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July 29, 2024 Payday Fact Checked 5 min.

OppLoans are like loans for when you need quick cash for urgent needs or have bad credit. OppLoans are known for their installment loans and are for borrowers who can’t get traditional bank loans because of bad credit.

OppLoans Loans

No credit check small loans with fast funding but very high rates. For quick cash when you can’t get traditional loans because of your credit history. OppLoans can be a quick fix for financial emergencies but remember the rates are way higher than other loan options.

OppLoans Loans Advantages

  1. Fast Funding. OppLoans loans are fast funded, borrowers get the money they need in as little as one business day.

  2. Credit Building. OppLoans reports payment activity to all 3 major credit bureaus: Experian, Equifax, TransUnion. Timely payments can help improve your credit score over time.

  3. Convenient Payment Schedule. OppLoans payment schedule is designed to align with your payday so you can manage your payments without disrupting other financial commitments.

  4. Online Application. Application is entirely online, borrowers can apply from the comfort of their own home, makes the process faster and more convenient.

  5. For Those with Bad Credit. OppLoans is an option for those with bad credit scores to get a loan which is hard to get with traditional lenders. They focus on helping those with less than perfect credit so they are an alternative for many borrowers.

OppLoans Alternatives

  • Upstart is an online lending platform that offers many benefits to its customers. Quick and easy application process, borrowers can get funded in as fast as 1 business day and get the cash they need. Upstart offers flexible loan amounts, borrowers can get personal loans from $1,000 to $50,000. 3 or 5 year terms.

  • SoFi is a well known financial platform with a great track record, serving over 6 million members. They have paid out over $35 million in rewards and helped pay off $34 billion in debt while funding $73 billion in loans. SoFi offers its customers many benefits including saving big by consolidating high rate debts into one fixed payment. Borrowers can get loans from $5,000 to $100,000 and get the cash the same day they sign or have their credit card balances paid off.

  • Upgrade is a trusted financial platform that offers personal loans up to $50,000 with competitive and low fixed rates. One of the best part of Upgrade’s service is the ability to consolidate multiple bills into one affordable monthly payment so borrowers can manage their finances better.

  • Avant is a reputable financial provider that offers personal loans to help borrowers achieve their goals faster. Borrowers can get loans from $2,000 to $35,000 for various purposes such as medical bills, home projects or unexpected expenses. One of the highlights of Avant’s service is fast funding, approved funds are deposited as soon as the next business day.

Cash Advance Apps

Cash advance apps is an alternative to traditional payday loans by providing small, short term advance on your paycheck without high fees or interest rates. These apps can help bridge the gap between paychecks so users can cover unexpected expenses or emergencies without going for high interest loans. Here are some examples:

  1. Earnin. Get up to $100 per day from your paycheck with no fees or interest, based on hours worked.

  2. Dave. Small advances to help you avoid overdraft fees and manage your finances, with budgeting tools.

  3. Brigit. Cash advances and budgeting assistance, financial health tracking to help you avoid financial pitfalls.

How to Compare Personal Loan Lenders

  1. Compare Interest Rates. Look at the advertised rates and the range of rates. Check if the rates are fixed or variable. Fixed rates remain the same throughout the loan term while variable rates can change and affect your monthly payments.

  2. Evaluate Fees and Charges. Check all potential fees including origination fees, prepayment penalties, late fees and other charges. Some lenders may offer lower interest rates but higher fees so make sure to know the total cost of the loan.

  3. Check Repayment Terms. Consider the loan term and flexibility. Shorter term means higher monthly payments but lower total interest paid. Longer term means lower monthly payments but higher total interest cost. Look for lenders that offer customizable repayment plans.

  4. Examine Eligibility Requirements. Each lender has different requirements for loan approval such as minimum credit score, income requirements and debt-to-income ratio. Make sure you meet the lender’s requirements before applying to avoid hard credit inquiries.

  5. Read Customer Reviews and Ratings. Research customer reviews and ratings on review platforms and Better Business Bureau (BBB). Look for patterns in customer experiences such as ease of application, customer service and overall satisfaction.

How to Increase Your Chances of Approval

  1. Improve Your Credit Score. Credit score is a major factor in loan approval. Pay down existing debts, make on-time payments and correct errors on your credit report. Higher credit score means you’re more financially responsible and lower risk to the lender.

  2. Reduce Your Debt-to-Income Ratio. Lenders prefer borrowers with low debt-to-income (DTI) ratio. Pay off some of your existing debts or increase your income to lower your DTI ratio. Lower DTI means you have enough income to cover additional loan payments.

  3. Provide Accurate and Complete Information. Make sure all information on your loan application is accurate and complete. Inaccuracies or omissions can cause delays or denial. Gather all necessary documents such as proof of income, employment verification and identification to speed up the process.

  4. Consider a Co-Signer. If your credit score or income is not strong enough, consider asking a trusted friend or family member with better credit to co-sign your loan. A co-signer shares the responsibility of the loan and can increase your chances of approval.

  5. Choose the Right Lender. Different lenders have different criteria for approval. Research and choose lenders that fits your credit profile and financial situation. Some lenders cater to borrowers with bad credit or specific income levels so you have higher chances of approval.

John Anderson
Expert's opinion

Loans like OppLoans are a lifeline for people with bad credit, quick access to cash and the opportunity to improve credit scores through reported payments. But those benefits come at a higher interest rate than traditional loans which can add up to a big financial burden over time. While they serve a purpose for those in a pinch or with no other options, borrowers should consider the long term financial impact and explore all other options before committing to these high cost loans.

John Anderson

Loan expert

Loans Like OppLoans. Apply Online

  • Go to Website

    Go to the Loanspersonal website and click the "Apply now" button

  • Register

    Enter your details such as full name, mobile number, e-mail and desired loan amount to create a profile.

  • Fill In the Form

    In the application, please provide your SSN, address and employment information and bank account details for receiving the loan

  • Wait for a Decision

    Your request is usually reviewed within 10-20 minutes.

  • Select Offer

    Review the terms&rates of the offers you receive in your personal account, via SMS, or by email.

  • Make a Deal With a Lender

    Finalize the agreement by entering the SMS code in the app or on the company website.

  • Receive the Funds

    Once all procedures are completed and your application is approved, the lender will transfer the funds.

FAQs

You must be at least 18 years old, have a steady income and a bank account. Even with bad credit you may qualify.

Loans from OppLoans are known for fast funding. Once approved you can get your money in as little as one business day. Cash in hand.

OppLoans and similar lenders will do a soft credit check that won’t affect your credit score. These loans are for people with poor credit history.

Written by: Jessica B Jessica B
Edited by: Emily Reynolds Emily Reynolds
Review by: John Anderson John Anderson