Skip a Payday Loan. How to Borrow up to $4K as Soon as Tomorrow

A young couple giggle over coffee at home. This photo represents a story about Opp Loan, a cash advance service that saves you money vs getting a payday loan.
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You need money right now, but you’re all tapped out until your next paycheck. You’re really in a pinch.

Before you take out an expensive payday loan — and get stuck with the insane, outrageous interest rates they’ll gouge you with — there’s another option that may help you out*.

A company called OppLoans offers a more affordable alternative. You can apply to borrow $500 to $4,000**; applying won’t impact your FICO score; and, if approved, you’ll get the money you need as soon as the next business day in most cases. Applying online is easy, and most customers find out if they’re approved same-day***.

More than 500,000 people have borrowed money through OppLoans. Here’s what you need to know if you’re in a tight spot.

How It Can be Better Than a Payday Loan

This isn’t something you should do if you just want up to an extra $500 to $4,000 on hand. OppLoans’ loan products are often used for unexpected expenses or emergencies — like car repairs or medical bills.

So, how exactly are they different from a typical payday or storefront loan?

First off, you pay half the interest rate.

The payday loan industry jacks up its interest rates as high as 400%** — or even higher in some cases. It’s easy to get caught up in a cycle of relying on these expensive loans.

On the other hand, Annal Percentage Rates available through OppLoans range from 59% to 199%*, and in most states, APRs cap out at 160%. That’s still not the cheapest way to borrow money, but if shaky credit is preventing you from getting a standard personal loan or a credit card, this may be a smarter option than a payday loan.

Second, you get more time to pay them back. With a payday loan, you typically have to pay the money back within two weeks. But loan terms available through OppLoans are up to 24 months¹, meaning lower payments and more time to pay the money back. And, if you make your payments on time, every loan payment always includes paying down your principal.

Finally, a loan through OppLoans will build credit history. It will report your loan payments to all three major credit bureaus (unless you live in Texas), which may help improve your credit score, if you make your payments on time.

Do You Qualify? Secure a Loan Without Leaving Your Home

If you’re in a jam and need money fast, then you’re obviously not in the mood to jump through a bunch of hoops, fill out a million forms or wait in a long line just to see if this will work out.

With OppLoans, it takes minutes to see if you qualify*.

You’ll enter some basic information — your address, phone number, employer, income and bank account info.

Remember: Applying won’t hurt your FICO score. If you’re approved, you can expect to see your loan money direct-deposited into your bank account as soon as the following business day.

So, if you’re in a bind and need money fast, OppLoans could be a smart alternative to a payday loan.

*Applications submitted through the OppLoans website may be originated by one of several lenders, including: Opportunity Financial LLC, a licensed lender in certain states; or one of OppLoans’ lending partners. All loans originated by a lending partner will be serviced by OppLoans. 

**According to the Consumer Federation America, a non-profit consumer advocacy group, payday loans range in size from $100 to $1,000, depending on state legal maximums, and carry an average annual percentage rate (APR) of 400%. The maximum APR for a loan offered through and serviced by OppLoans is 199% and loan sizes range from $500 to $5,000.

***Subject to credit approval and verification. Actual approved loan amount and terms are dependent on standard underwriting guidelines and credit policies.

¹Installment loan amounts typically range from $500 to $4,000. APR ranges from 59% to 199%. Installment loan lengths range from 6 to 24 months. Example: A $2,000 installment loan repayable in 9 monthly payments would have an APR of 160% and monthly payments of $395.58. OppLoans does not offer credit products in all states. Please refer to “Rates and Terms” at for additional details.

Mike Brassfield ([email protected]) is a senior writer at The Penny Hoarder.