OppLoans was founded in 2010 as an alternative to pricey payday loans that charge exorbitant interest rates and trap consumers in a cycle of debt. While these loans may indeed be considered “personal loans,” OppLoans focuses on offering short-term installment loans to high-risk borrowers. The biggest benefit of these loans is the fact that there is no credit check required.
It’s true that OppLoans has higher interest rates and ongoing costs than many other personal lenders, but they are easier to qualify for and their rates are significantly lower than payday loans. For that reason, we think OppLoans could be useful as a lender of last resort when you can’t get approved for a traditional personal loan with a lower interest rate and better terms.
OppLoans Installment Loans: Key Takeaways
- Apply for an installment loan with an APR between 99% and 199%.
- Repay your loan for…