In this article, I would be reviewing the top 7 comparable loans like OppLoans, a no-credit-check online lender that offers personal loans from $500 to $4,000 to poor credit borrowers. Its rates range from 59% to 160% APR, though rates vary from state to state. While high compared to other personal loan lenders, OppLoans may be cheaper than a payday installment loan which typically have APRs exceeding 300%.
But if you’d rather not pay interest at all, consider a cash advance app. Cash advance apps let you borrow against your future paychecks with no interest, but advance amounts may be lower than an installment loan. Our list of loans like OppLoans offers more borrowing options, including cash advance apps, that can help you save on interest, budget better and even invest for the future.
Top 7 Loans Like OppLoans 2024
The best loan apps you can explore aside OppLoans, that also offers competitive interest rate and flexible repayments plans are Moneylion, Possible Finance, Cash App, OneMain Financial, Brigit, Albert and Chime.
1. MoneyLion
MoneyLion, one of the best loans like Opploans stands out as a versatile banking app, offering convenient paycheck advances and varibale financial services designed to meet your different categories of needs. By opening a RoarMoney account, users can potentially double their paycheck advance limit to $1,000, providing more flexibility in managing their finances. While MoneyLion is generally is free to use, it’s essential to keep in mind that, like most similar apps, there might be additional fees associated with instant transfers for those seeking immediate access to their funds.
2. Possible Finance
Possible Finance is yet another great alternative to Opploans and it specializes in providing short-term installment loans to borrowers up to $500 without the need for a credit check. However, it’s crucial to note that, as an installment lender, Possible Finance charges relatively higher interest rates for these loans, which are typically repaid over a maximum period of 8 weeks.
Despite the cost, one noteworthy benefit is that Possible Finance reports your payment history to two of the three major credit bureaus, potentially aiding in improving your credit score over time. However, it’s essential to exercise caution and avoid excessive borrowing through the app, as taking out multiple loans can have a detrimental impact on your credit rating.
3. Cash App
Cash App introduced a new borrowing option within the Cash App ecosystem, allowing eligible users to access quick funds of up to $200 for various needs. It’s essential to note that there’s a 5% finance charge associated with using this service, so borrowers should factor this into their financial planning.
One unique feature of Cash App Borrow is its eligibility criteria, which is not explicitly disclosed but is likely based on your app usage and cash-loading activity.
This sets it apart from many other cash advance apps that typically rely on regular direct deposits from an employer. If you don’t receive such direct deposits consistently, Cash App could be a valuable alternative loans like Opploans to consider for your short-term financial requirements.
4. OneMain Financial
OneMain Financial is a personal loan provider specializing in assisting individuals with fair credit scores. It stands out by offering loans of up to $20,000, a substantially higher limit compared to what you might find with cash advance apps or short-term installment loans.
With loan terms ranging from two to five years, borrowers have more flexibility in tailoring their repayment schedule. However, it’s essential to note that OneMain’s interest rates are relatively high, starting at 18% APR and reaching up to 35.99%. It’s our fourth pick on our top 7 loans like OppLoans.
5. Brigit
Brigit distinguishes itself as a payday cash advance app that provides loans of up to $250 per pay cycle, making it a useful option for those seeking financial assistance between paychecks. Unlike traditional lenders, Brigit does not impose interest on its loans, but rather requires repayment by your next paycheck.
Notably, Brigit offers flexibility by allowing customers to extend their due date, provided they’ve made at least two consecutive on-time payments. While there’s a monthly fee of $9.99 to access Brigit’s cash advance service, it’s important to recognize that this fee covers more than just quick funds. It also includes enrollment in Brigit’s credit builder program, as well as robust identity theft protection, offering up to $1 million in coverage. It’s pur fifth pick on our top 7 loans like OppLoans.
6. Albert
Albert is another app that provide loans like OppLoans of up to $250 and also offers an innovative service called Genius. What makes Genius unique is its AI-driven and human-supported money advice feature, which can assist users with various financial aspects such as loans, budgeting, and investments. With just a few details, Genius can craft a personalized investment portfolio tailored to your financial goals. However, it’s important to note that this service comes at a cost, ranging from $8 to $16 per month. Additionally, when you use Albert for cash advances or any type of loan, you’ll automatically receive a complimentary 30-day trial of Genius.
