Advertiser Disclosure

Personal Loans

FreedomPlus Personal Loan Review

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Disclosure : By clicking “See Offers” you’ll be directed to our parent company, LendingTree. You may or may not be matched with the specific lender you clicked on, but up to five different lenders based on your creditworthiness.

APR

5.99%
To
29.99%

Credit Req.

Varies

Minimum Credit Score

Terms

24 to 60

months

Origination Fee

0.00% - 5.00%

SEE OFFERS Secured

on LendingTree’s secure website

With a personalized application process that includes a phone interview, FreedomPlus gives people with below average credit a shot at getting approved for a personal loan.... Read More

FreedomPlus personal loan details
 

Fees and penalties

  • Terms: FreedomPlus loan terms range from 24 to 60 months.
  • APR range: The APR range for FreedomPlus loans is 5.99% to 29.99% APR.
  • Loan amounts: You can borrow from $7,500-$40,000.
  • Time to funding: If you submit a completed application, which includes your signature, a valid ID and verification of your income and bank account, early in the day, you could receive the money within 48 hours.
  • Hard pull/soft pull: Checking personal loan rates with FreedomPlus only requires a Hard Pull. The hard pull will not impact your credit history. However, a hard pull is required to complete the full application. The hard inquiry may appear on your credit report and can impact your credit score.
  • Origination fee: 0.00% - 5.00%
  • Prepayment fee: $0
  • Late payment fee: TBD
  • Other fees: TBD

Eligibility requirements

  • Minimum credit score: Varies
  • Minimum credit history: Varies
  • Maximum debt-to-income ratio: 40%

While FreedomPlus doesn’t detail its credit requirements on its website, it has outlined other requirements for loan approval and its loan parameters. At a minimum, all applicants must be over 18 years old, be a U.S. citizen and have a valid ID. Applicants also need at least $25,000 of verifiable income and cannot have filed for bankruptcy in the last two years.

Loan limitations can vary by state. FreedomPlus does not arrange loans in Arizona for less than $10,500, in Massachusetts for less than $6,500, in Ohio for less than $5,500, and in Georgia for less than $3,500. Otherwise, FreedomPlus will determine the terms of your loan based on the loan amount and your credit score, total debt, and debt-to-income ratio.

Applying for a personal loan from FreedomPlus

FreedomPlus’s simple application process starts on its website. The application prompt will ask for the amount you’d like to borrow, how you plan to use the money, your credit score (you can choose among several score ranges) and the state where you live. Before submitting, you will also need to provide your name, email address and phone number.

After FreedomPlus receives your application, a loan consultant will follow up with a phone call. The platform advertises that it “goes beyond your credit report” to qualify you for a loan, and this conversation will allow you and the consultant to further discuss the loan and your qualifications.

If you apply early in the day and submit all required documents (a valid ID and bank and income documentation) quickly, your loan could be approved the same day. Following approval, funds should be available within 48 hours.

Pros and cons of a FreedomPlus personal loan

Pros:

Cons:

  • Lower credit score: FreedomPlus looks at more than your credit score, so if your credit score isn’t stellar but you are financially stable and pay your bills on time, you could get approved for a loan.
  • Easy application process: Applying for a FreedomPlus loan simply requires filling out an online form, submitting a few documents and speaking with a loan consultant on the phone. Applicants also can expect a quick response, and, if approved, access to the money within as little as 48 hours.
  • No fee for prepayment: You can reduce interest paid on the loan by paying off the loan early.
  • Credit score check: You can pre-qualify for a loan and check your rate with only a hard pull on your credit.
  • Origination fee: FreedomPlus charges an origination fee between 0.00% - 5.00%. On a $20,000 loan, for example, you could pay an origination fee as high as $1,000. The fee typically is deducted from the loan before it’s deposited into your account.
  • Potentially high rates: The APR on a FreedomPlus loan can be as high as 29.99%, which is high compared with some other personal loan companies that focus on borrowers with prime credit scores. It’s more on par with similar lenders. BestEgg, for example, works with borrowers with credit scores as low as 700 and offers rates between 5.99% and 29.99%. Upstart also give loans to borrowers a credit score of 620 with rates between 7.46% and 35.99%.
  • Simple website: FreedomPlus’s website is straightforward and easy to navigate, but it doesn’t provide many details about fees and other loan details you’ll need when deciding which loan is best for you.

