Oplo personal loans
Oplo offers personal loans to homeowners in the UK. Although the loan is not secured against your home, you must own a property to be eligible to apply.
Currently, you may be able to borrow between £2,000 and £15,000 with an Oplo unsecured loan. Loan terms can vary between 24 months and 72 months.
If you apply and are accepted, you will need to pay an acceptance fee of £395. This will be added to what you borrow and included in your monthly repayments. As this is not charged upfront, you will be paying interest on this fee.
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Oplo loan rates
Interest rates on Oplo loans are fixed for the loan term, so they won’t go up or down while you make monthly repayments. This means the amount you repay will be the same each month, unless you opt to make a lump-sum overpayment.
The representative annual percentage rate (APR) is the interest rate that at least 51% of customers get when offered an Oplo loan. You can use representative APR to compare the cost of borrowing between lenders.
However, it’s important to remember that the rate you are offered when you apply could differ from the advertised APR. Your personalised APR depends on your individual circumstances, including your credit history, credit score and financial situation.
Before you formally apply for a loan, Oplo conducts a soft credit check to check your eligibility and the likelihood of your application being approved, and then gives you a quote including an APR. This won’t affect your credit score.
If you decide to go ahead with the loan, you’ll need to fill out an online application form. Oplo will then conduct a hard credit check that will leave a mark on your credit history. If accepted for the loan, and you’re happy with the APR and loan term offered, you can then sign your loan agreement online.
Can I get a secured loan from Oplo?
Yes, Oplo also offers secured loans – called Home Loans – of between £5,000 and £250,000.
A secured loan is where the amount you borrow is secured against an asset you own, such as your home. If you do not make repayments on time, the lender can take that asset and sell it to recover its money.
You may be able to borrow more money over a longer time period with a secured loan. However, this type of loan comes with its own risks and may not be suitable for everyone. For example, your home could be repossessed if you do not keep up repayments. Which is why it’s important to think carefully before securing debts against your property.