can, look for ways to reduce the amount you need to borrow by finding some ways to make money fast or by using your credit card.
Also, before getting this type of loan, check that you can still pay your bills and repay the loan in full. If you’re going through credit difficulties, it’s best to seek credit counseling before you enter into any new loan contract.
OppLoans provides installment loans for bad credit
If traditional lenders have declined your application because of bad credit and you need an installment loan, OppLoans is a responsible alternative to a payday lender.
OppLoans is highly rated and their application process is convenient. Once your application is approved, you’ll get your funds fast. Typically as soon as the next business day.
It’s difficult to find legitimate installment loans when you have bad credit. If you’ve gone through all your credit options and you need to borrow the money, consider OppLoans.
FAQs
Types of loans offered
OppLoans offers installment loans through its website.
What can you use the loan for?
Typical uses include car repairs, family expenses, rent, medical expenses or to pay off other loans.
Can I prepay or request a payoff?
Yes. You can make extra payments or payoff your loan without any prepayment fees or penalties. Just note that if you make early payments, you still have to make your next scheduled payment.
What if I can’t make my payment?
Call customer service at 855-408-5000 to request assistance.
Can I increase the loan size?
You’ll need to repay your existing loan first and apply for a new one.