Friday, February 10, 2017
Opportunity Loans offers payday loans, personal loans and installment loans, depending on the applicant's state of residence. In certain states, Opportunity Loans acts as a loans matching services organization and arranges loans with a third-party direct lender, according to the company's website.
A first-time loan borrower is eligible to borrow $1000 to $10,000 for personal loans, depending on the loan type available in his state of residence, explains Opportunity Loans. A borrower typically receives loan funds by the next business day after the application is approved. The company deposits loan funds directly into the borrower's bank account.
To qualify for a loan, the applicant must be at least 18 years of age and have a stable income, notes Opportunity Loans. A borrower's income after taxes must be at least $1500, and the borrower must have direct deposit setup with his bank account. An applicant finds out instantly after submitting an application about his eligibility for a loan. Then, Direct Lender creates a loan agreement with the specific details of the loan.
The borrower agrees to the terms of the loan, and once Direct Lender approves the agreement, a request is sent to the borrower's bank for funds to be deposited.