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OppLoans Review

OppLoans company specializes in installment loans. The business is a well-liked loan service for people who need access to financing quickly. This online application provides rapid funding with few qualification requirements. Because OppLoans review of the applicant does not conduct credit checks, it is simple for borrowers with poor credit to be accepted.




Our independent experts have spared no effort to collect all the necessary details. In this OppLoans app review, you will find the description of fees and rates and elaborated information about loan types and use cases. This review of OppLoans helps you to decide whether the terms and conditions are right for you.

Pros and Cons of OppLoans

Before we share detailed information on the service provider, let’s have a brief look at its benefits and drawbacks.  


  • Application is frequently done without checking your credit
  • Reports to all main credit bureaus about the payments
  • Helps in finding lower rates, thus enabling customers to benefit more from their deal
  • Gives money as short-term installment loans
  • Payments for loans can be made on a regular monthly basis 


  • The maximum APR for installment loans is 199 percent. Due to this, it may be quite challenging to repay any loans.
  • More than half of the loan amount may be made up of interest rates.

What is OppLoans? 

The company has created a service and a network of offices for issuing microloans from $500 to $4,000 to insolvent borrowers and those with a problem credit history. Despite the difficult niche and the presence of competitors, the service earned $134.2M in 2018. 

OppLoans takes a slightly different approach to personal loans. It is making them much more affordable than others. The OppLoans application process does not require a credit check. This fact makes it ideal even for those with a bad credit history. However, loans can come at a very expensive rate. On the other hand, the loans can be issued on the same day.

How does OppLoans Work?

Many people, at some point, find themselves in a critical situation where they need financial assistance. It is therefore vital to find a lender offering instant direct deposits. OppLoans can be viewed as a service provider that allows short-term loans. Even though the company has somehow high-interest charges, for many clients it may be used as a last resort. The loan specifications for requesting an OppLoans loan are as follows: 

  • Be a citizen of the United States
  • Age of at least eighteen
  • Possess active bank accounts
  • Be sure that your account permits direct deposit
  • Have a reliable source of funding
  • Provide the company not only with the information about your existing bank account, but also with a valid email address and an active phone number
  • The credit score isn’t important, there are no special requirements 

Due to its longer loan term periods, and greater loan amounts, OppLoans differs from typical payday loans. OppLoans also specializes in offering a customized lending solution. These unsecured personal loans with minimum deposit are intended to assist customers who need to establish or repair their credit.  In as little as one business day, funds from authorized loans can be placed in the borrower’s account or debit card.

Despite the fact that APRs might reach 160 percent, borrowers are not subjected to checking account.  OppLoans provides personal installment loans to customer’s linked bank account as an alternative to payday loans or cash advances. It doesn’t require repayment in one single amount, and it doesn’t charge costly overdraft fees.

Features & Services of OppLoans

Borrowers with bad credit or little credit history can apply for online budgeting from OppLoans and its lending partners. Personal loans are often useful for various products and services. OppLoans’ financial products are no different as a result. 

Many lenders forbid borrowers from using money to finance gambling activities, repay another loan or pay for post-secondary education. The advance feature is that OppLoans’ website doesn’t include any restricted loan usage.  In general, the following uses are the most typical OppLoans financial solutions: 

  • Auto repair
  • Home improvements and repairs
  • Consolidation of debt
  • Credit cards consolidation
  • Payoff of medical debt 

A minimum Vantage Score or FICO is not listed in the loan terms of OppLoans. Instead, the business assesses each application using data from other credit bureaus and banks.  In order to be eligible for a certain loan amount, applicants must have a regular and consistent source of income. Moreover, the borrowers must check their bank account so that it is active and can accept direct deposits.

These terms and conditions don’t apply to the residents of New Mexico residents.  They are exempt from the final conditions. OppLoans will charge you a minimum payment on your credit line. If you are paid every two weeks, the minimum needed payments may be due every two weeks, twice a month, or once a month.  For a better overview we list further key features of this loan service provider: 

  • Approval and payment of funds usually take place within one day
  • The process of checking the account can take up to 2 days for money orders
  •  Annual interest rates vary from 18.00% to 35.99%
  • There is no minimum credit score required to participate in the program
  • Possibility of financing direct payments to creditors for debt consolidation loans
  • Available loan amount ranges from $500 to $4,000.
  • Origination fee from $25 to $400 (or 1 to 10%) 

The length of time it takes to receive funds depends on when your application was accepted. When your loan inquiry is approved, you’ll get an email notification. You can track the status of the loan in your customer account. A brief overview of payment terms is listed in the table below.


Application day Time when you receive cash
Monday to Thursday till 8 p.m. CT The next business day
Friday till 8 p.m. CT Monday
Friday (after 8 p.m.) to Sunday Tuesday


OppLoans Fees & Rates

The online application may be finished in a couple of moments. The borrowers often hear back about their loans immediately. Loan amounts from OppLoans vary from $500 to $4,000, with a maximum annual percentage of 160%. Once accepted, you can use the OppLoans login function to access your account. The origination cost is not charged. There is no membership fee either, which helps the service to stand out from other competitors.

For OppLoans, the payback period may last up to two years. The company allows the borrowers to adjust the payment due date even though they cannot pick it. With their loans, they do not charge an early settlement penalty. 

However, they don’t reduce the additional fees if you want to pay them off earlier. That implies you will still be responsible for paying the entire amount of monthly expenses even if you have the resources to pay off your loan earlier than the period indicates. 

