OppLoans Review 2024

OppLoans provides personal loans as an alternative to payday loans. They offer short-term installment loans from Opportunity Financial (OppFi).

OppLoans started offering loans in 2012 to borrowers who experienced financial difficulty offer the 2008 financial crisis.

How We Rate OppLoans

At Financer.com, all lenders go through a thorough research and review process. Here’s how we rate OppLoans:

OppLoans Overview

Opploans are ideal for borrowers in a tight spot, who need a quick way to finance a purchase or get emergency cash.

OppLoans offers an alternative to cash advances or short-term payday loans for borrowers with bad credit.

However, expect interest rates on the higher side compared to personal loans no matter your credit score.

Unlike some payday or title loan lenders, OppLoans reports your payments to all three credit bureaus. This means payments will show on your credit report and your credit score may gradually increase if you make payments on time.

This may make it much easier for you to quality for better loan rates in the future, like a personal loan or mortgage.

Here’s a quick summary of OppLoans:

Products Offered

OppLoans offer short-term loans with no credit check requirements.

Their loan offers include:

• Bad credit loans
• No credit check loans
• Installment loans
• Debt consolidation loans

How OppLoans Work

OppLoans is different from payday loans because OppLoans offers longer terms, lower APRs, and higher loan amounts.

Additionally, OppLoans specializes in providing a personalized loan service. These personal loans are designed to help consumers who want to build or rebuild their credit.

Funds from approved loans can be deposited in the borrower’s account in as little as one business day. Borrowers do not undergo a credit check although APRs can be as high as 160%.

Instead of paying back a loan in one lump sum, which is usually the case with payday loans or cash advances, OppLoans offers personal installment loans.

This means that loans are repaid in regular monthly payments.

Loan Requirements

Applying for a personal loan typically involves prequalifying for a rate, submitting a formal application, and awaiting loan approval. 

Here are the loan requirements when applying for an OppLoans loan:

• Be at least 18 years old.
• Be a U.S. citizen or permanent resident.
• Have an active bank account that accepts direct deposits.
• Must have been at least 30 days with current employer.
• Cannot be self-employed.
• Have a minimum income of $1,500 per month for most states ($3,200 per month for Alabama).
• Have a valid contact number and an active email address.
• No minimum credit score is required.

Payouts

How long does it take to get a loan paid out by OppLoans? This will depend on the time your application was approved.

You will receive an email notification once your loan is approved.

• Monday to Thursday: If your application is approved before 8:00 PM CT Monday through Thursday, you can expect your funds the next business day.
• Friday: If your loan is approved before 8:00 PM CT on Friday, you can expect your funds on Monday.
• Friday to Sunday: If your loan is approved after 8:00 PM CT Friday, until Sunday, expect your funds to be paid on Tuesday. If your approval day or deposit day happens to be a bank holiday, please allow for an extra business day of processing.

The exact time of funding depends on when your bank will post the ACH (Automated Clearing House) credits to your bank account. If you experience a delay, please reach out to your bank directly.

Rates & Fees

Loan amounts range between $500 and $5,000 and the maximum APR from OppLoans is 160%. As an example, a borrower with a credit score of 550 and earning less than $45,000 a year, take out a loan of $1,400 with an APR of 140%.

The repayment term of nine months would carry a monthly payment of $259, the interest of $943, and a total amount due of $2,335.

Payment Terms

The repayment term for OppLoans is up to two years. Although borrowers may not choose their payment due date, they may be able to change the date.

OppLoans Pros and Cons

Pros

• Easy application process
• Fast funding available
• Borrowers with bad credit can apply

OppLoans allows borrowers to apply online for loans and the application process only takes a few minutes. If approved, funding can happen as soon as the same day.

Compare to other lenders like 5KFunds and SoFi, OppLoans offer relatively small loans that are capped at $4,000 ($5,000 in the state of Georgia).

Depending on your loan terms and credibility, APRs can reach triple-digits.

How To Apply for a Loan with OppLoans

Chosen 12,035 times

• Fast funding
• No credit checks
• Loans from $500 to $5,000
• Bad credit loans available

Min Loan Amount500

Max Loan Amount4000

Lowest APR160.00

Highest APR160.00

Min Loan Term6 Months

Max Loan Term1 Year , 6 Months

Accepts bad credit:Yes.

