You need money now, but by the time your next paycheck you will all be exhausted. You really are in dire straits.
Before you take out an expensive payday loan and put up with the insane, outrageous interest rates that they hollow you out with, there is one other option that can help you *.
A company called OppLoans offers a cheaper alternative. You can apply to borrow $ 500 to $ 4,000 **; Applying it will not affect your FICO score. If approved, you will receive the money you need by the next business day in most cases. Applying online is easy and most clients find out if they were approved on the same day ***.
Over 500,000 people have borrowed money through OppLoans. Here’s what you need to know when you find yourself in a difficult situation.
How it can be better than a payday loan
Don’t do this if you just want up to an additional $ 500-4,000 on hand. OppLoansLoan products are often used for unexpected expenses or emergencies – like car repairs or medical bills.
How exactly are they different from a typical payday or store loan?
First, you pay half the interest rate.
The payday loan industry increases their interest rates by up to 400% – or even higher in some cases. It is easy to rely on these expensive loans.
OppLoans, on the other hand, charges interest rates from 59% to 199% and limits them to 160% in most states. This is still not the cheapest way to borrow money. However, if you are unable to get a standard personal loan or credit card due to a fluctuating credit, it may be a smarter option than a payday loan.
Second, you have more time to pay them back. With a payday loan, you usually have to repay the money within two weeks. However, OppLoans does offer loan terms of up to 24 months, which means fewer payments and more time to get the money back. And if you make your payments on time, every loan payment always involves repaying your principal.
Finally, a loan through OppLoans will build up the credit history. Your loan payments will be reported to all three major credit bureaus (unless you live in Texas). This can help improve your credit score if you make your payments on time.
Do you qualify? Get a loan without leaving your home
Obviously, when you’re stuck in traffic and need money fast, you aren’t in the mood to jump through a few hoops, fill out a million forms, or wait in a long line to see if this works.
With OppLoans, it takes minutes See if you qualify*.
You enter some basic information – your address, phone number, employer, income, and bank account information.
Remember: applying it won’t harm your FICO score. If approved, you can expect your loan money to be deposited directly into your bank account as early as the following business day.
So if you are in trouble and need money fast, OppLoans could be it a clever alternative to a payday loan.
* Applications submitted through the OppLoans website may be made by one of several lenders including: Opportunity Financial LLC, a state licensed lender; or one of OppLoans’ loan partners. All loans taken out by a loan partner are serviced by OppLoans.
** According to the Consumer Federation America, a nonprofit consumer advocacy group, payday loans range in size from $ 100 to $ 1,000, depending on the state’s legal limits, and have an average annual percentage (APR) of 400%. The maximum annual interest rate on a loan offered through OppLoans and serviced by OppLoans is 199%. Loan sizes range from $ 500 to $ 5,000.
*** Subject to credit approval and verification. The actual loan amounts and terms approved will depend on the standard underwriting and credit guidelines.
Mike Brassfield ([email protected]) is a senior writer at The Penny Hoarder.
This article originally appeared on www.thepennyhoarder.com