What Every Borrower Should Know
Opploans

Review Summary
If you need a fast loan, and have bad credit to boot, you might entertain a loan offer from Opploans. And for good reason…it’s likely you’ve been turned down by traditional banks and lenders. It’s unfortunate. But there’s still hope. This is a lender that can help. And not to mention dozens of similar lenders that can offer you help. But the question is this: “does this lender offer the options you need at an affordable rate?” “Will they scam me?” And so on. The short story is they are not a scam. In fact, they’re a very reputable lender with excellent reviews.
PROS
– Has lower interest rates than most bad credit lenders in the marketplace
– Has several loan options to choose from
– Free access to financial education
– Funds loans very quick
CONS
– Expensive form of borrowing money
– Interests rates can be as high as 99% APR
– Not available in every state
Overview of OppLoans
Thanks for visiting our guide on Opploans reviews. The company is located in Chicago, IL, and services their clients through various lending options. Opploans provides borrowers with:
- Installment Loans
- Debt Consolidation Loans
- Bad Credit Loans
- No Credit Check Loans
- Payday Loans
- Title Loans
- Cash Advances
These are all lending options designed to assist with short-term cash or emergency situations.
- APR: 99%-199%
- Loan Amount: $1,000- – $4,000
- Term: Up to 36 months
- Payment: Monthly.
- Best For: People in extreme emergency situations.
- Not For: People with little income.
Deep Dive Analysis
However, it’s the cost at which these products are offered that should ultimately concern you. From there, you can begin working back to see if this is a good fit, which is what a large percentage of people posting Opploans reviews have done. First, we will take a look into the installment loans, which is the loan you are likely most familiar with. An installment loan includes your mortgage and auto loan. Out of all the options, an installment loan affords you equal payments over an agreed upon length of time. This gives you better planning ability and gives you room to pay the loan back, not all at once like a payday loan.
Their website goes on to provide many data points and information on their installment loan, and again, rates will differ from state to state. Next are debt consolidation loans, which simply take all of your outstanding debts, pays them off and allows you to make one payment to a single large note. When deciding if a debt consolidation loan is right for you, you simply need to ensure the consolidation loan has a lower interest rate than your current debts.
If it’s higher, then a debt consolidation loan is likely not the best option, simple as that. The last product is a line of credit, which may not be available to you depending on the state you live in. Simply check the rates pages to see if your state allows this lending practice. Now, if you do take a line of credit, this can be an effective form of lending, especially if you end up not needing the loan. With a line of credit, you only pay interest on the funds you borrow. This ensure you are only using what you need and being charged for what you use.
Loan Rates and Terms
Now that you have an understanding, it’s important to know the actual costs of these products, which is the APR, or annual percentage rate. While each state is different, we’ll take a look at the state of Illinois and the information pertaining to them, simply for illustration purposes. If you were to take out a loan from the state of Illinois, it shows you can apply for $500 up to $4,000, with terms ranging from 9 to 18 months, with an APR of 99%. What makes it difficult to narrow in are the variables, because not everyone is going to get that rate.
However, this illustrates the high cost of borrowing. For comparison, credit cards typically range from the high teens, up to nearly 30% APR. Even if you were to obtain the most expensive credit card, you would still be better off than an installment loan at 99%.
Alternatives to Opploans
It’s important to understand alternatives because it can save you hundreds or even thousands of dollars in the long run. By not knowing your options, lenders and others will make a quick buck off your financing needs. First, look to take out a personal loan from a bank or credit union. These rates are much more in-line with what you should be charged. Your rates will likely be somewhere in the high single digits through the teens. Also, many of these smaller financial institutions have your interests in mind and will only lend what they believe to be necessary. However, when we analyzed Opploans reviews from consumers online, many stated this was their only option.
Secondly, look at taking out a credit card. While the interest rates are higher than a personal loan, you will still save. Also, if you look enough you can find companies that are offering introductory zero percent interest periods, which can last from 6 months up to 15 months and potentially longer. This not only covers your emergency, but also gives you time to repay your balance with no interest charges.
Other alternatives include taking out a second mortgage in the form of an installment loan or line of credit. You may also look at taking out a 401(k) loan, but that option varies on your employer. You can likely speak with your HR department to find out if that’s a possibility.
The Bottom Line
Opploans does a solid job of providing you with reasonable options compared to others in the industry. However, they are still substantially higher in cost than those offered through banks, credit unions and credit card companies. If an emergency does arise and this is your only option, give them a shot.
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