Who’s the best fit for a FreedomPlus personal loan

While FreedomPlus doesn’t offer the lowest rates, it could be a good choice for those who have a lower credit score and can show they are in a good financial position. The platform offers a quick turnaround, and qualified applicants could have the money in the bank within two days of loan approval.

Borrowers who are motivated to improve their finances also could benefit from a FreedomPlus loan. The platform doesn’t charge a prepayment fee, which means that you can pay off the loan early and save money in interest payments without paying a fee.

Alternative personal loan options

As with any loan, you will want to look at options before making a decision. Different personal loan companies will offer different terms, so be sure to read through the detailed terms of each one before making a decision about which loan will most benefit you. You’ll want to consider fees, terms and whether the pre-qualification process will impact your credit score. A good place to start is MagnifyMoney’s online tool for comparing personal loans.

Here are some other lending platforms that offer similar terms to FreedomPlus loans.

Upgrade

Upgrade also offers an easy online application process and fast response. It’s willing to work with borrowers with credit scores as low as 620. However, it charges a slightly higher origination fee compared to FreedomPlus, at 1.50% - 6.00%. Pre-qualification, which only requires a soft pull, involves a one-page application, and Upgrade will return a decision almost instantly. The platform provides a wider range of loans than FreedomPlus, as applicants can qualify for loans of $1,000 to $50,000 with terms of 36 or 60 months. Money will be deposited to applicant’s bank accounts with days of verification.

Upgrade
APR

7.99%
To
35.89%

Credit Req.

620

Minimum Credit Score

Terms

36 or 60

months

Origination Fee

1.50% - 6.00%

SEE OFFERS Secured

on LendingTree’s secure website

Upgrade is an online lender that offers fairly priced personal loans for a term of either 36 or 60 months.... Read More.

SoFi

Like FreedomPlus, Sofi doesn’t charge a prepayment penalty and offers a simple online application process. Because it has higher credit requirements, borrowers with excellent, good credit looking for more options may want to consider SoFi. The platform provides loans ranging from $5,000 to $100,000 and its maximum APR is 16.24% (if you enroll in autopay). SoFi offers other benefits as well, including no origination fee, live customer support seven days a week and a pause in payments if you lose your job.

SoFi
APR

5.74%
To
16.24%

Credit Req.

680

Minimum Credit Score

Terms

24 to 84

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

SoFi offers some of the best rates and terms on the market. ... Read More


Fixed rates from 5.990% APR to 16.240% APR (with AutoPay). Variable rates from 5.74% APR to 14.700% APR (with AutoPay). SoFi rate ranges are current as of March 18, 2019 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. See APR examples and terms. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 5.74% APR assumes current 1-month LIBOR rate of 2.43% plus 4.28% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.

All rates, terms, and figures are subject to change by the lender without notice. For the most up-to-date information, visit the lender's website directly. To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.

See Consumer Licenses.

SoFi Personal Loans are not available to residents of MS. Minimum loan requirements might be higher than $5,000 in specific states due to legal requirements. Fixed and variable-rate caps may be lower in some states due to legal requirements and may impact your eligibility to qualify for a SoFi loan.

If you lose your job through no fault of your own, you may apply for Unemployment Protection. SoFi will suspend your monthly SoFi loan payments and provide job placement assistance during your forbearance period. Interest will continue to accrue and will be added to your principal balance at the end of each forbearance period, to the extent permitted by applicable law. Benefits are offered in three month increments, and capped at 12 months, in aggregate, over the life of the loan. To be eligible for this assistance you must provide proof that you have applied for and are eligible for unemployment compensation, and you must actively work with our Career Advisory Group to look for new employment. If the loan is co-signed the unemployment protection applies where both the borrower and cosigner lose their job and meet conditions.

Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)

LightStream

LightStream is a great option for borrowers with excellent credit, as it offers a low APR and flexible terms, and has no origination fee or prepayment fees. Loan terms are determined by what you use the loan for, as an APR for an auto loan can be as low as 3.99% while the APR for home improvement loans starts at 4.99% with autopay. If you are approved for a loan and complete all necessary steps before 2:30 p.m. EST, the money can be deposited in your bank that day. Unlike FreedomPlus, LightStream does a hard pull, which may have a small impact on your credit score. Borrowers can apply for loans between $5,000 and $100,000.

APR

3.99%
To
16.99%

Credit Req.

660

Minimum Credit Score

Terms

24 to 144

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

LightStream is the online lending division of SunTrust Bank.... Read More


Your APR may differ based on loan purpose, amount, term, and your credit profile. Rate is quoted with AutoPay discount, which is only available when you select AutoPay prior to loan funding. Rates under the invoicing option are 0.50% higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 3.99% APR with a term of 3 years would result in 36 monthly payments of $295.20.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Marty Minchin
Marty Minchin |

Marty Minchin is a writer at MagnifyMoney. You can email Marty here

TAGS:

Get A Pre-Approved Personal Loan

$

Won’t impact your credit score

Advertiser Disclosure

Personal Loans

Citizens Bank Personal Loan Review

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Disclosure : By clicking “See Offers” you’ll be directed to our parent company, LendingTree. You may or may not be matched with the specific lender you clicked on, but up to five different lenders based on your creditworthiness.

Citizens Bank (RI)
APR

6.79%
To
20.89%

Credit Req.

Not specified

Minimum Credit Score

Terms

36 to 84

months

Origination Fee

No fees

SEE OFFERS Secured

on LendingTree’s secure website

Citizens Bank personal loan details
 

Fees and penalties

  • Term lengths: 36 to 84 months
  • APR range: 6.79% to 20.89%
  • Loan amounts: $5,000 to $50,000
  • Time to funding: Funds can be in your account in as quickly as 2 business days
  • Credit check: Soft Pull
  • Origination fee: No fees
  • Prepayment fee: None
  • Late payment fee: Not specified

Citizens Bank product details

A Citizens Bank personal loan offers you the ability to lower your interest rate. If you have another qualifying Citizens Bank account when you complete your application, you’ll receive the Citizens Loyalty Discount, entitling you to a 0.25% rate discount. Save another 0.25% by opting to have your monthly loan payments automatically debited through ACH. This allows you to reduce your rate by a total of 0.50%.

In addition, if you’re an active-duty service member or are called into active duty before your Citizens Bank personal loan is repaid, you may qualify for special benefits. Eligibility varies according to a number of factors, so contact customer service for more details.

Eligibility requirements

  • Minimum credit score: Not specified
  • Minimum credit history: “Reasonably strong credit history,” per Citizens Bank’s website.
  • Maximum debt-to-income ratio: Not specified.

To qualify for a Citizens Bank personal loan, you must have a strong credit history and a minimum annual income of at least $24,000. You must also be a U.S. citizen or permanent resident of the U.S. or Puerto Rico and have a valid Social Security number. Additionally, you’ll need to be at least the age of majority in the state where you reside.

Applying for a personal loan from Citizens Bank

You can apply for a Citizens Bank personal loan online. To complete your application, you’ll need to provide your Social Security number, gross annual income — accompanied by your most recent pay stub — and requested loan amount. If applicable, you might also be required to specify the name and phone number of your employer and the name and email address of your co-signer. Do note, though, that if you use a co-signer, they’ll also need to provide all the information listed above.

After submitting your application, you might be asked to supply additional documents to verify the information submitted. If you’re asked to provide proof of Social Security number, this could include a copy of your Social Security card, birth certificate or passport. Documents needed for income verification purposes may vary, according to your unique situation. Submit the documents online for the fastest processing, via email or by standard or overnight mail.

