OppLoans installment loan product is the best option available for applicants with poor credit or no credit history. You can borrow a small amount starting at $500 and your positive repayment history will be reported to the three major credit bureaus.
If you are not eligible for other options due to your credit score, OppLoans is the safest bad credit lender we have reviewed. Although the rates are high, your monthly payments will be reported to the credit bureaus, which can improve your credit score (if made on time).
OppLoans was founded in 2012 by Todd Schwartz and is based in Chicago. The lender has helped 700,000 borrowers gain access to cash. It operates as a direct lender in Alabama, Georgia, Nevada and Wisconsin, and offers loans through partner lenders in 31 other states. OppLoans does not offer loans in Colorado, Illinois, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, South Dakota, Vermont , West Virginia or Washington, DC
While OppLoans works with a credit bureau to assess your credit history, you can apply for a loan without a credit check. OppLoans does not charge any set-up fees or prepayment penalties. Other fees, rates and conditions vary by state. OppLoans does not offer any discounts. You must apply online, but the process is simple and mobile-friendly. To be eligible, you must be 18 (or 19 in Alabama), have a bank account, have a regular source of income, and receive your paychecks by direct deposit (unless you live in New Mexico). OppLoans does not allow co-signers. Once you’re approved, you can receive the funds in as little as one business day.
Reviews of OppLoans on customer review sites like Trustpilot and consumer affairs are excellent. Most customers cited the quick and easy process as the reason for their positive reviews. Most customer complaints were about being refused a loan or being charged high rates.