Is OppLoans personal loans right for you? Here's what you need to know

Personal loans are a popular way to reach some of your financial goals, like consolidating debt, covering an emergency repair or paying off a medical bill. There are many contenders on the market but they each have their own set of trade-offs.

For instance, one of OppLoans' more appealing features is that individuals with low credit scores can easily qualify for the money they need. But these loans come with extremely high APR ranges, which should give any potential borrower pause before signing anything.

To make your search easier, CNBC Select breaks down OppLoans's APR, perks, fees, loan amounts and term lengths below. Read on to find out if OppLoans is the right lender for you, as well as other options that are potentially more affordable.

The APR for a loan from OppLoans ranges from 59% to 160% (at the time of this writing). This is very steep considering many other personal loan lenders offer significantly lower rates more in line with the Federal Reserve's benchmark rate.

The APR isn't as high as the typical rate on a payday loan, though, which can be as high as 400%. Still, you'll want to seriously consider whether you can financially stomach the high cost of this loan.

It's definitely worth looking at other personal loan lenders first to see if you can get a lower APR elsewhere.

Unlike many other personal loan lenders, OppLoans doesn't offer any discounts for using AutoPay.

However, one notable feature is that this lender only performs a soft credit check when you submit an application and doesn't base its funding decisions exclusively on your credit score. This makes it easier to qualify. Also, funds are typically disbursed within one business day of approval.

OppLoans doesn't charge any origination fees, application fees, or prepayment penalties. However, the higher APR OppLoans charges may negate anything you would have saved by not being charged fees.

OppLoans offers small loans when compared to the funding amounts provided by other lenders in the space. The minimum amount you can apply for is $500 and the maximum amount is $4,000. Considering the high APR range for OppLoans, potential borrowers want to make sure they aren't borrowing too large of a principal since that will make their monthly payments even more expensive.

Repayment terms for OppLoans range from nine months to 18 months. Other lenders typically carry term lengths as long as five years (and sometimes even longer than that). The less time you have to pay off the loan, the higher your monthly charges will be, so keep this in mind when considering this lender.

The high interest charges that come with OppLoans should make it a last resort. Fortunately, you have plenty of other options to consider.

If your main interest in OppLoans is that it doesn't require you to have good credit or that it doesn't run a hard credit check, then it may be worth looking at Moneylion Instacash℠, as it doesn't charge interest, has no monthly fee and doesn't run a credit check. The only catch is that you can only borrow up to $500.

Another personal loan lender that caters to individuals with very low credit scores is Upstart. This lender does charge an origination fee (0% to 12% of the loan amount) and a late fee (5% of the amount due or $15, whichever is greater).

SoFi Personal Loans is also a solid contender for quick funding — most personal loan applicants receive same-day funding if they sign their agreement before 7 p.m. ET on a business day. Otherwise, they'll usually receive their money the very next day. There are also no late fees, no origination fees, and no early payoff penalties with this loan, but you'll need a good credit score to be approved.

Alternatively, you can use the comparison tool below to easily compare several different offers to find the best interest rate and payment terms for your needs.

This tool is provided and powered by Engine by MoneyLion, a search and comparison engine that matches you with third-party lenders. Any information you provide is given directly to Engine by MoneyLion and it may use this information in accordance with its own privacy policies and terms of service. By submitting your information, you agree to receive emails from Engine by MoneyLion. Select does not control and is not responsible for third party policies or practices, nor does Select have access to any data you provide. Select may receive an affiliate commission from partner offers in the Engine by MoneyLion tool. The commission does not influence the selection in order of offers.

There's a lot about OppLoans' product that borrowers can get behind, like the lack of any origination fees, application fees, or prepayment penalties and that the lender only runs a soft credit check when you submit an application. But keep in mind that due to the high APR charges, it will be very expensive to borrow the money and you're better off looking at other personal loan lenders that have a lower APR.

To determine which personal loans are the best, CNBC Select analyzed dozens of U.S. personal loans offered by both online and brick-and-mortar banks, including large credit unions, that come with no origination or signup fees, fixed-rate APRs and flexible loan amounts and terms to suit an array of financing needs.

When narrowing down and ranking the best personal loans, we focused on the following features:

• No origination or signup fee: None of the lenders on our best-of list charge borrowers an upfront fee for processing your loan.
• Fixed-rate APR: Variable rates can go up and down over the lifetime of your loan. With a fixed rate APR, you lock in an interest rate for the duration of the loan's term, which means your monthly payment won't vary, making your budget easier to plan.
• Flexible minimum and maximum loan amounts/terms: Each lender provides a variety of financing options that you can customize based on your monthly budget and how long you need to pay back your loan.
• No early payoff penalties: The lenders on our list do not charge borrowers for paying off loans early.
• Streamlined application process: We considered whether lenders offered same-day approval decisions and a fast online application process. 
• Customer support: Every loan on our list provides customer service available via telephone, email or secure online messaging. We also opted for lenders with an online resource hub or advice center to help you educate yourself about the personal loan process and your finances.
• Fund disbursement: The loans on our list deliver funds promptly through either electronic wire transfer to your checking account or in the form of a paper check. Some lenders (which we noted) offer the ability to pay your creditors directly.
• Autopay discounts: We noted the lenders that reward you for enrolling in autopay by lowering your APR by 0.25% to 0.50%.
• Creditor payment limits and loan sizes: The above lenders provide loans in an array of sizes, from $500 to $100,000. Each lender advertises its respective payment limits and loan sizes, and completing a preapproval process can give you an idea of what your interest rate and monthly payment would be for such an amount.

After reviewing the above features, we sorted our recommendations by best for overall financing needs, debt consolidation and refinancing, small loans and next-day funding.

Note that the rates and fee structures advertised for personal loans are subject to fluctuate in accordance with the Fed rate. However, once you accept your loan agreement, a fixed-rate APR will guarantee interest rate and monthly payment will remain consistent throughout the entire term of the loan. Your APR, monthly payment and loan amount depend on your credit history and creditworthiness. To take out a loan, lenders will conduct a hard credit inquiry and request a full application, which could require proof of income, identity verification, proof of address and more. 

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Editor's Note: APRs listed in this article are up-to-date as of the time of publication. They may fluctuate (up or down) as the Fed rate changes. CNBC Select will update as changes are made public.