7. Chime
Chime offers a unique feature called SpotMe, which essentially acts as a fee-free overdraft protection service. Chime customers with an active debit card who receive a minimum of $200 in eligible direct deposits each month can take advantage of SpotMe. To activate this feature, navigate to your Chime app settings and enable the Overdraft fee-free option, where you can also check your specific overdraft limit, ranging from $20 to $200. While Chime’s SpotMe feature provides a convenient way to access extra cash without incurring additional fees or interest charges, it’s important to note that it differs from traditional personal loans like OppLoans. It’s our last pick on our top 7 loans like OppLoans.
What is OppLoans?
OppLoans is an online lending platform that specializes in offering personal loans to borrowers with poor credit scores. These loans range from $500 to $4,000, though the annual percentage rates (APRs) can vary, typically falling between 59% and 160%, contingent on the borrower’s location. While OppLoans’ APRs may appear high in comparison to traditional personal loan providers, they often present a more affordable alternative to payday installment loans, which frequently carry APRs exceeding 300%.
How Does OppLoans Works?
OppLoans operates as an online lender, extending personal loans to individuals with poor credit. These loans range from $500 to $4,000 and come with varying annual percentage rates (APRs), typically spanning from 59% to 160%, depending on the borrower’s state of residence. OppLoans offers an alternative to payday installment loans, which often carry exceedingly high APRs exceeding 300%. The application process is straightforward, with borrowers providing personal and financial information online. Once approved, funds are typically disbursed quickly, providing borrowers with the financial flexibility they need.
Online Loans Like OppLoans
If you’re exploring online loans like OppLoans, several alternatives offer diverse borrowing options to suit your financial needs. MoneyLion, our first pick, provides convenient paycheck advances and the potential to double your limit by opening a RoarMoney account. Possible Finance specializes in short-term installment loans of up to $500, even without a credit check. Cash App introduces a borrowing feature for quick funds, albeit with a 5% finance charge.
OneMain Financial caters to individuals with fair credit, offering loans of up to $20,000 with extended repayment periods but higher interest rates. Brigit serves as a payday cash advance app, offering loans of up to $250 per pay cycle, coupled with identity theft protection and a credit builder program.
Albert extends loans of up to $250 and provides personalized financial advice through its Genius feature, while Chime offers SpotMe, a fee-free overdraft protection service, ideal for bridging financial gaps between paychecks. These options provide a range of lending solutions to help you meet your financial goals and navigate unexpected expenses.
Loan Companies Like OppLoans
When searching for loan companies akin to OppLoans, individuals seeking financial assistance should explore alternative lending options that align with their specific needs and credit profiles. OppLoans, known for offering personal loans without stringent credit checks, can be complemented by a variety of similar lenders and financial platforms.
MoneyLion, for instance, stands out as a versatile banking app that not only provides paycheck advances but also offers a range of financial services. Possible Finance specializes in short-term installment loans, although it’s vital to consider their relatively higher interest rates. Cash App, on the other hand, introduces a borrowing feature within its ecosystem, allowing users quick access to funds.
Loan Like OppLoans
If you’re in search of loans similar to OppLoans, several alternatives can meet your financial needs. MoneyLion stands out as a versatile banking app, offering paycheck advances of up to $1,000 when combined with a RoarMoney account.
Possible Finance specializes in short-term installment loans without the need for credit checks, allowing borrowers access to up to $500. Cash App offers quick funds of up to $200 with a 5% finance charge, while OneMain Financial provides personal loans of up to $20,000 for those with fair credit. Brigit operates as a payday cash advance app, offering loans of up to $250 per pay cycle with no interest charges.
Loans Like OppLoans No Credit Check
If you’re seeking loans similar to OppLoans that don’t require a credit check, several options are available to consider. These alternatives, such as MoneyLion, Possible Finance, and Cash App, offer borrowers convenient ways to access funds without subjecting them to stringent credit evaluations. While each option has its unique features and terms, they provide opportunities for individuals with poor credit scores to secure financing without the hurdles of traditional credit checks, making them viable choices for those in need of financial assistance.
Conclusion
To sum it up, when considering alternatives to Opploans, it’s crucial to weigh various factors such as loan amounts, interest rates, repayment terms, and additional features like credit building and financial advice. Each option discussed here offers a unique set of benefits and drawbacks.
Depending on your specific financial situation and goals, you can select the alternative that aligns best with your needs. Whether you prioritize low-interest rates, flexible repayment schedules, or additional financial services, there are viable choices available to help meet your borrowing requirements while minimizing costs and maximizing financial well-being.
