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- Competitive rates based on amount and eligibility.
- Loans from $1K-$10K. Bad Credit is OK.
- State licensed. Based in Chicago. Since 2009.
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OppLoans is a growing player in the sub-prime consumer credit space. Their leadership states they are committed to serving non-prime borrowers with less than perfect credit histories.
OppLoans hired a new CEO at the end of 2015, a new CTO in 2016, and a new GC in 2016. The CEO has experience in online marketplaces like OppLoans and comes from a private equity background. The CTO and GC came from Enova, the parent company to CashnetUSA and a large player in the sub-prime credit space.
OppLoans is a state licensed lender and is based in Chicago. Being state licensed is generally safer as states provide a layer of oversight so The Payday Hound prefers state licensed lenders to unlicensed lenders.
Like most lenders once you fill out an application on their website, if approved, you typically receive funds by the next business day. The do not pull credit bureaus from the three traditional credit bureaus: Experian, Equifax, or TransUnion. Instead, they use Clarity Services, Inc. This means you may get approved even if you have bad credit. In addition, applying for a loan will not impact your credit score with the three major bureaus.
First time borrowers can get approved for up to $1,000-10,000. Rates and terms are dependent on many factors. Please visit their website for complete terms and rates. They do consider a variety of factors when making a decision on your loan but to be approved for a loan or line of credit the following criteria must be met:
- You live in one of the following states: Alabama, California, Delaware, Georgia, Idaho, Illinois, Kansas, Maryland, Mississippi, Missouri, New Mexico, Ohio, South Carolina, Tennessee, Texas, Utah, Virginia, or Wisconsin.
- You are at least 18 years old. (19 in Alabama.)
- You are NOT an active duty service member or a Dependent of an active duty service member. OppLoans does not currently offer a product that meets the federal requirements to lend to active duty service members or their dependents.
- You are employed and have been working for your current employer for at least 2 months.
- You have a traditional bank account in your name with 90 days of history.
- You receive your paychecks through direct deposit. (Due to state regulations, residents of New Mexico are exempt from this requirement.)
After you submit your application you will know immediately if you may be eligible for a loan. If approved they will generate a loan agreement with all the details, including (but not limited to) interest rate, number of payments, payment amount, and total cost of loan for you to review. If you agree to the terms and submit your loan agreement, they will verify details and process your loan. As soon as your loan is approved, they’ll send a request to your bank to deposit your funds, unless you choose payment by check.
You will repay your loan through payroll deductions or other repayments methods, including electronic fund transfer (ACH debit), where they electronically debit your bank account for the fixed amount you owe on each due date. OppLoans does not charges pre-payment penalties. You can pay off your loan or make additional payments at any time.
On a previous press release in 2015 OppLoans states they do report payment activity to Transunion. This means that through regular payment of your loan you may build your credit. See Do Payday Loans Affect Credit Score for additional information on credit scores and short term loans.
OppLoans also appears to have two unique programs. One is that you will receive a credit to your account for completing lessons on credit/financial education. The second is they provide $2,500 education scholarships for current or future education costs. Scholarship selections are made four times a year. Do visit OppLoans to learn more about these programs