Minimum Age18

See offerMore Info

4.3Read 23 reviews

How Financer.com Rates OppLoans

In our opinion, OppLoans should be used only in the case of an emergency when other alternatives have been exhausted.

OppLoans offer short-term installment loans to their customers. This is often conducted without a credit check.

Their installment loans come with a very high APR limit of 160%. This can make it very difficult to pay back any money borrowed.

If you are in desperate need of immediate funds try our online lending tool. It allows you to compare alternative options before making a final decision.

Read more OppLoans reviews from customers below.

Compare personal loan rates here

OppLoans has more than 500,000 customers. Based in Chicago, OppLoans offers fast-payment installment loans in the following states:

• Alabama
• Alaska
• Arkansas
• Arizona
• California
• Delaware
• Florida
• Georgia
• Idaho
• Indiana
• Kansas
• Kentucky
• Louisiana
• Michigan
• Minnesota
• Mississippi
• Missouri
• Montana
• North Carolina
• North Dakota
• Nebraska
• Nevada
• Ohio
• Oklahoma
• Oregon
• Rhode Island
• South Carolina
• Tennessee
• Texas
• Utah
• Virginia
• Washington
• Wisconsin
• Wyoming

In addition, OppLoans offers a line of credit product in Kansas, Maryland, Tennessee, and Virginia, and has an A+ rating with the Better Business Bureau.

Reputation

Although OppLoans has an A+ rating with the Better Business Bureau they have very mixed reviews online. Some of this will be associated with high APRs ranging between 59% and 199%.

One area they do thrive in is their customer service team.

Their opening hours are from 7 am – 11:30 pm on Mondays to Fridays, making it easy to speak with a representative.

They do not offer an early settlement reduction fee with their loans.

That means if you have the money to pay off your loan earlier than your term suggests you will still owe the full amount of interest.

Website and Functionality

Based on our experience and the customer feedback we have received the OppLoans website is somewhat clear and direct within the first few pages.

It is however very busy and makes it hard to dig through a lot of information to find out clearly how it all works and what a customer really needs to apply.

Customer Support

OppLoans offer customer support via email and telephone.

Support is available from Mondays to Fridays 7:00 am – 11:30 pm and on Saturdays and Sundays from 9 am to 5 pm.

How OppLoans Compares

The best personal loans are those that offer competitive rates, a wide range of terms, and flexible loan amounts.

Here’s how OppLoans personal loans stack up against other popular lenders:

OppLoans vs Upstart

Upstart targets customers with credit scores of at least 600 and offers personal loans from $1,000 to $50,000.

Upstart also offers longer terms of up to five years, whereas OppLoans offers terms of only up to 18 months. If you have a credit score of at least 600, Upstart may be a more affordable option.

OppLoans vs. Upgrade

OppLoans and Upgrade cater to borrowers with damaged credit. If you qualify for an Upgrade loan, you may be able to receive larger loan limits of up to $35,000.

Upgrade also offers longer terms, with loans of up to seven years. How much money you need to borrow and how quickly you want to repay it typically determines the best provider.

Does Financer.com Recommend OppLoans?

Most people at some point are going to need financing.

OppLoans are a high-interest short-term lending company, that could be considered as a last-resort borrowing option.

Is OppLoans legit? They are legitimate and have had thousands of people use them over and over again.

Financer.com would recommend researching alternative lending options before committing to borrow.

Compare loan rates here.

By reading OppLoans reviews, consumers will gain a better idea as to what to expect from loans originated by OppLoans in order to determine if this particular lending solution is right for their needs.

OppLoans Alternatives

Here are a few similar loans like OppLoans:

More OppLoans Personal Loan Reviews

What Users On the Web Are Saying

5KFunds gets a 4.6 out of 5 stars on TrustPilot, with most users giving positive feedback:

Admittedly not all reviews seem authentic but most seem to be from legitimate users that had positive feedback.

More User Reviews – Add Your Rating

Read more reviews on Financer.com from verified users below.

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