OppLoans is a company that provides loans for people who have low credit scores. These loans are typically used to pay off bills, make home repairs, or fund other needs. The process of applying and receiving an OppLoans loan is simple and straightforward; however the interest rates on these loans can be high.
This article will provide information about OppLoans so you can decide if they are right for you.
What is OppLoans?
If you have experienced financial problems in the past, it can be difficult to receive loan approval from a traditional lender. OppLoans works hard to help people restore their credit or use loans to meet other needs rather than risk relying on risky payday lenders and similar options.
OppLoans offers direct installment loans typically ranging from $500-$3,500 for individuals and small business owners in need of short-term financing. These loans are particularly useful if you cannot get approved by another lender because your credit score is too low due to bad debts, unpaid bills, or bankruptcy in the past.
What Loans are Available Through OppLoans?
You can apply for an installment loan online at OppLoans.com. This company offers small business lines of credit, which have higher approval rates for borrowers with low credit scores because they are more of a risk to lenders than payday loans and similar products.
Without proof of income or regular paycheck from employment, it can still be difficult to get approved for loans but you do not need a perfect credit history in order to qualify for these types of loans from OppLoans.
The terms and interest rate available will vary based on your past financial performance and other factors but there is no cost to apply for an OppLoans loan so you should try them out if you cannot find any other options that work for you.
How Does the Application Process Work?
Applying for an OppLoans loan is simple. Just submit your information through their online application. You will need to provide some basic information about yourself including names of all people who live in your home, your name, address, and phone number.
You will also need to upload scanned copies of identification documents such as a driver’s license or passport along with proof of income if you are employed and have a steady salary from work. This documentation shows that you are reliable and can afford the monthly payment amounts which range between $50-$250 per installment.
Your application should be processed quickly after you complete it so there is little wait time before you know if you qualify for this type of loan. When approved, a loan specialist will call or email you to provide details about your lending options and finalize the process.
How Do I Make Repayment?
Repaying an OppLoans loan is fairly simple. These loans are repaid in equal monthly installments over a 36 month period of time (3 years). The first 12 months have payments of $50 or less per payment, while 24-36 months have payments between $100-$150. You can also make early repayment without penalty at any time during the loan term if you no longer need it.
What is the Cost When Interest Rates Rise?
The biggest downside with OppLoans is that their interest rates will rise as their prices fluctuate based on how much they charge other customers. This means that when certain loans cost more due to greater demand, you could see higher loan amounts at OppLoans as well.
This can be a good thing if rates increase and your existing loans are still under the same initial terms but it can be bad if you need to refinance or extend current loans with this lender because of an increase in rates going over 20% for some customers.
How Safe is an OppLoans Loan?
You should feel safe applying for an installment loan from OppLoans. This company is a well-known and established lender that has been helping consumers get approved for loans online since 2004. They have helped more than 2 million customers apply for small business lines of credit, personal installment loans, and other types of financing.
They also guarantee the privacy and security of your information so you can trust them to keep your details private as they work with you to provide an affordable loan solution that works well for your needs.
Benefits and drawbacks of lending with OppLoans
Pros of lending with OppLoans
Access to installment loans from $50-$250 for 3 years
Affordable interest rates that go up or down based on market conditions – starts at 0% but can increase above 20% depending on your needs
Easy application process that requires basic information, proof of income, and identification documents electronically submitted through their website online
Personalized customer service with a loan specialist who calls or emails you as soon as you apply to provide details about the terms of your loan and help you get set up quickly when approved
Cons of lending with OppLoans
Information provided online is in an older format making it harder to find important details if you are unfamiliar with small business lines of credit compared to other lenders have updated websites with more detailed information and features
Minimum credit score requirement of 660 although they do allow people with lower scores to apply that have proof of income, assets, or higher education levels
Although you can easily apply online through a computer using their website, it is not possible to get approved for loans/lines of credit in person at any physical locations for the time being
Final thoughts on OppLoans
When you put all the benefits and drawbacks together it looks like OppLoans is a good place to get an installment loan or line of credit as long as you know what you’re getting into and really need the money before interest rates change and prices fluctuate based on demand in the future.
The competition from banks, peer-to-peer lending sites like Lending Club , and other small business financing options may be better when it comes to comparing prices and terms so you will need to take a closer look at how each option works for your specific needs before choosing the best one that will work best for your situation.
Let me know what you think of OppLoans by leaving a comment below or sharing this article with others who may be interested in small business lending with these installment loans.