If your personal loan is approved, you’ll need to acknowledge and accept the terms of the offer, review and sign your application and promissory note — along with your co-signer, if applicable. Your promissory note can be signed digitally — the fastest method — or physically. The money will be deposited in your account quickly — possibly within two business days — and your first payment will be due 20 to 50 days from disbursement.

Pros and cons of a Citizens Bank personal loan

Pros:

Cons:

  • No fees: Citizens Bank loans comes with zero fees, including origination fees and prepayment penalties.
  • Flexible terms: Choose a monthly payment that fits your budget, with terms ranging from 36 to 84 months.
  • Fast funding: Funds could be dispersed into your account in as quickly as two business days after approval.
  • Interest rate reductions: Take 0.25% off your rate if you qualify for the Citizens Loyalty Discount and another 0.25% for having your monthly loan payments automatically deducted through ACH. This can allow you to reduce your rate by up to 0.50%.
  • Strong credit requirements: While the Citizens Bank website doesn’t provide a specific baseline credit score, it does note that “reasonably strong credit” is needed for loan approval.
  • Income requirements: To qualify for a personal loan from Citizens Bank, you’ll need a minimum annual income of at least $24,000.

Who’s the best fit for a Citizens Bank personal loan?

If you don’t want to pay fees, the Citizens Bank personal loan might be a good fit. Since no fees are attached to the loan — including origination fees and prepayment penalties — you can save money on its total cost.

Considering loans can often be funded within two business days, this could also be a great choice if you need cash fast. If you already have an account with Citizens Bank, you’ll especially want to check this loan out. You could be eligible for a reduced interest rate of up to 0.50% if you qualify for the Citizens Loyalty Discount and have your monthly loan payments automatically deducted through ACH.

Reading Citizens Bank reviews like this one is an important way to gather the facts, so you can make the best choice for your unique financial situation. It’s also advisable to shop around for other low-fee lenders, before signing any loan paperwork.

Citizens Bank consumer reviews

Citizens Bank has an A+ rating from the Better Business Bureau. On LendingTree, our parent company, 92% of reviewers recommend Citizens Bank.

Positive points in consumer reviews include great rates, knowledgeability and helpfulness of the lender, as well as the rapidity of the process. On the negative side, the lack of bank branches was mentioned.

Avik, from Jericho, N.Y., praised the bank employee he worked with: “As a first-time home buyer, we stumbled upon lot of unknowns especially buying [a] little bit above our budget and affordability. David walked us through the process and made it super easy. The bank also closed the loan in such a short notice. We were able to get our home where we were competing against multiple cash offers.” Vladimir from Pomona, N.Y., found the team “very responsive and easy to deal with.”

On the other hand, while Jared from Croton On Hudson, N.Y., did acknowledge that the team was “pretty great,” he added that “the requirement to open an account with them was a bit more work when I realized how few branches were nearby,” though “likely not an issue in the long-term.”

Citizens Bank FAQ

The company offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens Bank also provides mortgage lending, student lending and commercial banking services.

Citizens Bank will take multiple factors into consideration, including employment history, credit history, assets and debt. There is a soft pull credit for the rate quote and a hard credit pull for the application.

The use of personal loans include debt consolidation, engagements and weddings, kitchen and bath remodel, vacations and timeshares, and recreational vehicles.

While Citizens Bank doesn’t charge late fees, not making your payments on time could affect your credit score.

Alternative personal loan options

Wright-Patt Credit Union

Wright-Patt Credit Union
APR

8.99%
To
17.99%

Credit Req.

