What You Will Get At Glance
Finding a personal loan with a poor credit score can be challenging. Many traditional banks and lenders reject loan applications from borrowers with low credit scores. OppLoans offers a solution for those who need access to funds despite credit challenges.
OppLoans offers installment loans that are more manageable than payday loans. The lender focuses on borrowers with fair or poor credit and provides transparent terms. While interest rates are high, these loans can be a lifeline for those who need quick cash or want to rebuild their credit.
This guide explains how to obtain an OppLoans personal loan, including eligibility requirements, available loan amounts, repayment options, benefits, drawbacks, and alternative options. Platforms like Beem can help you compare OppLoans with other lenders to find the best deal.
Understanding OppLoans Personal Loans
OppLoans is a direct lender that offers short-term installment loans for borrowers who may not qualify for traditional personal loans. Unlike payday loans, OppLoans allows you to repay in fixed monthly installments, which reduces the risk of falling into a debt cycle.
The company reports to major credit bureaus, meaning responsible repayment can improve your credit over time. While interest rates are high, the structure and reporting provide a more sustainable borrowing option for those with low credit scores.
Why Choose OppLoans?
OppLoans is specifically designed for people with credit challenges. Benefits include:
- Accessibility: Approves borrowers with poor or fair credit scores
- Quick funding: Most loans are funded within one business day after approval
- Credit reporting: On-time payments are reported to all three major credit bureaus
- Installment repayment: Fixed monthly payments are easier to manage than single lump-sum payments
- No prepayment fees: You can pay off your loan early without penalties
OppLoans is best suited for small emergency loans, unexpected expenses, or borrowers looking to rebuild their credit history.
Eligibility Criteria
To qualify for an OppLoans personal loan, applicants must meet the following requirements:
- Be at least 18 years old
- Have a minimum gross monthly income of $1,500
- Maintain steady employment for at least 30 days.
- Have a valid checking account for direct deposit.
- Be a US citizen or permanent resident.t
- Reside in a state where OppLoans operates, excluding CO, CT, GA, IA, MD, MA, NY, SD, VT, WV, and Washington DC.
Unlike traditional banks, OppLoans places more emphasis on income and repayment ability than credit score alone.
Read related blog: How to Get a Fair Credit Loan from OppLoans
Loan Amounts and Terms
OppLoans personal loans are structured as installment loans with flexible terms.
- Loan Amounts: $500 to $5,000
- Repayment Terms: 9 to 18 months
- APR Range: 160% to 195%
- Funding Speed: Same or next business day
The loan amount you qualify for depends on your income, repayment ability, and state regulations. While the interest rate is high, short-term repayment ensures you do not accumulate long-term debt.
How to Apply for an OppLoans Personal Loan
Applying for an OppLoans loan is straightforward and can be done entirely online.
Step 1: Prequalification
Visit the OppLoans website and fill out the prequalification form. This uses a soft credit check, which will not affect your credit score. You will see an estimated loan amount, repayment term, and interest rate.
Step 2: Review Loan Terms
Check the offered loan amount and monthly payments. Ensure the monthly payment fits your budget.
Step 3: Submit Full Application
Complete the full application with personal information, income verification, and bank details. At this stage, a hard credit inquiry is performed.
Step 4: Verification and Approval
OppLoans reviews your application, verifies your employment and banking information, and determines your approval.
Step 5: Receive Funds
Once approved, funds are deposited into your bank account, usually within one business day.
Repayment and Interest Rates
OppLoans loans come with high APRs, reflecting the risk associated with lending to borrowers with low credit scores.
Example Repayment Table:
| Loan Amount | Term | APR | Monthly Payment | Total Repaid |
| $1,000 | 9 months | 160% | $188 | $1,692 |
| $2,000 | 12 months | 175% | $332 | $3,984 |
| $3,000 | 15 months | 190% | $518 | $7,770 |
These figures illustrate the cost of borrowing and highlight the importance of borrowing only what you can afford to repay.
