The installment loans and lines of credit offered by OppLoans are designed to help you cover unexpected costs, like car repairs, family-related expenses, major purchases, medical bills, housing expenses. And in some instances, consumers will use the proceeds to find relief if they’re drowning in debt.

Loans are available in amounts between $1,000 and $4,000, with a repayment period of up to 36 months. This makes it easier to keep up with monthly payments.

Even better, they are unsecured so you won’t put your collateral at risk. This means you won’t lose your vehicle or home if you’re unable to make timely payments.

Another added benefit is the ability to rebuild your credit since payment activity is reported to the credit bureaus. So if you pay on time each month and manage all your other debt responsibly, you’ll start to see an increase in your credit score.

On average, the APR ranges from 99 to 199 percent, but this percentage varies by state. The good news is unlike payday loans, you’ll never receive an APR that exceeds 199 percent.

Depending on your state of residence, your loan may be originated by FinWise Bank, a partner of OppLoans. Here’s a detailed breakdown:

• Installment loans: Alabama, California, Delaware, Georgia, Idaho, Illinois, Mississippi, Missouri, Nevada, New Mexico, Ohio, South Carolina, Texas, Utah, Wisconsin
• Lines of credit: Kansas, Tennessee, Virginia

Loans originated and funded by FinWise Bank: Alaska, Arizona, District of Columbia, Florida, Hawaii, Indiana, Kentucky, Michigan, Minnesota, Montana, Nebraska, North Dakota, Oklahoma, Oregon, South Dakota, Washington, Wyoming

Ready to apply? Before you get started on the application, be sure that you meet the minimum requirements for funding:

• 18 years of age or older (at least 19 years of age if you reside in Alabama or Nebraska)
• Have a steady source of income (if employed, you must be at your job for at least 3 months to qualify, and income should be received via direct deposit; not required if you reside in New Mexico)
• Possess a bank account in your name with an active status for the last 90 days
• Not be classified as a “covered borrower” per the Military Lending Act

You can apply by calling (800) 990-9130 or completing the online application. For the latter, you will be prompted to create an account before getting started. That way, your information will be stored if you’re unable to complete the application in one sitting or wish to return to it at a later date.

You’ll be asked to enter personal identifying information, employment data, and answer some questions about your finances. Before you submit, you will need to review the disclosures and confirm that you’ve done so. Upon submission, you’ll receive a rapid decision.

If approved, your loan offer and additional instructions for uploading documents (if applicable) will be displayed. The entire process can be done electronically and only takes a short bit of your time if you have everything you need on hand.

*Quick note: Applying for a loan does not impact your FICO score as OppLoans uses an alternative credit reporting agency, Clarity Services, Inc. to evaluate your creditworthiness.

As long as your application is approved and all the requested documentation is received by 7:30 pm ET Monday through Friday, you should receive the loan proceeds the next business day. However, if your submissions are delayed or if there are discrepancies with your documentation, this time frame could be substantially longer. Bank holidays can also delay disbursement times.

There are three ways to reach OppLoans:

• By phone: Customer Support-(800) 990-9130; Corporate- (312)212-8079
• By email: [email protected]
• By mail: 130 East Randolph Street, Suite 3400, Chicago, IL 60601

Someone is available to assist you Monday through Friday from 7:00 a.m. – 10 p.m. CT, Saturday from 9:00 am – 4:00 p.m., and Sunday from 9am-4pm.