Check your eligibility for a California bad credit loan up to $5,000 — without affecting your credit score.
California bad credit loans are available with a simple online application. Take charge of your finances when you need to borrow money at a fixed interest rate, over a fixed amount of time.
The terms of California bad credit loans depend on an array of factors. These loans are typically offered up to $5,000 and repaid from 12 months up to 5 years – you choose repayment terms to fit your life and budget.
If you need a California bad credit loan, don’t leave your home to find one, OppLoans offers online installment loans up to $5,000.
Read our review to learn about the pros and cons of a $5,000 California bad credit loan as well as what you need to qualify.
The application process is simple and secure. Get cash deposited directly into your account the next business day once approved. OppLoans does not have strict credit requirements, they consider your broader financial picture — not just your credit score.
Check your eligibility without affecting your FICO score. Select the loan amount and repayment schedule that works best for you. A personal loan can help build a positive credit history with timely repayment.
How does a California bad credit loan from OppLoans work?
OppLoans helps people who may have been turned down by banks but have the income to repay a personal loan. California bad credit loans can be difficult to find through direct lenders. With OppLoans you go straight to the source. The application is submitted directly at OppLoans’s safe and secure site and within minutes you have an answer.
OppLoans’s representatives are available to answer your questions: Monday – Friday 7am – 11:30pm Central Time and Saturday – Sunday 9am – 5:00pm Central Time. An online loan may be able to help right when you need it the most. A personal loan through OppLoans can be used for almost any situation – consolidate debt, unexpected expense, car repairs, home improvement, vacation.
Who is OppLoans?
OppLoans is a direct lender based in Chicago, IL. Founded in 2012, OppLoans offers access to personal loans in several states across the USA. OppLoans offers online personal loans to reliable people. Borrowers can get a loan and have the flexibility to repay it over a duration of time that makes sense for their lives and budget.
Build your credit.
A California bad credit loan can help you build your credit by adding a positive line of credit to your credit reports. OppLoans will report your monthly payments the major credit bureaus. To improve your credit, make sure you make all of your payments on time and never miss a payment. On-time payments will improve your credit scores over time.
100% online application and funding.
Application, loan documents and funding are completely processed online. As soon as you submit your application, you will receive an instant decision on your eligibility and the loan amount you qualify for. Once funded you can manage your account anytime online. Review your balance and make payments online at your convenience.
Choose your own terms.
Repay in fixed installments over time or pay off your loan anytime. It’s up to you.
Repay your loan early.
There is no penalty for repaying your loan early. Pay off the loan anytime without additional charges. Pay only the number of days you keep your loan, for example, if you pay off your loan in a month, you would only pay the finance charges accrued during the one-month period.
OppLoans loan details
- Minimum credit score: 350
- Rates vary from 59% to 199%
- Loans from $500 – $5,000 (loan amounts & rates vary by state)*
- Origination fees vary from 0% to 3% of the amount of the loan
- Quick and Easy Online Application
- Build Credit History with Timely Payments
- Self-employment income okay
How long does it take to get loan funds?
The application process is quick, and you’ll know if you’ve been approved within minutes. If electronic funding is selected and your loan agreement is signed, submitted and approved, you could have funds in your bank account as quick as the next business day.
What are the APRs offered via OppLoans?
OppLoans offers a fixed APR personal loan product that ranges from 34% up to 150%. Your rate will depend on your credit scores, state you live in and how often you make a payment. As with most California bad credit loans, OppLoans’s interest rates are high due to a blemished credit history.
Does OppLoans charge an origination fee?
Yes, OppLoans may charge a loan origination fee. A loan origination fee is what some lenders charge for processing, underwriting, and funding a loan. Typically, OppLoans’ origination fees range from 0% to 3% of the loan amount. If OppLoans chooses to assess an origination fee, it will be deducted directly from your loan amount before depositing your money.
Does OppLoans charge a late fee?
Yes, OppLoans may charge borrowers a late payment fee of $10.
Does OppLoans charge prepayment fees?
No, OppLoans does not charge a prepayment fee. Repay your loan early without any fee being assessed.
How much can you borrow via OppLoans?
Loan amounts start at $500 and go up to $5,000.
What is the maximum loan term you can get with OppLoans?
OppLoans offers personal loans with terms ranging from 6 to 60 months. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.
How to qualify for a loan with OppLoans?
OppLoans takes into account more than your credit score. They view a potential borrower’s ability to repay the loan based on current circumstances. While past credit history is important it’s not the only determinant.
Additionally, applicants should have the following:
- An active checking account in your name with at least 40 days of account history.
- Must be 18+ years old.
- Must be a legal resident of the US.
- An active email account
- Personal information such as your Social Security Number and address.
- Minimum monthly gross income: $1,500
- Must be employed or have benefits (not self-employed)
- Receive your paychecks through direct deposit
- Financial information (such as information about your expenses like monthly rent or mortgage payment).
OppLoans doesn’t require you to have a set minimum income and doesn’t limit your income to what you earn from a job. If you have retirement, disability or unemployment income, you may still qualify for a loan.
Active duty servicemembers and their covered dependents cannot apply for a loan via OppLoans. The Military Lending Act prohibits lenders from charging servicemembers more than a 36% APR. Only U.S. citizens can apply for a loan.
What is the estimated funding time for a personal loan via OppLoans?
OppLoans will typically provide a credit approval decision in less than an hour and fund the loan within 1 business days.
Pros of using OppLoans
- Quick application process. If you’re in a hurry, OppLoans’s application only takes a few minutes to complete, and you’ll know if you’ve been approved shortly after.
- No prepayment penalty. Pay off your loan early, OppLoans doesn’t have a prepayment penalty. This means you can pay back your full loan amount at any time, which will reduce the total cost of interest you’ll pay.
- Apply with bad credit. The people at OppLoans know everyone does not have good credit. But emergencies happen to everyone, even people with bad credit. OppLoans looks at more than just credit scores to approve loans.
- Use your loan as you see fit. If you’ve been approved, use your loan funds for just about any purpose, whether you need a car repair or pay down debt.
Cons of using OppLoans
- High costs. Like many California bad credit loans you’ll see high interest rates. This affects the total cost of your loan. But keep in mind you can pay off your loan early without any penalty charges.