Are you looking to get a Personal Loan with a bad credit history?
Do you want the lenders to be soft on checking your credit and providing you with a loan?
If so, then, here’s an online loan provider platform that provides you with a personal loan with a soft check on your credit. We’ll check on how to get a personal loan with a soft credit check.
OppLoans Review – OppLoans personal loans are very expensive but are good for people with bad credit because the company does not do a credit check. These loans are small, have short repayment periods, and don’t charge an origination fee.
What is OppLoans Personal Loans? OppLoans Review
OppLoans is a fintech online loan platform specializing in installment loans.
OppLoans does not do a hard credit inquiry as part of their application review process, making it easy to get approved, and funding is fast, taking just 1 to 2 business days.
One of the OppLoans’ more appealing features is that individuals with low credit scores can easily qualify for the money they need.
But these loans come with extremely high APR ranges, which should give any potential borrower pause before signing anything. OppLoans is far too pricey to consider, as their interest rates range from 59% – 160%.
OppLoans Personal Loans Are Best for:
- People who have poor or bad credit.
- People who need to borrow $4,000 or less.
- People who need loan funding quickly.
- Personal loans with soft credit check.
Best Usage of OppLoans Personal Loans
OppLoans offers personal loans that can be used for several purposes, including:
- Consolidating and paying off other loans.
- Car repairs.
- Household expenses.
- Paying rent.
- Medical expenses.
- Major purchases.
Also Read: How to Get a Fast Loan Online with Bad Credit
How Do OppLoans Personal Loans Work?
You can apply online as long as you meet the following requirements below:
- Must be 18 years or older.
- Reside in one of the states in which OppLoans operates.
- Have a regular source of income.
- Have a bank account.
- Receive an income through direct deposit.
These are just the basic requirements and are available for serious lenders. Once you get approved for the offer, your funds may be deposited as quickly as the next business day.
What Are Some of OppLoans’ Online Features?
- Borrowers can apply for a personal loan with OppLoans online.
- There is a soft credit check, which does not affect your FICO credit score.
- Borrowers must verify their bank account as part of the application process, which can be done securely online.
- Loan details and payments can be viewed and scheduled through an online account.
Pros & Cons of OppLoans Personal Loans
Pros
- Applying for OppLoans does not affect your FICO ® credit score
- Accepts people even with bad credit
- No prepayment penalties or fees
- High BBB rating
Cons
- Extremely high APRs: 59% – 160%
- Interest rates are much higher than traditional personal loans.
- Small loan amounts: $500 – $4,000, The maximum loan is $4,000.
- Not available to people without SSN
- No joint applications
- Only available in 35 states
What Are OppLoans’ Terms, Fees, and Conditions?
OppLoans personal loans range from $500 to $4,000, depending on the state. The annual percentage rate ranges from 59% to 160%. The maximum repayment term for a personal installment loan is 18 months.
Individual loan interest rates and repayment terms are determined by the state in which the loan originates. OppLoans does not charge a prepayment penalty for repaying a loan early.
How Can You Qualify for an OppLoans Personal Loan?
There is no required credit score for approval. Here are some basic requirements to qualify.
- Borrowers will need to be 18 years or older.
- Must have a bank account.
- Must have a regular source of income.
- Must receive income through direct deposit.
- And live in one of the states that OppLoans services.
What Credit Score Do You Need?
While no minimum credit score for approval is disclosed on the company’s website, OppLoans personal loans are designed for borrowers with poor or bad credit.
Where Do OppLoans Operate?
OppLoans offers loans to all states except Colorado, Connecticut, Illinois, Iowa, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, South Dakota, Vermont, and West Virginia. OppLoans has branch locations in Illinois and Nevada.
Is OppLoans Reputable?
OppLoans has an A rating with the Better Business Bureau. It also has an excellent 4.6 out of 5 stars rating from over 3,500 reviews on TrustPilot.
How Is OppLoans’ Customer Service?
You can email OppLoans at info@opploans.com. You can call their Chicago office at 800-990-9130 Monday through Friday from 8 a.m. to 12:30 a.m. Eastern Time, or Saturday and Sunday from 10 a.m. to 6 p.m. ET. You can also contact their Nevada office at 618-433-3475 Monday through Friday from 8 a.m. to 12:30 a.m. ET, or Saturday and Sunday from 10 a.m. to 6 p.m. ET.
OppLoans Fees
OppLoans doesn’t charge any origination fees, application fees, or prepayment penalties. However, the higher APR OppLoans charges may negate anything you would have saved by not being charged fees.
OppLoans Loan amount
OppLoans offers small loans when compared to the funding amounts provided by other lenders in the space. The minimum amount you can apply for is $500 and the maximum amount is $4,000.
Considering the high APR range for OppLoans, potential borrowers want to make sure they aren’t borrowing too large of a principal since that will make their monthly payments even more expensive.
OppLoans Term length
Repayment terms for OppLoans range from 9 to 18 months. Other lenders typically carry term lengths as long as five years (and sometimes even longer than that).
The less time you have to pay off the loan, the higher your monthly charges will be, so keep this in mind when considering this lender.
OppLoan Application Process
1. Tell About Yourself: Fill out your fast and easy online loan application.
2. Verify Your Income: Securely connect your bank account.
3. Get a Quick Decision: They’ll use the information you provided and check if they can find you a match for the loan.
4. Same-Day Funding Available: If approved, you may receive money in your account as soon as the same business day.
Conclusion: How To Get a Personal Loan with Soft Credit Check?
OppLoans are feasible and easy to get loans, but keep in mind that they have high APR charges, and it will be very expensive to borrow the money and you’re better off looking at other personal loan lenders that have a lower APR.
FAQs – OppLoans Personal Loan
Can I get a loan with a soft credit check loan?
A soft search can be used as an initial check to see how likely you are to be approved for a loan or other types of credit. Soft searches aren’t visible to lenders, so they won’t affect your credit score in any way.
Can you get a personal loan with a credit score of 500?
Yes, you can get a personal loan with a credit score of 500 if you have a steady source of income, but your choices are very limited. The best way to get a personal loan with a 500 credit score is to start by checking to see if you pre-qualify for loans from major lenders.
Can I get a Personal loan with no credit check?
Yes, you may be able to get a personal loan with no credit check. There are some Lenders that don’t require a credit check and may look at alternative data, such as income, banking data, and rental history, to determine your eligibility to borrow. That said, some lenders that accept alternative data may still require at least fair credit.
