Review of OppLoans
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.
Who is OppLoans For?
Opploans are ideal for borrowers in a tight spot, needing a quick way to finance a purchase or get emergency cash.
OppLoans offers a consumer-friendly alternative to short-term payday loans or cash advances for borrowers with bad credit.
However, expect interest rates on the higher side compared to personal loans no matter your credit score.
Also, unlike payday or title loan companies, OppLoans reports your payments to all three credit bureaus, so payments will show up on your credit report. If you make your payments on time, your credit score will gradually increase.
This can make it easier to qualify for a lower-rate product in the future, like a traditional personal loan.
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.
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.
- 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.
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
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.
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 OppLoan Compares
Here are a few similar loans like OppLoans below:
|PersonalLoans.com||$500 – $35,000||5.99-35.99%||3 Months – 6 Years|
|BadCreditLoans||$500 – $5,000||5.99-35.99%||10 Days – 2 Years|
|CashUSA.com||$500 – $10,000||5.99-35.99%||3 Months – 6 Years|
|Fast5KLoans||$500 – $35,000||5.99-35.99%||6 Months – 5 Years|
|5KFunds||$100 – $35,000||5.99-35.99%||61 Days – 6 Years|
How To Apply for a Loan with OppLoans
Visit the Website
All applications are handled online. Applying for a loan with OppLoans will not negatively affect your credit score.
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.
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.
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.
Read more OppLoans reviews from customers below.
OppLoans has more than 500,000 customers. Based in Chicago, OppLoans offers fast payment installment loans in the following states:
- District of Columbia
- New Mexico
- North Dakota
- South Carolina
- South Dakota
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.
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, where as OppLoans offers terms 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 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.