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What is a payday loan?

It’s near the end of the month and you get a call from your kid’s school. He threw up during math class. You take him to the doctor and they tell you that he has a mild flu, nothing major. You breathe a sigh of relief. You don’t have the funds to pay for something major right now. You really dodged a bullet with this one. Then you get out to the parking lot and your car won’t start. The battery’s dead.

It’s in situations like this that people take out payday loans. They are short-term low-dollar-amount loans, often for a few hundred dollars but sometimes more. They are meant to be paid back on your next payday. Their short-term nature is what led to their name: they are only meant to last you until your next payday.

Payday loans have an extremely high APR in comparison to other personal loans. They also have very short repayment terms compared to other person loans. For instance, a $100 loan with a two-week term and a $20 fee would only cost the borrower $120 if paid back on time. However, the APR on that loan is a whopping 520%. It is crucial that payday loans be paid back on time.

Payday loans are often very easy to get. Sometimes they involve no credit check at all. But the high APR means that they can be very risky for the borrower.

OppLoans offers a great alternative to payday lenders. You can fill out our simple, streamlined application today on our homepage. Our helpful team of loan advisors and customer service representatives are here to help you get the funds you need with payment terms that you can afford. We are the ideal lender for customers with less-than-perfect credit.

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Applications submitted on this website may be originated by one of several lenders, including: Opportunity Financial LLC, a licensed lender in certain states; or one of our lending partners. All loans originated by our lending partners will be serviced by OppLoans.

DE residents: Opportunity Financial, LLC is licensed by the Delaware State Bank Commissioner, License No. 013016, expiring December 31, 2020.

NM Residents: This lender is licensed and regulated by the New Mexico Regulation and Licensing Department, Financial Institutions Division, P.O. Box 25101, 2550 Cerrillos Road, Santa Fe, New Mexico 87504. To report any unresolved problems or complaints, contact the division by telephone at (505) 476-4885 or visit the website http://www.rld.state.nm.us/financialinstitutions/.

NV Residents: The use of high-interest loans services should be used for short-term financial needs only and not as a long-term financial solution. Customers with credit difficulties should seek credit counseling before entering into any loan transaction.

1 Subject to credit approval and verification. Actual approved loan amount and terms are dependent on standard underwriting guidelines and credit policies. Funds are typically deposited via ACH for delivery for next business day if verification is completed and final approval occurs before 7:30 PM ET, Monday-Friday. Availability of the funds is dependent on how quickly your bank processes the transaction.

2 OppLoans performs no credit checks through the three major credit bureaus Experian, Equifax, or TransUnion. Applicants’ credit scores are provided by Clarity Services, Inc., a credit reporting agency.

3 Testimonials reflect the individual's opinion and may not be illustrative of all individual experiences with OppLoans. Ratings on third-party websites may periodically change; please check the third-party websites for up-to-date reviews and ratings. Check loan reviews.

4 Rates and terms vary by state. This is an expensive form of credit and you should determine whether our product(s) meets your financial needs.

5 According to the Consumer Federation America, a non-profit consumer advocacy group, payday loans range in size from $100 to $1,000, depending on state legal maximums, and carry an average annual percentage rate (APR) of 400%. The maximum APR for a loan offered through and serviced by OppLoans is 199% and loan sizes range from $500 to $4,000. https://paydayloaninfo.org/facts

† OppLoans reports customer payment history to the three major credit bureaus. On-time payments may improve credit score. Credit reporting not available for Texas customers.

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To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver's license or other identifying documents.

If you have questions or concerns, please contact the Opportunity Financial Customer Support Team by phone at 855-408-5000, Monday – Friday, 7 a.m. – 11:30 p.m. and Saturday and Sunday between 9 a.m. – 5:00 p.m. Central Time, or by sending an email to info@opploans.com.

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