Loans like OppLoans include loans from lenders such as Avant, Upstart, or OneMain Financial. While terms, conditions, and rates may differ, what makes these lenders similar is that they are all direct lenders that offer personal loans.
When getting a personal loan, you’ll want to choose the right one for your specific situation. For example, maybe you’re in a financial bind and need a loan to repair your vehicle. Or perhaps you received some unexpected medical bills and need help paying them off. Whatever the reason, there is a personal loan out there that’s right for you.
OppLoans® is a registered trademark of Opportunity Financial LLC.
OppLoans: What You Need To Know
OppLoans is an online lender that offers personal installment loans. OppLoans’ products are unsecured, which means you won’t need to offer up any collateral. Instead, loans are given based on a borrower’s credit history and income.
A personal installment loan is one that you pay back over time through monthly payments or “installments.” There are many different kinds of installment loans. For instance, a mortgage, an auto loan, or financing a new TV would all be considered installment loans.
The installment loans offered by OppLoans are marketed towards borrowers who have bad credit. If you’re one of the many Americans dealing with bad credit, it’s nice to know there are still options. Lenders like CreditNinja and OppLoans now cater to borrowers with less-than-perfect credit scores.
Pros and Cons of Loans Like OppLoans
Before committing to a loan it’s important to consider potential advantages and disadvantages. How will the loan affect your current budget? With a loan, you’ll be able to pay for expenses now, but will you be able to pay off the balance later? Below are a few pros and cons to think about when deciding if OppLoans is the right choice for you.
Pros
A few advantages of loans like OppLoans include:
- Fast funding
- Online convenience
- Customer service availability
Cons
Some significant disadvantages of loans like OppLoans are:
- Fees – Make sure you read your contract carefully so you don’t get hit with surprise fees.
- High interest – Interest rates may be on the higher side, especially for borrowers with poor credit.
- Potential to increase debt – Fees and interest rates on these types of loans can make paying off the balance difficult, making the borrower’s financial situation worse than before.
How Does OppLoans Work?
The process for applying and getting funded through OppLoans is similar to many other online personal installment lenders. At OppLoans, it may look something like this:
- You apply for a loan online from your computer or mobile phone.
- OppLoans reviews your personal and financial information.
- You receive a decision on whether or not they will provide you with an installment loan.
- They let you know what loan amount you can receive, the loan term, the rates and fees, and the repayment details.
- Then you decide if you’d like to take the loan, and you sign the loan agreement if so.
- You receive your loan amount through a direct deposit to your bank.
- You begin repaying the loan through monthly installments.
- Once you repay the total loan amount and interest/fees, the contract is complete.
OppLoans Example
Say you received a personal loan from OppLoans, or a similar company, for the amount of $500 with a 160% APR. If you wanted to pay back the loan over the course of 2 months by making bi-weekly payments, your repayment schedule may look something like this:
| Payment | Interest | Principal | Payment Amount | Remaining Balance |
| 1 | $30.77 | $119.90 | $150.67 | $380.10 |
| 2 | $23.39 | $127.28 | $150.67 | $252.82 |
| 3 | $15.54 | $135.13 | $150.67 | $117.69 |
| 4 | $7.24 | $143.43 | $150.67 | $0 |
In this example, the $500 loan from OppLoans would have a total cost of $602.68, with $76.94 going specifically toward interest charges. This example may also not account for origination fees or other additional costs that may come with personal loans from OppLoans.
Eligibility Requirements for Loans Like OppLoans
Basic eligibility requirements for OppLoans include:
- Borrower must be 18 years or older
- Borrower must reside in a state in which OppLoans currently operates
- Borrower must have a bank account in their name (can be a checking or savings account)
- Borrowers must have a regular source of income that they receive via direct deposit
Can I Apply for a Personal Loan with Bad Credit?
Yes, you can apply for a personal loan with bad credit. However, to increase approval odds, those with poor or no credit may want to inquire with lenders specializing in bad credit loans. Bad credit loans are a form of funding specifically designed for people with poor credit, past bankruptcy, or dealing with other financial obstacles. While these loans typically come with lower loan amounts and higher rates, they can also help turn bad credit into good credit over time when borrowers pay their loans back on time.
