23 Reviews

Interest & Costs

Flexibility & Terms

Website & Functionality

Support & Service

  • Fast funding
  • No credit checks
  • Loans from $500 to $5,000
  • Bad credit loans available
Pros & Cons
  • Online loans with same-day funding
  • Reports payments to all three credit bureaus
  • Empowers everyday consumers to rebuild financial health
  • APRs can go up to 160%

OppLoans Review 2023

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:

Application process⭐⭐⭐⭐
Loan terms⭐⭐⭐⭐
Customer support⭐⭐

Do We Recommend Opploans?

Yes, we recommend OppLoans as a reliable lender marketplace. Skip to our full review below and see 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:

Loan type:Personal loans
Loan amount:$500 – $5,000
Loan term:Up to 18 months
APR:Can go up to 160%
Min. credit score:None
Monthly fees:None
Payout time:One business day
Weekend payout:No
Requirements:At least 18 years old
U.S. citizen
Active bank account
Regular income
Valid phone number and email

Products Offered

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

Their loan offers include:

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.


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.

CompanyLoan AmountAPRPayment Terms
PersonalLoans.com$500 – $35,0005.99-35.99%3 Months – 6 Years
BadCreditLoans$500 – $5,0005.99-35.99%10 Days – 2 Years
CashUSA.com$500 – $10,0005.99-35.99%3 Months – 6 Years
Fast5KLoans$500 – $35,0005.99-35.99%6 Months – 5 Years
5KFunds$100 – $35,0005.99-35.99%61 Days – 6 Years

OppLoans Pros and Cons

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.


  • Only smaller loans up to $5,000

  • High APRs that can reach up to 160%

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

Step 1

Visit the Website

All applications are handled online. Applying for a loan with OppLoans will not negatively affect your credit score

Step 2

Enter Your Information

In order to apply for a loan, you will need to enter information about yourself, your work, and your finances. You’ll also have to provide proof of your bank account.

Step 3

Get Approval

The online application can be completed in just a few minutes, with applicants typically receiving a loan response quickly. Once approved, you can log into your account through the OppLoans login feature.

Chosen 11,187 times
  • Fast funding
  • No credit checks
  • Loans from $500 to $5,000
  • Bad credit loans available

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:

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.


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 – FAQs

How long does opploans take to approve

Your loan will typically be paid the next business day. If your loan is approved on a weekend, it means your funds may only be available the following Tuesday.

Where can I get loans like OppLoans?

There are many lenders that offer loans like OppLoans, where you can apply for a personal loan online and get your funds the same day, or the next business day. Examples include 5KFunds, CashUSA, and BadCreditLoans

OppLoans Alternatives

Here are a few similar loans like OppLoans:

CompanyLoan AmountAPRPayment Terms
PersonalLoans.com$500 – $35,0005.99-35.99%3 Months – 6 Years
BadCreditLoans$500 – $5,0005.99-35.99%10 Days – 2 Years
CashUSA.com$500 – $10,0005.99-35.99%3 Months – 6 Years
Fast5KLoans$500 – $35,0005.99-35.99%6 Months – 5 Years
5KFunds$100 – $35,0005.99-35.99%61 Days – 6 Years

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.

Have you used OppLoans before? Leave your review now.

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Reviews of OppLoans

OppLoans is rated 65 out of 313 companies in total rating and got an average review score of 4.4 based on 23 reviews. Their weakness is Interest & Costs and their strength is Flexibility & Terms.
Customer reviews
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samwilliamson654 13 reviews | April 19, 2023
General Review
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maryrutherford654 10 reviews | April 19, 2023
General Review
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Dan 1 review | October 3, 2022
General Review
I got approved for a loan that I’ve been making payments on for about almost a year now, no late payments, I tried to Re- finance my loan and they denied me even though I have made no Late payments and my account has always been up-to-date usually good paying history allows you to be able to do so ...every company except for this one.. I’m paying my loan off and never using this company ever again I’m gonna go somewhere where they appreciate their customers
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Nick Sancez 1 review | July 18, 2022
General Review
Great and fast.. Waiting on backpay and this company came through..
Interest is high but based on bad credit and no credit check I think it's fair game..
Post reply
Anna Hamilton 1 review | July 14, 2022
General Review
They were decent until December 2021.
High interest but really not a secret. The main CON is the change in the loan process in 2022- you used to sign the application and by the end of the business day, you had the decision. Now, days on end and nothing. They keep asking you now to submit your pay info multiple times (never a requirement before) and the main one is NO CUSTOMER SERVICE. I called 4 different times and on hold over 30 minutes and I finally just withdrew my application. I even wrote customer service and they said someone will be with me. THEY NEVER PICKED UP THE PHONE AND CALLED ME...O,h, well as saved me 1,500 in interest!
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Amanda 1 review | December 27, 2019
Personal Loan Review
Most of my experience with this company has been positive. The reps I’ve spoke to are always very friendly and their service is usually always fast. There has really only been one small hiccup (currently trying to refinance my loan through them and it’s definitely taking more than the usual 24 hours), but I’m willing to bet it’s really only because it’s barely 2 days after Christmas. When I applied I have the money in my bank account no more than 24 hours later. I even had to do a skip payment once and all it took was a 5 minute phone call to them. Granted, their interest rates are high but that’s because this not a traditional loan, it’s an installment loan. Not only that, people with good credit typically don’t apply for these types of loans - their clientele (myself included) typically have poor credit and lending to people with poor credit is a risk if you look at from a business perspective, so stop complaining about the interest.
I had a loan with Rise Credit and I found their option to select the amount of the loan and the terms to be phenomenal. I was approved for anywhere from $2500-4000 and I could not only choose how much I wanted to borrow, but how long I wanted to take to pay it back. I was unhappy with the way Rise structured the loan package (I.e - the monthly payment didn’t include all the interest so it took me months to even touch the principle amount), but I would be so happy if OppLoans could create a similar system.
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Ashley 1 review | December 25, 2019
General Review
They work with any credit
sydney_portisDecember 8, 2021

No they don’t. I didn’t get approved

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Karol Hartline 1 review | December 20, 2019
Personal Loan Review
Really great and understanding. Awesome customer service
Post reply
Meemee 1 review | December 1, 2019
Personal Loan Review
Quick approval and delivery which did not effect my FICO score. No problems so far.
High interest, not competitive.
Post reply
Steven Jenkins 1 review | August 29, 2019
General Review
Easy to do business with Listened to me Helped me where others couldn’t
Felt like I was treated right, no complaints
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