Pros of OppLoans
- Accessible for poor credit borrowers
- Fast funding
- Installment repayment reduces financial strain.
- Credit reporting can improve your credit score.e
- No prepayment penalties
Cons of OppLoans
- High interest rates compared to traditional personal loans
- Short repayment terms may require high monthly payments.
- Limited maximum loan amount ($5,000)
- Not available in all states
- No collateral or co-signer options
Tips for Responsible Borrowing
Borrowers should practice caution when taking high-interest loans:
- Borrow only the amount you truly need
- Create a monthly repayment plan before applying for the loan.
- Consider other lenders or platforms, such as Beem, to compare loan offers and explore alternative options.
- Pay on time to build a credit history.
- Avoid taking multiple high-interest loans simultaneously.
Read related blog: How to Get a Fair Credit Loan from Elevate
Alternatives to OppLoans
If the high APR of OppLoans is a concern, consider several reputable alternatives. Using platforms like Beem, you can compare rates, repayment terms, and eligibility to find the best personal loan for your needs.
Mariner Finance
Mariner Finance offers personal loans tailored for borrowers with poor to fair credit. Loan amounts range from $1,000 to $25,000, with terms of 12 to 60 months, making repayment management easier.
The company provides both secured and unsecured loans, with flexible repayment plans and transparent fees. Mariner Finance is an ideal option for those seeking personal loans with bad credit or emergency cash, offering borrowers a reliable choice without predatory practices.
CreditNinja
CreditNinja specializes in short-term personal loans for borrowers with low credit scores. Loan amounts typically range from $500 to $5,000 with repayment terms of 6 to 36 months. CreditNinja offers a fast online application and approval process, making it an excellent choice for emergency loans.
Its transparent fee structure and focus on manageable payments help borrowers avoid excessive debt. This alternative is suitable for those who need quick access to funds without the long-term commitment of high-interest payday loans.
LendingPoint
LendingPoint offers personal loans to borrowers with fair credit, providing competitive APRs and flexible repayment options. Loan amounts range from $2,000 to $36,500, with terms ranging from 24 to 48 months.
LendingPoint evaluates more than just your credit score, allowing those with moderate credit challenges to qualify. It is a solid alternative to OppLoans for borrowers seeking medium-term personal loans with clear terms, manageable payments, and reliable customer support. Using Beem, you can compare LendingPoint’s offers alongside those of the lenders to find the most affordable option.
Fig Loans
Fig Loans specializes in small-dollar loans tailored for short-term financial needs. Loan amounts typically range from $100 to $2,500, with terms of 3 to 12 months, making it ideal for borrowers seeking quick emergency loans.
Fig Loans emphasizes responsible lending with structured repayment plans and competitive APRs for its loan amounts. This makes it a strong alternative to OppLoans for individuals who need a small cash advance without long-term debt. Comparing Fig Loans via Beem ensures you can find the best rates and terms suited to your situation.
SoFi
SoFi is a great alternative for borrowers with good to excellent credit. Offering loan amounts from $5,000 to $100,000 with terms from 24 to 84 months, SoFi provides lower APRs compared to high-interest payday lenders.
Additional benefits include no origination fees, financial planning tools, and career coaching. SoFi is ideal for individuals seeking personal loans for debt consolidation or major expenses, offering transparency, flexibility, and long-term financial support.
Using Beem, you can compare SoFi’s offers with other lenders to ensure you get the most competitive rates.
Best Egg
Best Egg specializes in personal loans for borrowers with good credit who want lower APRs and fast approval. Loan amounts range from $2,000 to $50,000, with terms of 36 to 72 months, making it ideal for larger expenses or debt consolidation.
Best Egg’s online application and quick funding process offer convenience for those seeking affordable personal loans. Using Beem, you can compare Best Egg alongside OppLoans and other lenders to find the most suitable loan in terms of rate, repayment period, and eligibility.