Who Are These Personal Loans For?
Personal installment loans from a company like OppLoans are usually designed as a last chance loan for borrowers who have low credit. With the total amount of debt consumers carry increasing every year, these loans are becoming more popular. According to one of the three major credit bureaus, Experian, the total amount of consumer debt increased about 7% from 2021 to 2022, with the total amount of debt for consumers in 2022 landing at a whopping $16.38 trillion.1
A borrower with a bad credit score typically has to resort to borrowing payday loans, title loans, or even a cash advance loan with a high interest rate or high APRs. Unfortunately, loans like these almost always come with a high interest rate and unreasonable repayment terms.
Sites like OppLoans offer bad credit loans with longer repayment terms and lower interest rates than payday loans and title loans.
If your credit score with FICO and each of the other major credit bureaus is less-than-perfect, then personal installment loans might be suitable for you. Just make sure to review the APRs, interest rate, and all borrowing terms from any company you’re considering.
How Can I Improve My Approval Odds?
Below are a few tips that can help you improve your approval odds for a loan!
- Check your credit score: First, review your most recent credit report and confirm everything is accurate. Unnoticed errors could be bringing your score down for no reason! Also, once you’ve confirmed your credit score, you’ll have a better idea as to what types of lenders and loans may work best for you.
- Review your current debt: Take a look at your current debts, including other loans, credit card debt, etc. If your total amount is already pretty high, you may want to hold off on applying for a loan right now.
- Determine how much you can afford to repay: If you decide to get a loan and take on more debt, you’ll want to make sure your monthly payments fit in with your existing budget. Keep in mind that loan amounts, interest rates, and loan types will all play a role in determining the overall cost.
- Research lenders and compare options: Once you have a good idea as to what type of loan you want, research your options! Check out a few different lenders and compare their loan products. You may even want to take a look at customer reviews to see what kind of experience other people had.
Alternatives to Personal Loans Like OppLoans
Good news! OppLoans isn’t the only way borrowers can get quick funding. Check out a few alternatives to personal loans like OppLoans below.
Cash Advances
Cash advance loans are where borrowers take out cash against their credit card limit. Using a credit card for a cash advance can be convenient because you don’t have to apply, go through a hard credit check, and wait for approval–you simply go to an atm and withdraw cash. However, it’s important to note that interest rates on credit card cash advances are usually higher than standard purchases. Therefore, unless you pay back the balance right away, cash advances can be an expensive form of borrowing.
Home Equity Line of Credit (HELOC)
Homeowners can get funding using their homes as collateral with a home equity line of credit (HELOC). HELOCs often have lower interest rates, which makes them an appealing option for homeowners who need money but have a bad credit history. Borrowers often use HELOCs for debt consolidation or other large purchases. But, just like any secured loan, it’s worth noting that the borrower’s home is at risk should they miss a certain amount of payments or default.
Peer-to-Peer (P2P) Lending
Peer-to-peer lending (P2P lending), also called “social lending,” or “crowd lending,” is a way for borrowers to get a loan without having to go through a traditional financial source like a bank. Since it’s common for P2P lenders to set their own rates and terms, P2P loans often come with lower interest rates when compared to traditional loans. But, they also have high default rates and typically come with extensive fees for both the lender and the borrower.
Credit Union Loans
Credit union loans work much like any other personal loan where approved borrowers receive funding in one lump sum and repay the balance in monthly installments. But, what makes a credit union different from banks and other direct lenders is that credit unions are owned and operated by its members/borrowers. In order to get a loan from a credit union you’ll have to become a member, which can come with certain credit score, income, or employment requirements.
CreditNinja: How Does It Compare?
CreditNinja is a company that also offers online personal installment loans as an alternative to predatory payday loans and title loans. In addition, CreditNinja provides emergency cash to borrowers with bad credit. If you’re considering OppLoans alternatives, read on to learn more about what we offer.
