Oplo started in 2009 to create a ‘financially fair’ way to borrow and work with people to make sure they find the best loan for them.
Oplo is a member of the FLA (Finance and Leasing Association) and subscribe to its lending code.
Oplo offers their customers the opportunity to borrow between £5,000 to £100,000 with their secured home loans. This loan is secured on their customer’s property and is also called a second charge mortgage or mortgage loan.
The term of the loan is agreed on as part of the customer’s application process for the loan, but the customer has the option to choose a repayment term from 24 to 240 months.
The customer will need to use the home loan calculator to work out how much they would like to borrow. They will then fill in a quick online application to Oplo and will receive a decision in principle in minutes.
If the loan is approved in principle, one of Oplo’s qualified underwriters will go through the application in detail with the customer and provide them with a quote.
Oplo will then send the customer an application pack in the post or by email (according to the customer’s preference) for them to check and sign.
Once they receive the signed application pack back and any other information they have requested, a Binding Mortgage Offer will be issued.
Before the home loan is funded, Oplo will re-confirm the customer is happy with the terms and conditions, set up their direct debit, answer any questions and release their home loan funds.
The representative example offered by Oplo is 14.5%APRC based on a loan of £27,178 repayable over 156 months at an interest rate of 12.6% pa (variable). Monthly repayment of £372.45. Acceptance fee of £1,295. Total interest payable of £29,629.00. Total amount payable is £58,102.00.
The rate the customer receives is based on their personal situation and is dependent on many factors such as their credit history, credit rating and financial status.
Oplo does allow their customers to settle their loans early by letting them know through phone, email or letter stating the date the customer wishes to settle on.
Oplo also allows their customers to pay off a lump sum. After a qualifying period, the customer may also be able to increase the amount they borrow from Oplo.
This decision will be based on the customer’s circumstances at the time of the request.
Other Financial Services
Oplo also offers their customers other financial services to help them get the best loan available.
Oplo offers their customers unsecured personal loans for a range of reasons whether it be home improvements, a holiday or as a way of consolidating existing debts.
Customers have the option of borrowing between £2,000 to £15,000 which can be repaid over a period of 24 months to 72 months. Shorter loan terms mean the customer’s loan is paid off quicker whereas longer terms could offer lower monthly payments.
Oplo charges an acceptance fee of £395 which is added to the amount of credit the customer borrows. The repayment of the fee is included in the monthly repayments over the term of the loan as displayed.
Customers are not required to pay this fee upfront.
Oplo also offers soft search loans, so that the customer will know if they’re eligible for a loan before the application is completed. Oplo will send an instant, no-obligation quote.
To apply for a personal loan the customer should use Oplo’s Personal Loan calculator to work out how much they would like to borrow. They will then need to fill in Oplo’s online application, after which they will receive a decision in minutes.
If the loan is approved by Oplo in principal, the customer can sign the loan agreement online.
Oplo’s Car Finance Agreement allows the customer to effectively ‘hire’ a car until their final payment is made, at which point the customer becomes the owner of the vehicle.
Oplo’s customers can borrow between £2,000 to £15,000 over monthly repayments from 12 months to 60 months depending on the type of loan the customer chooses.
This finance has a representative 24% APR.
All that is needed to apply for this loan is to fill in the quick online application. If the application is accepted, one of Oplo’s team will call the customer to discuss further details such as their credit limit and monthly budget.
The customer will then select a car from an FCA authorised dealer and give Oplo the vehicle details. Oplo will then send the customer a quote and once the customer is happy with the quote, the paperwork will be sent to get signed.
Oplo Reviews and Ratings
Oplo has received largely positive ratings across sites such as Trustpilot, Feefo and Google Reviews. Whilst the number of reviews is limited on some sites in comparison to other finance companies, they are mostly positive.
Oplo has a very active Facebook account with 1,651 likes and 1,595 followers.
They also are active members on Twitter. Their account is followed by 1,546 people.
A lot of reviewers praised the customer service they received from Oplo and were satisfied with the attention to detail and care they received from the members of the team who handled their loan applications.
A few reviewers have commented on the lengthy process of application and amount of paperwork they were asked to complete without complete assurance their loan would be accepted at the end of it.
Trustpilot – 4/5 (Based on 132 reviews)
Feefo – 4.9/5 (Based on 1,250 reviews)
Google Reviews – 3.7/5 (Based on 87 reviews)
- A range of different loans available to the customer
- Soft credit checks that won’t harm rating
- Personal loan calculator available for customers
- Less experienced in comparison to other sites
- High interest rates
- Lack of information regarding the timeframe of money into the bank
If you’re looking to compare offers on secured homeowner loans, then let HouseholdQuotes help you find the best loan available for you!
For more information on home improvement loans, read our guide.