Life is full of unforeseen emergencies that require you to spend large amounts of money at once. And unfortunately, we aren’t always prepared to pay for those expenses as they arise.
This is where short-term loans can help us climb out of a hole. But not all loan options are created equally. There’s been a lot of buzz around OppLoans for these kinds of situations.
Today, we’ll give you a full guide on this lender and the answer to “Are OppLoans rates worth it?” Keep reading and we’ll tell you what we think!
OppLoans Rates: Pros and Cons
There are quite a few pros when it comes to using OppLoans as a lender. To borrow money from this company, you don’t have to have stellar credit or any credit at all because they don’t check it. This is a perfect solution for personal loans with soft credit check if you’ve been declined for loans in the past because of a bad credit history.
These loans also don’t require you to use collateral as back up, which automatically decreases the paperwork associated with the other types of loans you’ve become familiar with. And one of the most important things to people who need a short-term loan is how long it takes the lender to deposit the money into their bank accounts.
It only takes one day, which is another plus for OppLoans.
Qualifications and Requirements
Just because they don’t check your credit, it doesn’t mean OppLoans doesn’t check any background information at all.
In order to qualify, you must:
- Make at least $1,500 each month
- Be employed, self-employment doesn’t qualify
- Have had your bank account for at least 40 days
- Receive regular paychecks via direct deposit
Also, keep in mind that OppLoans isn’t available in every state. Here is a full list of states where you can qualify for a loan from them.
You can borrow between $500 and $5,000 from the company. Your full balance will need to be paid within 5 and 24 months depending on the loan amount.
The lowest possible APR you can get from OppLoans is 59% while the highest is 199%.
Additionally, if your payment due date doesn’t fit your pay schedule from your employer, you can easily change your due date from the OppLoans website.
You should view OppLoans as a last resort option when you don’t have another way to gain quick access to cash. The amount you can end up becoming responsible for in interest alone will probably require you to take out another loan.
Instead of helping you pay your way out of a money emergency, this OppLoans can help put you into deeper debt. For instance, if you borrow $1,400 for 5 months at with 140% interest, you can end up paying $1,926 in total.
Finances Made Easy
While OppLoans rates aren’t the best, we have more articles about quick loans that might better fit your financial situation. So, check out the rest of our website.
We’re here to help make all your financial worries easier for you to tackle.