OppLoans Review 2021 – Legit PAL That Help People Avoid Payday Loans

ElitePersonalFinance
Last Update: July 9, 2021 Loan Reviews

OppLoans is what people call an improved payday loan company. They are not exactly a payday loan business, but neither a company that offers traditional personal loans. Over the past few years, such companies have gained in popularity. They serve customers who have really bad credit and whose chances to get a personal loan are low. These loans are expensive, but they are much more affordable than payday loans. Also, they give much more flexibility, which we will explain below.

OppLoans are a great option for people with really bad credit who need an amount of up to $5,000 very fast and want to avoid predatory lenders.

Loan Amount: $500 – $5,000
APR: 59% – 199%
Min. Credit Score: 0
Approval: 1 Day
Terms: 9 – 36 months
Origination Fee: N/A
DTI Ratio: N/A
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What You have to Know about OppLoans Loans

Fees

  • No application fees.
  • No origination fee.
  • No early or extra payment fees.
  • No late fees.

Requirements

  • Min Credit Score: 0
  • Debt-to-income ratio: N/A
  • Income requirement: Meet minimum income requirements, which vary between $1,300/month and $3,600/month based on the state of residence.
  • Credit history: N/A
  • They have great customer support.
  • Great payment flexibility. The payment date can be changed online.

Best for

  • People who want to avoid predatory loans and can’t apply for regular personal loans.

Pros:

  • Cheaper than payday loans. OppLoans APR is 99% to 199%.
  • Very easy and fast approval. OppLoans won’t check your credit score.
  • Installment loans ‒ convenient because they allow people to set the repayment period. OppLoans allows people to choose the repayment period of 9 – 36 months.
  • No credit score requirements.
  • They offer to refinance options after on-time payments.
  • The payment date can be changed online.

Cons:

  • More expensive than traditional personal loans.
  • There is an income requirement of min $1,500 a month. If you don’t meet it, you won’t qualify.
  • You can’t get more than $5,000.

The Application Process

  • Register and check your rate. There are no application fees and no obligations.
  • Check your terms select the offer that works best for you, and finish your application.
  • Verify your info.
  • Receive your funds.

Personal Loans vs. Payday Loans vs. Improved Payday Loans

If we compare a traditional personal loan with a payday loan, we will see that the difference is huge. There is a huge gap between these businesses, a gap that a few years ago companies started to bridge with totally new offers. Until a few years ago, the lending market was not so flexible. Now, things are different. There are new companies in the lending business that offer various options.

Personal loans:

  • APR of up to 36%.
  • Loan amount of $5,000 to $100,000.
  • Installment loans of up to 10 years.

Payday loans:

  • APR of 400%.
  • Amount of up to $1,000.
  • No installments, one-time payment (typically on the next payday, within a month of taking out the loan).

Improved payday loans:

  • Everything in between personal and payday loans.

What Does Loan Flexibility Mean?

If you take out a payday loan and can’t pay it on time, the lender will only try to trap you in a debt cycle. They will require you to pay only the fee that is not included in the principal amount and won’t lower it.

On the other hand, a flexible loan would give you some flexibility like skipping a payment, changing the loan terms, payment delay, and so on.

Loan flexibility can actually mean many things. We have a complete article on that topic, but here we will mention the few most important points:

  • Some companies provide you with guidance and work with you to help you build your credit score. If you do so, you can expect better terms during your current loan or next time when you apply for a loan.
  • They want their money back. They are not interested in trapping you into a debt cycle. When you can’t pay on time, they will offer you options like skipping a payment, payment delay with no penalty fee, changing the loan terms, etc.
  • They have more transparent terms, which results in fewer hidden fees.

The lending market’s flexibility is growing, which is an obvious process.

When to Use OppLoans?

We recommend using companies like OppLoans only when you can’t qualify for personal loans. These companies can really save you from predatory lenders, but they are more expensive than personal loans.

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