One of the best things about borrowing from CreditNinja, is that they offer a completely online experience from the application, to funding, to repayment. In addition, you can do everything from your computer or phone, which means no more waiting in long lines and filling out tons of paperwork. If you’re someone who usually takes out payday loans, then a personal installment loan from CreditNinja may be an excellent alternative.
CreditNinja loans offer more extended repayment periods, lower interest rates and APRs than payday options, and more flexible terms than your average payday loan. And while payday loans provide fast funding, CreditNinja will get you your cash quickly and deposit it directly into your bank account.
How Does CreditNinja Stand Out?
CreditNinja stands out due to its excellent customer service, fast funding, and better loan terms than payday loans. With personal installment loans from CreditNinja, you can get the online quick cash loan you need when you’re in a desperate financial situation. If you need a better interest rate and longer repayment period than payday options, CreditNinja can help.
Our loans are meant to help bad credit borrowers get the loan amounts they need to take care of the unexpected expenses that pop up. So whether you need to cover your children’s school costs, repair an appliance in your home, or pay off a credit card, CreditNinja is here to help.
At CreditNinja, we care about your financial future. So helping you get the fast cash and interest rate you need is our top priority. And we do it with the friendly and helpful customer care that you deserve.
Who Should Pick CreditNinja?
Anyone who needs a fast cash infusion to solve a financial problem should consider a personal installment loan from CreditNinja. If you’re a borrower that typically uses payday loans, consider getting a better rate and loan terms with CreditNinja.
Don’t get stuck paying the extremely high interest rates of payday loans and title loans. Instead, avoid the lump-sum payments of predatory lenders. CreditNinja will allow you to spread your payments out to make them more manageable and provide you with a better interest rate than payday loans.
Of course, we always recommend working hard to improve your FICO credit score. But raising your score takes time, hard work, and commitment. And sometimes, you need cash right away. If you have bad credit, many traditional banks and lenders will most likely deny your application. But at CreditNinja, you could be approved even with a low credit score.
FAQ: Loans Like OppLoans
No. Customers are allotted one active personal loan at any one time. To get an additional loan from OppLoans, borrowers will have to pay off their current loan and apply for another.
OppLoans does not perform a traditional hard credit inquiry during the approval process. Instead, they reference credit report information provided by Clarity Services and Experian.
Your credit score is a reflection of your creditworthiness. Lenders often use it to determine your loan eligibility, interest rates, and terms. A higher credit score generally means better loan offers.
Yes, some online loans like OppLoans may offer personal installment loans to individuals with bad credit. However, these loans might come with higher interest rates and stricter terms compared to loans offered to those with better credit scores.
Monthly loan payments are fixed amounts that borrowers pay to lenders to repay their loans. These payments include both the principal amount and the interest accrued. The exact amount depends on the loan amount, interest rate, and loan term.
A direct lender provides the loan directly to the borrower. In contrast, a loan broker connects borrowers with potential lenders. While brokers can offer a range of options, they might charge fees for their services.
Yes, many borrowers use personal loans to consolidate their debts. This can simplify their finances by combining multiple monthly payments into one and potentially lowering the overall interest rate.
Yes, if you find a lender offering a better interest rate or terms, you can refinance your personal loan. This involves taking a new loan to pay off the existing one.
Lenders might look at credit scores from different credit bureaus when assessing your loan application, like FICO, Experian, Equifax, and Transunion. If there’s a significant discrepancy between these scores, the lender might use the middle score or an average to make their decision.
A Note From CreditNinja
It takes a lot of time and thorough research to find a lender that you can trust. And at CreditNinja, we don’t take that trust lightly.
No matter what your current financial needs are, CreditNinja wants to help you manage them. Get the cash you need, the flexible repayment schedule you deserve, and the customer care that CreditNinja is known for.
And if you’re interested in learning more about OppLoans alternatives, credit cards, and general money management, check out the rest of the CreditNinja blog today!
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Websites Like OppLoans
One of the most difficult aspects of loan shopping is comparing all of the similar options available. But it’s crucial to thoroughly review the loans and lenders you have in mind before choosing one. If you’re considering one of the options below, or a similar loan, make sure to learn more about their terms and conditions.
