Grace Enfield, Content Writer
@grace_enfield
Yes, you can pay off an OppLoans loan early, which is a smart idea because it will save you money on interest. OppLoans does not charge a prepayment penalty, which means you will not be charged extra if you pay off the loan sooner than you’re required to.
Example of How Much You Can Save By Paying Off a OppLoans Personal Loan Early
- Situation: A $2,500 loan with a repayment period of 12 months, an APR of 160% - 195%, and an origination fee of 0%.
- Normal Payments: You will spend approximately $2,646 to $3,015 on interest.
- Early Pay Off: If you pay off the loan in 6 months, you will save about $875 to $1,559 on interest.
To estimate the cost of your OppLoans personal loan with different repayment schedules, check out WalletHub’s free personal loan calculator.
People also ask
Does OppLoans verify income for personal loan applications?
OppLoans will verify your income when you apply for a personal loan. OppLoans requires a minimum annual income of $18,000 to ensure that you can make your monthly payments, and if you don’t meet the minimum income requirement, you likely won’t get approved.
If you receive alimony, disability benefits, or Social Security benefits, you may have to provide proof of income by submitting a paystub, your most recent benefit/award letter, 1099, or W-2. However,...
read full answer by Grace Enfield, Content WriterDoes OppLoans do a hard inquiry?
OppLoans does not perform a hard inquiry into your credit history when you apply for a loan, which makes it easy to get approved and means applying won't hurt your credit. When deciding if you can qualify for a personal loan with them, OppLoans will consider other factors such as income, debt load, age, and residency.
OppLoans typically caters to people with bad or no credit. However, loans from OppLoans are usually much more...
read full answer by Rick Bormin, Personal Loans ModeratorHow do I apply for an OppLoans personal loan?
To apply for an OppLoans personal loan, first check for pre-qualification and then enter your personal and financial information on the online application. Next, verify the accuracy of the information, submit the application and wait to receive a decision.
How to Apply for an OppLoans Personal Loan
- Check for pre-qualification. Pre-qualification is a way to check your approval odds and potential rates before applying for an OppLoans personal loan. It doesn't hurt...
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