Overview of OppLoans

    Summary

  • Personal loans from $500 to $4,000

  • APRs between 59% – 99%

  • Personal loans, bad credit loans, and no credit check loans

  • Loans are funded in 1-2 days

What Is OppLoans?

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.

Chosen 4,440 times
  • Fast funding
  • No credit checks
  • Refinancing options available
  • Small loans paid on time can help increase credit score

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

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

  • Be at least 18 years old.
  • Be a U.S. citizen.
  • Have an active bank account that accepts direct deposits.
  • Have a regular stream of income.
  • Have a valid contact number and an active email address.
  • No minimum credit score is required.

Rates & Fees

The maximum APR from OppLoans is 160% and loan amounts range from $500 to $4,000. As an example, a borrower with a credit score of 550 and earning less than $45,000 a year, takes out a loan of $1,400 with an APR of 140%.

The repayment term of nine months would carry a monthly payment of $259, 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.

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, consumers will need to enter information about themselves, their work, and their finances. They will also have to provide proof of their 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 4,440 times
  • Fast funding
  • No credit checks
  • Refinancing options available
  • Small loans paid on time can help increase credit score

Our OppLoans Review

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 199%. 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.

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
  • California
  • Delaware
  • District of Columbia
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Mississippi
  • Missouri
  • New Mexico
  • North Dakota
  • Ohio
  • South Carolina
  • South Dakota
  • Texas
  • Utah
  • Washington
  • Wisconsin


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.

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.

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.


Reviews of OppLoans

OppLoans is rated 30 out of 189 companies in total rating and got an average review score of 2.6 based on 37 reviews. Their weakness is Interest & Costs and their strength is Website & Functionality.
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Simone Florio 1 review | April 9, 2021
Personal Loan Review
Upsides
good loans fee
Downsides
too slow for me
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Patrick Cadette 1 review | April 8, 2021
General Review
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courtney_kinney 1 review | March 15, 2021
Personal Loan Review
Upsides
Not a thing!
Downsides
DO NOT TRUST! This company is horrible. I was shocked with how they ran their company. I don't understand why they would take you through the process of signing a promissory note and then they make a decision. After I proved my income 2 ways they said because it was a check that I deposited manually at a bank instead of being direct deposited I wasn't approved. I proved my income through legal paperwork and monthly bank statements. The worst part was that they asked for all of my paperwork just to deny me on my original information that I gave. I gave a truthful estimate of my income, they verified my bank and only after I verified my income through sending in a legal document then they denied me, after they had all of my personal info. This makes no sense and after speaking to multiple people they put the blame on me. My income qualified me, but it didn't because it wasn't direct deposit. I'm glad I wasn't approved because the outrageous interest rate is extremely unethical. I feel bad for the employees and supervisor because they have no idea why the business is ran the way it is and could not offer an excuse except to say it was their policy. The supervisor had a faulty phone she was trying to speak on and turned out to be a waste of an hour of my time.
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tracey_reynolds 1 review | January 29, 2021
General Review
Upsides
Very pleasant on phone
Downsides
Kept sending emails saying to sign contract. I signed multiple ones and also uploaded more than enough to them to finally hang up and be told that I will know something in 24 hrs. After I hung up I already saw that I was denied.
Don HaynesMarch 23, 2021
horrible people agreed
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Amanda 1 review | December 27, 2019
Personal Loan Review
Upsides
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.
Downsides
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
Upsides
They work with any credit
Downsides
-
Don HaynesMarch 23, 2021
fake and or paid review
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Karol Hartline 1 review | December 20, 2019
Personal Loan Review
Upsides
Really great and understanding. Awesome customer service
Downsides
-
Don HaynesMarch 23, 2021
paid review
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Meemee 1 review | December 1, 2019
Personal Loan Review
Upsides
Quick approval and delivery which did not effect my FICO score. No problems so far.
Downsides
High interest, not competitive.
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Jodi Drahota 1 review | October 26, 2019
General Review
Don HaynesMarch 23, 2021
real review
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Steven Jenkins 1 review | August 29, 2019
General Review
Upsides
Easy to do business with Listened to me Helped me where others couldn’t
Downsides
Felt like I was treated right, no complaints
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