What are Installment Loans?
An installment loan is an agreement between a borrower and lender. The borrower takes out a loan (say $1,000) and agrees to repay it, plus interest, in installments over time.
If you need money now, an online installment loan through the OppLoans Platform could be a solution for you. With OppLoans online personal installment loans, you might be able to get between $500 to $4,000 delivered into your bank account as soon as the next business day.1
How do I apply for an installment loan?
Fill out our fast and easy online application in minutes!
Securely connect your bank account.
Review and accept your loan's repayment agreement.
Get a Decision
You will be provided a decision quickly! If approved, you may be funded as soon as the next business day!1
Are Installment Loans good?
An installment loan from BBB-accredited lender with high customer ratings like OppLoans, could be a payday loan alternative for you. Always do your research and make sure you can actually afford the loan being offered.
Do installment loans build credit?
Borrowing an installment loan and making regular on-time repayments might help improve your credit history6 if your lender reports on-time payments to one or more of the major credit bureaus.Except for some Texas residents, OppLoans reports payment history in every state we service to all three major credit bureaus—TransUnion, Experian, and Equifax.6
Are installment Loans secured or unsecured?
OppLoans installment loans are not secured. You don’t need to risk your next paycheck or your car title. Check out our financial terms glossary for more on the difference between secured and unsecured loans.
How many installment loans can you have?
With OppLoans, you can take out one installment loan at a time. However, at the end of your term, you may be able to refinance your loan. If you are eligible to refinance, you will see a “Refinance Now” option in your customer portal.