A third of all Americans have bad credit scores. Those with poor credit scores find their choices of securing a line of credit and personal loans to be few and far in-between. There are some alternative solutions out there for those who can’t get anything from commercial banks, though.
One of those places is OppLoan, also known as Opportunity Loans. They are an online financier for those with credit scores too low for traditional loans. Those who don’t want to fall into the debt trap with the payday advance loans, there is an alternative.
Learning about how these loans work, Opploan interest rates, and fiscal responsibilities are important. That’s why we made this guide to help you decide if Opploan is right for you. Let’s cut through the fine print.
Online lenders like OppLoan can process applications much more efficiently. That means that your loan application can be processed in a matter of minutes, removing the uncertainty and confusion that often comes with loan interviews and processing at the banks.
You will know if your loan is approved, what you qualify for, the details of terms and conditions, and have the opportunity to submit your agreement for a final contract that will enable you to use your funds within one business day.
Opploan Interest Rates
Opportunity Loans isn’t going to be for everybody. It does provide a real opportunity for those who need emergency financial relief. The amount of interest one can expect will depend on a few different factors:
- Credit rating (low credit scores are welcome, but they do use it to determine interest)
- How much you need to borrow
- How long you will need to pay it back
The state that the borrower resides is also important, as it does have an influence on the interest rates. Typically, the smaller the loan and the lower the credit rating, the higher the interest rate will be. This can mean anywhere from 24% to all the way up to 200% APR.
Payment schedules can also vary, depending on the amount borrowed. You can borrow as little as $1,000 and as much as $10,000. They are made on bi-weekly, rather than monthly payments. This is important to remember when considering how much and how fast you can pay back your loan.
Pros and Cons
Where Opportunity Loans shines is the ability to get approved for a loan the same day as signing up. There is an extremely underserved portion of America that often has no access to loans of the lower range, which OppLoan provides, due to their poor credit.
You can even check your credit score with them without it having any negative repercussions. Your Fico score doesn’t get hit when applying. Using OppLoan can also reward responsible borrowers in another way: they can improve their credit rating if they don’t miss payments or pay them late.
OppLoan works in conjunction with TransUnion. You can even pay in advance, if you wish. For more details on how Opploan works, read our review.
How Opploan Stacks Up to Others
Opploan isn’t the only place for loans for people with bad credit, of course. There are quite a few companies offering similar terms. Some of them have lower principles, but can’t compete with Opploan interest rates.
Take, for example, Earnest or SoFi personal loan services. These two are going after customers with much better credit ratings and higher incomes. This might stretch the definition of a competitor, but they are still considered alternative loans.
That is, you’re not dealing directly with a bank to get a loan, because if you were, you’d need perfect credit and plenty of capital already.
LendingPoint is another company that actually does similar deals as Opploan. They’re meant for credit scores in the 600 range, available to those who are only making $20k a year. The previous two mentioned are aiming more into the six-figure range of household income.
LendingPoint’s interest rates are also very similar to Opploan’s. The difference here is the minimum and maximum loans available. LendingPoint starts at $2,000 and goes up to $25,000 loans.
Which is Better for You?
You’ll definitely need to do some serious financial planning to figure out which provider works best. The decision between these lenders is going to come down to individual needs and capabilities to pay back the loan.
With OppLoan, if you need only the minimum borrowing limit, you could end up seeing a huge variation in interest rates. This is depending on your credit score and what state you live. Other offers may have fixed rates, but if you need the max amount, you can reach rates lower than OppLoan. This decision should not come lightly, just because it is more accessible.
The best practice for borrowers is to take out a loan that will help get you to the next step in your life. Don’t use it to delay more incoming financial debt or purchase a non-essential item for yourself. You have to understand what you can afford at the time.
Get the emergency money from OppLoan if you know you can pay it back faster than the standard limits, and turn it into an investment that won’t make you stress out over high interest or debt ever again.
More About Loans Without Credit
You should not take out a personal loan if you are unsure about being able to make on-time bi-weekly payments. Make sure you read your terms and conditions carefully when applying for a loan at OppLoan. Don’t get caught off-guard by fees, Opploan interest rates, and payment terms. You could dig yourself into a hole with these personal loans.
Find out more about getting loans from third parties, cash advances, and loans without credit checks here on our site. We go in-depth on how to navigate loan offers, managing repayment, and more. A well-timed loan can change your life forever, for the better.