Online loans are personal unsecured installment loans offered by online lenders and some traditional banks. Broadly, online credit products may take the form of a line of credit, a cash advance, or other loan options.

Online loan offers should clearly disclose the loan’s APR (annual percentage rate), the term, and any fees such as finance charges.

Online loans can be used for a wide variety of purposes. Maybe you’re looking for a loan to help consolidate debt from multiple credit cards, or maybe you need to fund an expensive home improvement or car repair. Also, if you’re looking to turn bad credit into good credit, the right online loan may help you do that.

OppLoans customers have used their loan amounts for:

• Car repair loans
• Home repair loans
• Debt consolidation loans
• Loans to help pay off medical debt

Whatever your reason for searching online lenders (and whether you have excellent credit, bad credit, or you land somewhere in the middle) there are terms and conditions of the loan that you’ll want to understand. Borrowers should always be clear on the interest rate, repayment terms, and whether or not the lender will run a hard or soft credit check.

We truly care about our customers and work hard to be flexible for each of our customer’s unique situations. We want to make sure borrowers get the best loan for them, whether it’s with OppLoans or a different online lender.
Unlike some financial institutions (and quite unlike payday loans⁴), OppLoans charges no origination fees or prepayment penalties. Our loans charge simple, fixed rate interest and contain no hidden fees.
OppLoans doesn’t base funding decisions exclusively on FICO credit scores or credit history.

We also report payments to all three major credit bureaus to help borrowers build their credit history.⁶

And if you opt into our Turn Up Program, we’ll proactively see if your loan application would qualify you for a loan at a cheaper interest rate with one of our lending partners.

The first step in applying for a loan through OppLoans is to fill out our online loan application. To be eligible for a lending product through OppLoans, potential borrowers must:

• Be 18 years or older (or 19 in Alabama)
• Have a bank account (checking account or saving account)
• Reside in one of the states in which we currently operate
• Have a regular source of income (Income can be from employment or from benefits including Social Security, Disability, etc. Please note: alimony, child support, or separate maintenance income is optional to include)
• Receive paychecks through direct deposit (Due to state regulations, New Mexico residents are exempt from this requirement)

OppLoans believes in matching borrowers with the best possible loan for them. If we’re able to provide you with a personal installment loan product, we want to make sure your repayment options are both clear and affordable across the life of the loan term.
OppLoans offers multiple recurring payment options including ACH, remotely created checks and paper check options. For single payments, debit cards are also accepted.

For more details, see our FAQ: How Can I Repay My Personal Loan?