This positions OppLoans as a viable alternative to payday loans, which charge interest rates up to 700%. OppLoans specifically offers personal loans at a higher rate of interest than other personal loans but allows for potential rates below many other quick loan options, namely payday loans. OppLoans seeks to attract a certain niche borrower, namely one with bad, or what the company calls “less-than-perfect,” credit but whose creditworthiness is more complex than the three numbers of his or her credit score. OppLoans Loan Comparison: Is OppLoans Right For You?
OppLoans only offers unsecured personal loans, which means that there is no collateral required to receive these funds, unlike many other bad credit secured personal loans that require borrowers to offer up a vehicle, home or other real property against the value of their loan to insure against their poor credit score. In addition to these basics, OppLoans personal loans carry no hidden fees or teaser interest rates, and there are no penalties for early repayment. >Time to receive funds: next business day >Have a traditional bank account in your name for at least 90 days >Proof of income from your current employer for at least 3 months Ranking favorably among experts and users alike, OppLoans is fast becoming known as one a provider of personal loans for bad credit available online because of the company’s speedy turnaround time and lower interest rates compared to other personal loan options for applicants with poor credit.Īs of February 2019, OppLoans only operates in a limited number of states, but its portfolio of personal loan options is a breath of fresh air compared to what many other payday lenders offer.
Opportunity Loans, LLC, which operates as OppLoans, is a company devoted to bad credit personal loan solutions that are often presented as a more affordable alternative to payday loans.
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