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Opportunity Financial, better known as OppLoans, was established in 2009 and is based out of Chicago. They are an online personal loan provider that specializes in being the alternative to payday loans. OppLoans focuses on giving borrowers the opportunity to move up the credit ladder. They compete with payday loans as the lender of last resort for those with poor credit. They specialize in providing personalized loan services by helping borrowers with poor credit avoid predatory lending.
OppLoans Loan Specification
Here are the basic specifications & requirements of OppLoans Installment Loan :
|Feature||OppLoans Installment Loan|
|Loan Amount Range||$500 -$5,000|
|Interest Rate Range||59%- 199%|
|Term||9 to 24 months|
|Origination fee||0%-3% Varies by state|
|Late payment fee||Up to $15 Varies by state|
|Returned payment:||Up to $30 Varies by state|
|Administration fee||$75 only in CA|
|Minimum credit score||None|
|Minimum monthly income||As low as $1,500, Varies by state|
|Funding||Typically 1 day|
OppLoans Loan Pros & Cons
As we know, each lender has its own pros & cons – here are the relevant things we found for potential borrowers:
What Can an OppLoans Personal Loan Be Used For?
OppLoans provides very little information about what their loans can be used for or what their restrictions are. Opploans should be used as a lender of last resort. With such a high-interest rate, OppLoans should be used sparingly; for example, in cases of emergency or if you happen to have terrible credit and cannot get financing through other institutions. OppLoans does list what their loans can be used for auto repair, family needs, rent, medical expenses, to pay off other loans, or for a major purchase.
OppLoans Application Process
The OppLoans application process is quick and easy. The application process takes place all online. You begin by clicking, “apply now.” The first page is a simple form to be filled out with basic information about yourself including name, address, phone number, social security number, and date of birth. You also create an account. Then on the second page you will fill out some financial information such as your employer, monthly expenses, and the frequency in which you get paid. You will then provide the amount you would like to borrow and banking information. OppLoans will then give you some disclosures and submit for your loan. You may need to provide additional documentation verifying information on the application. Many loans are approved and funded within 24 hours.
One thing that OppLoans does differently than most personal loan providers is that they do not actually check your credit report from the big three credit bureaus. They check your report from a company called Clarity Services. They are owned by Experian but they use different data. Clarity Services uses this data to help lending institutions with high-risk borrowers. OppLoans will never check your credit report with the big three credit bureaus so your FICO score will not be affected when applying with them. OppLoans will also do a scan on your bank account to determine your cash flow.
OppLoans does have some basic requirements. The borrower needs to be employed for at least 3 months and not self employed. They need to have a minimum of $1,500 of monthly gross income, but this varies by state. The borrower needs to have a bank account with 90 days of history. And paychecks must be directly deposited into your checking or savings account.
OppLoans Loan is Best for..
OppLoans is best for borrowers with poor or little credit. They are a good alternative to payday loans, title loans, or constantly having overdraft fees. They may be a good fit for you if you have trouble getting financing through traditional methods.
If you have ok to excellent credit you should look at other personal loan providers. They will have better rates and fees. OppLoans can be used to get out of a financial jam or if you need money quickly.
OppLoans has great customer service and works with poor credit borrowers, helping them up the credit ladder so they can apply for better and more reasonable interest rate loans in the future.