When you’re in a pinch and desperately need money, where do you look for cash? If you’re like a majority of Americans, you might not have even $1,000 set aside in an emergency savings fund, which means you’ll need to borrow that money from somewhere. In some cases, people turn to family members or credit cards to help them out, but if you’re running out of options, then a quick loan might be the only option you have.
Unfortunately, the quickest, most accessible borrowing method comes in the form of payday loans, which have an average 400% interest rate, plus fees. This means you could end up paying $15-30 for every $100 you borrow. That is an outrageous amount of interest to pay for anyone who’s already financially struggling! Worst of all, the average payday borrower spends more than six months per year in debt to their lenders!
Enter OppLoans, an innovative lending company established for the purpose of making loans more accessible to people with bad or no credit. Rather than trapping you in a cycle of debt, unable to cover your day-to-day expenses, OppLoans makes borrowing easier and more affordable.
Cheaper Than Payday Loans
The problem with traditional payday loans is that they’re next to impossible to fully escape without a significant boost in income to pay off all the interest and penalties. Studies suggest payday borrowers typically have lower incomes. This is problematic because these families already can’t afford their everyday expenses, let alone the exorbitant fees charged by payday lending companies.
So why go to a payday lender when you could get a much better APR with OppLoans? Their loans range from 99-199% APR in most cases. They offer much longer loan term lengths or 36 months, on average.
OppLoans also does not charge prepayment penalties or hide other fees in your borrowing contract. That makes the whole process much more transparent. These favorable lending terms and conditions can help you consolidate your debts instead of keeping track of a slew of credit cards and loans you’re still making payments on.
No Credit Check Loans
If you have a bad credit score, getting a traditional loan can be incredibly difficult. Many lenders will reject borrowers with no credit history or a poor credit score because they perceive these people as too risky to lend money to. However, OppLoans offers an excellent opportunity to get a personal loan with no credit check required. In other words, OppLoans looks at a variety of factors, including your recent employment and income history, as well as your track record of financial responsibility.
Perhaps best of all, applying for a loan through OppLoans won’t lower your credit score because they perform soft credit checks. You won’t need to put up collateral to prove your worthiness as a borrower. And, you could qualify for anywhere between $1,000 and $4,000 without OppLoans scrutinizing your credit history beforehand.
Improve Your Credit Score and Pay Off Debts
Installment loans are great ways to increase your credit score. OppLoans reports your dutiful payments to the three credit reporting bureaus, which means your credit score will likely increase over time as you make payments on time and in full. Since you have as many as 36 months to pay off your OppLoans personal loan, the monthly payments will also be more manageable.
OppLoans isn’t a magic solution by any means. You still need to develop a strategy for paying off your debts, set aside enough money to make every payment on time, and devise a budget to live within your means once your loan is fully paid off.
Since there are no prepayment penalties with OppLoans, you could choose to pay off your loan much sooner than your contract states. This can save money on interest so you can enjoy the financial freedom that comes with debt-free living!
Should You Borrow from OppLoans?
OppLoans is an ideal resource for anyone who is facing an unexpected bill and has bad credit and wants to borrow money without paying payday loan style interest rates.
Unlike payday loan companies that harass you with phone calls to remind you about your upcoming payments, OppLoans prioritizes top-quality, personalized customer service.
They’re also rated A+ by the BBB. Plus, over 100,000 people have borrowed from OppLoans since the company’s inception.
If you want to conquer your debt without relying on predatory payday lenders, then OppLoans is the way to go. The application process is fast and will not impact your credit score, so apply today to see what OppLoans can offer you.