What is an online personal loan?

An online 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 online 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, the collateral will be 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 online personal loans are unsecured. Because the borrower's credit score is a major factor in determining their creditworthiness, individuals with low credit scores are usually unable to get approved for an unsecured, online 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 work with our lending partners to tailor products available through the OppLoans Lending Platform toward a customer's ability to repay.

What can a personal loan be used for?

Personal loans can help you achieve many different types of financial goals. 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. The right online loan may also help you build credit. OppLoans gives customers the chance to tackle: Car repair loans Home repair loans Debt consolidation loans Loans to help pay off medical debt Understanding the terms and conditions of a loan is important, no matter your financial situation. 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.

How are OppLoans online personal loans different?

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 from one of our bank partners made through the OppLoans Lending Platform. Unlike some financial institutions (and quite unlike payday loans 5 ), bank partners don't charge origination fees or prepayment fees on loans originated through the OppLoans Lending Platform. Loans originated through the OppLoans Lending Platform charge simple, fixed rate interest and contain no hidden fees. Loans made by our bank partners through the OppLoans Lending Platform do not base funding decisions exclusively on FICO credit scores or credit history. Further, OppLoans reports payments to all three major credit bureaus to help borrowers in good standing build their credit history. 6

Online Personal Loans

Online loans for a better financial future. Our goal is to make sure every borrower has the support they need.

Applying does NOT affect your FICO® credit score.²

Loans from

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Repayment term⁴

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APR

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The figures above are examples of our lending partner’s typical installment loan offers and do not serve as guarantee of any rates & terms that you may qualify for.

Testimonials reflect the individual's opinion and may not be illustrative of all individual experiences with OppLoans.

Simple Loan Application Process

Working with community banks, the OppLoans platform offers personal loans designed to fit your needs. The process is simple and built around you:

Apply Online
The application process is quick and easy, with decisions often made in minutes.
Approval Process
Our Bank Partners consider more than just your credit score, so even if you’ve been turned down by others, you may still qualify.
Same-Day Funding Available
If approved, you may receive money in your account as soon as the same business day!¹

Apply Now

Applying does NOT affect your FICO® credit score.²

Tell Us About
Yourself

Fill out our fast and easy online loan application.

Verify Your
Income

Securely connect your bank account.

Get a Quick
Decision¹

We’ll use the information you provide to see if we can find you a match.

Same-Day Funding Available

If approved, you may receive money in your account as soon as the same business day!¹

Car
Repairs

Home
Repairs

Surprise Medical Expenses

Emergency Travel Expenses

How to Choose an Online Personal Loan Lender

When you’re in a difficult financial situation, an online personal loan from a trustworthy lender can help you regain control of your finances. That’s why it’s important to find the best lender for your needs.

Speed: We want to get you back on track as soon as possible. If you meet our eligibility requirements, you’ll know if you’ve been approved for an online loan in minutes. Approved OppLoans applicants may receive their online loan as soon as the same business day.¹
Affordability: Payday⁵ Loans average an APR of 400%. The typical APR of an installment loan through OppLoans is less than half the average payday loan.⁴
Customer Service: Don’t just take our word for it, OppLoans is highly rated on Trustpilot and LendingTree for our unmatched customer service.³ Our Loan Advocates want to answer all your questions.
Mobile Friendly: Apply for an online loan through OppLoans on your phone or computer. Simply click Apply Now to get started.
No Hard Credit Inquiries: Applying for an online loan through OppLoans won’t impact your FICO credit score.²

Typical Installment Loans

An installment loan can be used to pay for a large expense like a car repair.
Installment loan principals can range from small dollar amounts to thousands of dollars.
APRs may depend on the borrower’s creditworthiness, this can range from single to triple digit interest rates.
Installment loans are often repaid over months, not weeks.
The majority of installment loans are unsecured (meaning the borrower does not have to offer a car or paycheck as collateral).

Typical Payday Loans⁵

Payday Loans are short-term, high-cost loans.⁵
Payday Loan principals typically range from $100-1,000.
Payday Loan APRs can be 400% with terms that are only two weeks.⁵
Payday Loans are often secured by the borrower’s paycheck.⁵

Typical Debt Consolidation Loans

Debt Consolidation Loans are typically a larger loan secured at a lower interest rate than other debts carried by the borrower.
Debt Consolidation Loans are often for higher amounts because they’re meant to consolidate many smaller debt amounts.
The APRs of Debt Consolidation Loans are variable. However, debt consolidation loans are only advisable if you can secure a lower interest rate than the interest rate of your other debts.
The terms of Debt Consolidation Loans are also variable, but it is often recommended to seek a debt consolidation loan with flexible terms.
Debt Consolidation Loans are most typically unsecured.

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Typical Installment Loans
- An installment loan can be used to pay for a large expense like a car repair.
- Installment loan principals can range from small dollar amounts to thousands of dollars.
- APRs may depend on the borrower’s creditworthiness, this can range from single to triple digit interest rates.
- Installment loans are often repaid over months, not weeks.
- The majority of installment loans are unsecured (meaning the borrower does not have to offer a car or paycheck as collateral).
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Typical Payday Loans⁵
- Payday Loans are short-term, high-cost loans.⁵
- Payday Loan principals typically range from $100-1,000.
- Payday Loan APRs can be 400% with terms that are only two weeks.⁵
- Payday Loans are often secured by the borrower’s paycheck.⁵
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Typical Debt Consolidation Loans
- Debt Consolidation Loans are typically a larger loan secured at a lower interest rate than other debts carried by the borrower.
- Debt Consolidation Loans are often for higher amounts because they’re meant to consolidate many smaller debt amounts.
- The APRs of Debt Consolidation Loans are variable. However, debt consolidation loans are only advisable if you can secure a lower interest rate than the interest rate of your other debts.
- The terms of Debt Consolidation Loans are also variable, but it is often recommended to seek a debt consolidation loan with flexible terms.
- Debt Consolidation Loans are most typically unsecured.

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For questions relating to pre-application, application, and refinance:

Email for Existing Customers

For questions about an existing account, including payments:

Online Personal Loans

Simple Loan Application Process