Does OppLoans offer credit-builder loans?

OppLoans does not do a hard inquiry into your credit history when you apply for a loan. Even though there's no credit check, that does not guarantee approval, as OppLoans considers factors such as income, debt load, age, residency and more.

OppLoans typically caters to people with bad or no credit. However, loans from OppLoans are usually much more expensive than those from lenders that do hard inquires.… read full answer

To see your approval odds and what rates may apply to you, check out the free pre-qualification tool on WalletHub.

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

1. Check for pre-qualification.… read full answer Pre-qualification is a way to check your approval odds and potential rates before applying for an OppLoans personal loan. It doesn't hurt your credit. You can check for pre-qualification on the OppLoans website or WalletHub's pre-qualification tool.
2. Enter your personal information on the application. OppLoans requires the following personal information on the application: your loan amount, email address, phone number, last 4 digits of your Social Security number, full name, date of birth, home address, years at current address and housing status.
3. Enter your financial information on the application. OppLoans requires the following financial information on the application: your income source, time employed, pay frequency, montly gross income, next paydate and employer's contact information .
4. Double check the application for accuracy. To ensure that your OppLoans personal loan application gets processed as quickly as possible, make sure that all the information is correct and complete before you submit it.
5. Submit your application. OppLoans will typically provide a decision on your application within 1 business day.

If you are approved for an OppLoans personal loan, you will generally receive the funds within 1 to 2 business days after approval. After that, it's your responsibility to make monthly payments until you have fully paid back your loan, including interest.

Applying with OppLoans does not affect your credit score. OppLoans will not do a hard credit check when you apply for a personal loan, as the company only performs a soft pull of applicants' credit, which has no credit score impact.

Things change once you get a personal loan from OppLoans, however. Whether or not you pay the bills on time will have a huge impact on whether your credit score benefits or falls as a result of an OppLoans loan. Your increased debt level and account diversity will impact your score, too. … read full answer

You can use WalletHub’s credit analysis tool to see how a loan from OppLoans is likely to affect your credit score in particular.