Read related blog: How to Get a Personal Loan from OppLoans? A Comprehensive Guide
| Lender | Loan Amount | APR Range | Loan Term | Ideal For | Key Features |
| Mariner Finance | $1,000 – $25,000 | 18% – 36% | 12 – 60 months | Borrowers with poor to fair credit | Secured and unsecured loans, flexible repayment, and physical branches for support |
| CreditNinja | $500 – $5,000 | 19.99% – 99% | 6 – 36 months | Borrowers with low credit need emergency loans | Fast online approval, short-term loans, transparent fees |
| LendingPoint | $2,000 – $36,500 | 9.99% – 35.99% | 24 – 48 months | Borrowers with fair credit | Evaluates more than credit score, flexible repayment options, and competitive APR |
| Fig Loans | $100 – $2,500 | 15% – 35% | 3 – 12 months | Borrowers needing small-dollar loans | Short-term repayment, quick online approval, structured repayment plans |
| SoFi | $5,000 – $100,000 | 6.99% – 23.99% | 24 – 84 months | Borrowers with good to excellent credit | No origination fees, financial planning tools, and long-term loan options |
| Best Egg | $2,000 – $50,000 | 5.99% – 29.99% | 36 – 72 months | Borrowers with good credit | Fast funding, online application, low APR for debt consolidation |
How OppLoans Can Help Rebuild Credit
One of the key advantages of OppLoans is credit reporting. By making consistent on-time payments:
- You can gradually increase your credit score
- You establish a positive repayment history.
- You gain access to better loan terms in the future.
This makes OppLoans not only a borrowing solution but also a credit-building tool.
FAQs on OppLoans Personal Loan: A Guide for Borrowers with Bad Credit
What is OppLoans?
OppLoans is an online lender that offers personal loans and Payday Alternative Loans to borrowers with poor or fair credit. It focuses on offering installment loans with predictable monthly payments, rather than lump-sum repayments, helping users manage their finances more effectively.
Who is eligible for an OppLoans loan?
Borrowers typically need to be at least 18 years old, have a valid Social Security number, a steady income, and a US bank account. OppLoans caters to individuals with low credit scores who may not qualify for traditional bank loans.
What is the loan amount range?
Loan amounts generally range from $500 to $4,000, depending on eligibility, state regulations, and income. The smaller amounts make it suitable for short-term financial needs or emergencies.
What are the interest rates for OppLoans?
APR ranges typically fall between 59% and 199%, which is lower than traditional payday loans but higher than conventional personal loans. The exact rate depends on credit profile, income, and loan terms.
How long does it take to get approved?
Approval is usually fast, often within one business day. Once approved, funds can be deposited directly into your bank account as soon as the next business day.
Are there any hidden fees?
No. OppLoans maintains transparency in all fees, including the interest rate and repayment schedule. There are no hidden charges or surprise penalties beyond what is disclosed in the loan agreement.
Can OppLoans help improve my credit score?
Yes. Timely payments are reported to major credit bureaus. Borrowers who manage repayments responsibly can gradually rebuild their credit score over time.
Can I pay off my loan early?
Yes. Early repayment is allowed without incurring any penalties, which can help you save on interest costs and manage your debt more efficiently.
How do OppLoans compare to payday loans?
OppLoans offers installment loans with fixed monthly payments, providing a safer and more manageable alternative to traditional payday loans. This structure reduces the risk of rolling over debt repeatedly.
Can I use Beem to compare OppLoans with other lenders?
Yes. Platforms like Beem allow you to compare OppLoans alongside other lenders for rates, repayment terms, and eligibility, helping you choose the most affordable and suitable loan option for your needs.
Conclusion
OppLoans offers a practical option for borrowers with poor credit who require quick access to funds. While interest rates are high, installment repayment and credit reporting make it a safer alternative to payday loans.
Using platforms like Beem allows borrowers to compare OppLoans with other lenders, ensuring they choose the most suitable loan with manageable terms. Download the app now!
Before applying, ensure you borrow only what you can repay and make timely payments to rebuild your credit. OppLoans can help meet urgent financial needs and gradually improve your creditworthiness, making future borrowing easier and more affordable.