710

Minimum Credit Score

Terms

60

months

Origination Fee

No origination fee

APPLY NOW Secured

on Wright-Patt Credit Union’s secure website

With no annual fee, low fixed rates and terms up to 60 months, Wright-Patt Credit Union offers personal loans that are great options for those looking to work with a credit union.... Read More

Wright-Patt Credit Union offers personal loans from $500 to $40,000. Personal loans can be used for anything. One of the perks attached to the loan is the Skip-a-Pay Program, allowing eligible borrowers to skip one payment per calendar year without a late fee. You’ll need to join the credit union to apply for a personal loan: Ohio residents in several central and southwest counties, as well as the cities of Columbus and Cincinnati, are eligible for membership; those outside the region can research other means of joining the credit union. If you qualify for membership, this can be a good choice if you need less than the $5,000 minimum Citizens Bank loan.

PenFed Credit Union

PenFed Credit Union
APR

Starting at 6.49%

Credit Req.

700

Minimum Credit Score

Terms

36 to 60

months

Origination Fee

No origination fee

APPLY NOW Secured

on PenFed Credit Union’s secure website

Pentagon Federal Credit Union (PenFed) offers personal loans with terms up to five years and maximum loan amounts of $25,000.... Read More

PenFed personal loans are offered from $500 to $25,000. There’s no hidden costs of borrowing and funds are available immediately. Personal loans are exclusive to PenFed members, but you could be eligible to join through your employer, association membership, volunteerism or military affiliation. PenFed’s baseline APR is slightly lower than the starting 6.49% APR offered by Citizens Bank, so taking this route could allow you to score a better rate.

USAA

USAA Bank
APR

As low as 9.49%

Credit Req.

700

Minimum Credit Score

Terms

12 to 84

months

Origination Fee

No origination fee

APPLY NOW Secured

on USAA Bank’s secure website

USAA offers personal loans for members with low, fixed interest and protections to fall back on if you get behind in payments.... Read More

If you’re a member of the U.S. military — or an eligible family member — you might qualify for a USAA personal loan. Borrowing starts at $2,500 and you must be a member to apply for a personal loan. Decisions are typically made immediately and loans are funded the next day. Assuming you qualify for USAA membership, this could be a good fit if your borrowing needs are less than $5,000 minimum for a Citizens Bank personal loan.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Laura Woods
Laura Woods |

Laura Woods is a writer at MagnifyMoney. You can email Laura here

Yael Bizouati
Yael Bizouati |

Yael Bizouati is a writer at MagnifyMoney. You can email Yael here

TAGS:

Get A Pre-Approved Personal Loan

$

Won’t impact your credit score

Advertiser Disclosure

Personal Loans

OppLoans Personal Loan Review

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Disclosure : By clicking “See Offers” you’ll be directed to our parent company, LendingTree. You may or may not be matched with the specific lender you clicked on, but up to five different lenders based on your creditworthiness.

APR

99.00%
To
199.00%

Credit Req.

Varies

Minimum Credit Score

Terms

9 to 24

months

Origination Fee

Varies

SEE OFFERS Secured

on LendingTree’s secure website

OppLoans personal loan details
 

Fees and penalties

  • Terms: 9 to 24 months
  • APR range: 99.00%-199.00% APR
  • Loan amounts: $1,000-$4,000
  • Time to funding: You can get access to your funds as soon as the business day after approval.
  • Hard pull/soft pull: Soft Pull
  • Origination fee: Varies
  • Prepayment fee: None
  • Late payment fee: Fees may vary by state, but if your payment is more than 15 days late, you will be charged $15.
  • Other fees: These may also vary by state, but you will be charged $15 each time you write OppLoans a bad check. California applicants will also have to pay a $75 administrative fee.

OppLoans’ rates are oppressively high, but there’s a reason they exist. When you find yourself with little money, a mountain of bills and bad credit, it becomes extremely difficult to gain access to low-interest borrowing products.

In these cases, many people turn to payday loans, which can have interest rates of around 400%. Going with a personal loan from OppLoans is a preferable path.

OppLoans makes efforts to help their clientele understand how they can boost their credit scores so they can get back into the traditional marketplace where lower rates can be obtained. They do this through OppU — a collection of free, educational courses that teach you about spending, saving, budgeting, credit and debt. Unless you live in Texas or Ohio, OppLoans also reports your loan activity to the three major credit bureaus, so making on-time payments can help you strengthen your traditional credit file.

