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What is a personal loan?

A personal loan is a loan made to an individual rather than a business. They are usually sought in order to consolidate debt or to cover emergency expenses. The two main types of personal loans are “secured” loans and “unsecured” loans.
Secured Loan: A secured loan is one where property is pledged as collateral. For instance, a mortgage is a secured loan with the borrower’s house serving as collateral. Should the borrower be unable to repay and default on the loan then the collateral is claimed by the lending institution as compensation.

Unsecured Loan: An unsecured loan is one where no property is pledged as collateral. The loan is approved entirely on the individual’s ability to repay.

Outside of mortgages and auto loans, the majority of personal loans are unsecured. Because the borrower’s credit score is a major factor in determining their creditworthiness, people with low credit scores are usually unable to get approved for an unsecured personal loan from a bank or traditional lender.

OppLoans leverages cutting-edge technology and customer data to evaluate our customers on a person-by-person basis. We tailor all our products towards a customer’s ability to repay.

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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.

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.

USA PATRIOT ACT NOTICE: IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT

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.

California Residents, view the California Disclosures and Privacy Policy for info on what we collect about you.