Online Personal Loans
Online loans for a better financial future. Our goal is to make sure every borrower has the support they need.
Explore your personal loan options with OppLoans
Easy to Apply
Our online application process prioritizes speed, security, and simplicity.
Same-Day Funding Available
Approved for an Online Loan through OppLoans? If approved, you may receive money in your account as soon as the same business day.1
Top-Rated, Personalized Service
Trust our Loan Advocates to be with you from application through payoff.
Build Credit History
We report payments to all three credit bureaus. On-time payments can help get you to a better financial place.6
Types of Online Loan Lenders
Championing your finances means knowing your options. With that in mind, read on to learn about some of the major categories of lenders offering online loans.
- Tribal Lenders: Some online loan platforms are owned by sovereign Native American tribes. OppLoans is not a tribal lender.
- Payday5 Loan Providers: Many payday loan providers have moved online. A payday loan is typically a two week loan, secured by the borrower’s paycheck. Payday loans carry an average interest rate of 400%. These high terms and short terms make for an inadvisable combination. OppLoans is not a payday loan provider. With OppLoans, borrowers will get a maximum APR less than half the average payday loan.
- Loan Matching Services: Some online loan platforms are loan matching services. This typically means a borrower can supply some of their financial information and view a list of potential matches to find an online loan provider. Some online loan matching services are reputable, but others are not. OppLoans is not a dedicated Loan Matching Service, but for customers who opt-into our Turn Up Program, we check the market for lower cost loans with approximately 15 near-prime lenders on their behalf, before presenting an offer through OppLoans’ platform.
- Offshore Loan Providers: An online loan provider based in another country, or offshore, are subject to the rules and regulations of the country in which they’re based. This can increase the risk to borrowers in the United States. OppLoans is not an offshore lender. We are proudly based in Chicago, Illinois.
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 online loans borrowers rate us 4.9/5 stars on Google and 4.7/5 star rating on TrustPilot!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
Three Types of Online Loans to Know About
As you’re looking to take out an online loan, you’ll want to make sure you know the ins and outs. Here’s a breakdown of three different types of online loans you may encounter.
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 Loans:5
- 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.
What is an Online Loan?
Online loans are personal unsecured installment loans offered by online lenders and some traditional banks. From lines of credit to cash advances, credit comes in all different shapes and sizes depending on the lender and needs of the borrowers.
Online loan offers should clearly disclose the loan’s APR (annual percentage rate), the term, and any fees, such as finance charges.
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:
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 partner with our customers to help them gain control of their financial future. 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 OppLoans, charges no origination fees or prepayment penalties. Our loans charge simple, fixed rate interest, without any hidden fees.
We look at your whole financial story. We know our customers are more than just their credit history. 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.