Eligibility requirements

Clarity Services, Inc. is a subsidiary of Experian, but is not technically one of the big three credit reporting agencies (Equifax, Experian and TransUnion). Instead, Clarity Services deals with what is known as “alternative credit data.” This data is built by obtaining your credit report from one of the three major credit bureaus and supplementing it with information about recent credit inquiries, potential fraud attempts and your overall financial stability, including income and employment data.

When a lender like OppLoans uses Clarity Services, it’s doing so because it knows that, by traditional credit standards, you might look like a repayment risk, but it also knows that reliable people sometimes go through hard financial times. Clarity’s supplemental information allows OppLoans to make a lending decision on more than just traditional credit data.

If your alternative credit data qualifies you, you will also have to have a steady source of income. If your income is from employment, you have to have been with your employer for at least three months. You must also have a bank account that is at least three months old, where your paychecks are deposited using direct deposit. If you live in New Mexico, you are exempt from the direct deposit requirement.

If you’re active-duty military, you won’t qualify for a loan with OppLoans. That’s because the Military Lending Act protects servicemembers, their spouses and dependents from potentially predatory lenders, and the rates offered by OppLoans are far too high to meet this law’s standards.

Finally, you must be at least 19 years of age to qualify for an OppLoans personal loan if you live in Alabama or Nebraska. Otherwise, you must be 18 and live in one of these states:

  • Alaska
  • Arizona
  • California
  • Delaware
  • District of Columbia
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nevada
  • New Mexico
  • Ohio
  • Oklahoma
  • Oregon
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Virginia
  • Washington
  • Wisconsin
  • Wyoming

Applying for a personal loan from OppLoans

The only way to apply for an OppLoans personal loan is through its online application. Be prepared to enter identifying information such as your name, address and Social Security number, as well as your bank account info and data about your employer or any other way that you bring in income.

At this point in the process, OppLoans will pull your alternative credit data via Clarity Services. If you are approved, you may have to provide supplemental documentation proving you are who you say you are and what you earn.

After approval, many see the money deposited into their bank accounts as soon as the next business day.

Pros and cons of an OppLoans personal loan

Pros:

Cons:

  • Quick funding. With funding available as soon as the first business day following approval, OppLoans often gets its borrowers money fast.
  • Educational initiatives. OppLoans’ OppU educational program is free and online, meaning anyone can access it from anywhere within the confines of their schedule. The effort was launched as a form of advocacy to help consumers improve their financial situation so they don’t have to take out loans with ridiculously high interest rates in the future.
  • Better than payday loans. People who can’t get traditional credit often turn to payday loans to get by. OppLoans can be a good alternative to those payday loans, but it’s not necessarily the best option for getting cash fast.
  • High interest rates. Paying 99.00% to 199.00% interest on your loan is akin to paying over 2-3 times the amount you initially borrowed. For example, if you took out a $3,000 loan at 199.00%, which you needed to repay in three years with monthly payments of $499, you’d end up paying $17,964 total by the time all was said and done.
  • Doesn’t help if you’re in ChexSystems. If your money situation is tumultuous, there’s a chance you may have been put in ChexSystems, a credit reporting agency for checking and savings accounts. When this happens, you won’t be able to open a bank account, and without a bank account which is at least three months old, you’re not going to qualify for an OppLoans personal loan.
  • Direct deposit required. Many employers set direct deposit as the default way to pay employees, and many will oblige if you request this method of payment. If you don’t already have direct deposit set up for your paycheck, you’re not going to be able to get your hands on an OppLoans personal loan quickly until you get that resolved. If your employer doesn’t offer direct deposit, you can’t borrow from OppLoans.

Who’s the best fit for an OppLoans personal loan?

OppLoans is not the best option for a lot of people because of its high interest rates. However, if you have poor credit but have a bank account, have recently been denied by other lenders who offer lower interest rates and need money right now, OppLoans may be your most viable solution. Consider OppLoans before you turn to payday loans.

OppLoans consumer reviews

Despite its staggeringly high interest rates, OppLoans receives mostly positive feedback from its customers. Those who have reviewed the company on LendingTree (MagnifyMoney’s parent company) say the application and funding process is quick and easy, and many note that the customer service is very good.

For example, reviewers praise OppLoans for being “professional, secure, and speedy,” as well as “upfront with fees and payment terms,” and “very helpful if you have any questions.” Ninety-six percent say they would recommend OppLoans — plus, the company has an A+ rating from the Better Business Bureau.

Negative reviews for OppLoans are few and far between, but those that did rate their experience poorly say they weren’t approved by the lender or were unhappy with the high rates and fees.

OppLoans FAQ

OppLoans offers both installment loans (what we’ve covered in this piece) and lines of credit. The latter is only available in a few states.

If you’re approved, OppLoans will deposit your funds directly into the account you provided. You could see the money come through as soon as the next business day, though this depends on what time of day (and day of the week) your application is processed and finalized.

OppLoans accepts electronic funds transfers (EFT), which is basically a debit from your checking account to the lender. You can also use your debit card for one-time payments.

You can use your personal loan for nearly anything. Some of the most common uses include debt consolidation, paying off medical bills, and financing a big purchase.

Yes. OppLoans doesn’t charge a prepayment penalty — if you are able to pay off your loan faster, you’ll save on interest.

OppLoans advises customers who expect to pay late or miss a payment to call the company directly at 855-408-5000. Note that there is a late payment fee that varies depending on where you live.

OppLoans specializes in working with bad credit borrowers but has a number of additional eligibility requirements for its personal loans. If you don’t qualify, take a look at alternatives on MagnifyMoney’s personal loan marketplace. You may find other offers that work for you.

Alternative personal loan options

NetCredit

APR

34.00%
To
155.00%

Credit Req.

Varies

Minimum Credit Score

Terms

6 to 60

months

Origination Fee

1.00% - 5.00%

SEE OFFERS Secured

on LendingTree’s secure website

NetCredit issues personal loans with interest rates up to 155.00%. That’s not great, though it is a bit better than OppLoans’ ceiling of 199.00%. It also has far lower starting rates at 34.00% compared with OppLoans’ 99.00%. You may be able to qualify for a NetCredit personal loan with a credit score as low as 500.

LendingPoint

APR

9.99%
To
35.99%

Credit Req.

585

Minimum Credit Score

Terms

24 to 48

months

Origination Fee

0.00% - 6.00%

SEE OFFERS Secured

on LendingTree’s secure website

LendingPoint is an online lender that targets borrowers with fair credit, and allows borrowing up to $25,000.... Read More

If you have a credit history strong enough to merit more traditional interest rates, take advantage of it. LendingPoint works with individuals with credit scores as low as 585 according to CEO Mark Lorimer. Interest rates are far lower than OppLoans, at 9.99%–35.99%.

Finova Financial

Finova Financial
APR

18.00%
To
204.00%

Credit Req.

Varies

Minimum Credit Score

Terms

12 to 24

months

Origination Fee

$30

SEE OFFERS Secured

on Finova Financial ’s secure website

Without a traditional bank account, you’re going to have a hard time getting an unsecured loan. You can instead look at title loans. To get these loans, you have to put up some collateral, like your car, which the lender could repossess should you fail to repay your debt. This is very risky, as losing your car could further complicate an already dire situation, but if you find yourself needing to us this type of financial product, consider Finova Financial, which has personal loan-like interest rates on its title loans, currently sitting at 18.00%–204.00%.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Brynne Conroy
Brynne Conroy |

Brynne Conroy is a writer at MagnifyMoney. You can email Brynne here

Emily Long
Emily Long |

Emily Long is a writer at MagnifyMoney. You can email Emily here

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