As an illustration, let’s say a borrower with a credit score of 550 and an annual income of under $45,000 applies for a $1,400 loan with a 140 percent APR. With a nine-month payback period, $259 would be a monthly fee. 

Additionally, the customer is obliged to pay $943 of interest rates. Totally the client will need to pay $2,335. Be sure to opt out of overdraft fees that can be charged by your bank, if you overdraw the existing limits. This will help you to avoid additional penalties and expenses.

Safety and Security of OppLoans

OppLoans is a reputable accredited lender. It provides personal loans for borrowers with negative credit in 37 states and Washington, D.C. According to the laws, the company must be registered to do business in the states it serves to be considered a legitimate service provider.  OppLoans application complies with these requirements and has all the necessary permits for money loans. This proves its reliability.

Additionally, it has a common privacy policy and takes security measures to safeguard your personal information.  Data protection is one of the major goals in this era of growing digitalization. To guarantee you can do secure business with OppLoans with confidence, their security strategy includes best-in-class personnel, technology, data, and controls. 

They have gathered specialists in risk management, crisis management, governance, fraud, physical security, and cybersecurity to enhance the capacity to identify risks. You may prevent being a victim of fraud by following the practical security advice provided on OppLoans website.

Is OppLoans Legit?

The BBB has granted OppLoans an A+ rating as of January 1, 2016. Additionally, as of now, they have more than a thousand client evaluations with an overall rating of 4.6 out of 5 on the BBB website.  Additionally, the Bureau has accredited the business. There aren’t any current controversies involving OppLoans. The service may be your personal loan provider because of its great reputation.  

Reviews of OppLoans are mostly positive. There are a lot of good comments about its customer service, easy application, rapid procedure, and reasonably low fees. There are already around 17,000 ratings on Google Reviews with a 4.9-star average. 

However, if you take the word “legit” as a synonym for “excellent,” OppLoans personal loans aren’t what you should be thinking about. Personal loans from OppLoans have an extremely high APR of between 59 and 160 percent, but they don’t require any minimum credit score for the application.

OppLoans Platform Supported

Through the unique bank servicing strategy, the “Powered by OppLoans” smartphone platform enables banks to provide access to loans to millions of individuals who struggle with their credit.  To assist banks swiftly and efficiently provide a contemporary digital client experience, the company offers mobile-first customer marketing acquisition.

Thus, data analytics, automated alternative data-driven procedures, and industry-leading customer care are accessible on tablet or any other mobile device. According to our investigation and research of customer feedback, the OppLoans desktop version is rather straightforward and obvious within the first few pages.

However, it is really a bit chaotic if compared to standard Android or iOS applications.  Both aren’t available yet. This makes it challenging to sort through a ton of information, e.g., with an iPhone. However, there is all the necessary information if you want to determine precisely how everything functions and what needs should be met to obtain a loan.

Customer Service at OppLoans

The Opportunity Financial Customer Support Team may be reached by online chat, phone, or mail from both current and potential OppLoans borrowers. The team is accessible from 7 a.m. to 11:30 p.m. CT on Monday through Friday. On Saturday and Sunday, they can be called or mailed from 9 a.m. to 5 p.m. CT. 

Additionally, OppLoans promotes the goal of its Resolutions Team to reply to consumer inquiries within 10 business days. This is the maximum period. Usually, they answer the questions much sooner. 

OppLoans gives current and potential clients access to OppU in addition to its customer service staff. To assist borrowers in better understanding their finances and the effects of borrowing, this portal offers courses and publications on financial literacy.  

For which Needs OppLoans Fits the Best?

Sometimes there are such situations when customers with bad credit need cash urgently. The reasons could be various. It can start with rent and utility bills and end with dreams about a perfect marriage. Naturally, they don’t want to pay the bills with high-interest rates associated with payday or title loans. 

The best option, in this case, might involve choosing OppLoans as an income source. While OppLoans interest rates are significantly higher than those of conventional lending products, short-term payday loan costs can be as high as 400% APRs. 

Additionally, OppLoans discloses your payment of the paycheck to all three credit agencies, unlike payday or title loan providers. Therefore, this can affect your credit history. Paying your bills on time will progressively raise your credit score. In the future, qualifying for a refinance or lower-rate product, such as a conventional personal loan, maybe simpler as a result.

What are Apps Like OppLoans?

The interest rates given by OppLoans are greater than those provided by comparable lenders, however, prices will vary depending on your particular circumstances. Here are some related alternatives that OppLoans compares to.


  OppLoans Avant Lending Club OneMain
Minimum credit score None 600 None None
Origination fee Yes No Yes Yes
APR 59%-160% 9.95%-35.95% 6.34% to 35.89% 18%-35.99%
Amount of loan $500-$4,000 $2,000-$35,000 $1,000-$40,000 $1,500-$20,000
Loan terms 9 to 24 months 2 to 5 years 3 to 5 years 2 to 5 years


You won’t pay any penalty fees with OppLoans, however, the system comes up with a much higher APR than other platforms. OppLoans has practically the same features as Lending Club and OneMain since it has no stated minimum credit score criteria. You will pay an origination charge to all lenders except Avant. This price is often incorporated into the overall loan APR.

The Review Process

A personal loan might be a terrific solution to cover your expenditures. This is helpful if you require quick money for an urgent situation or an unanticipated price. The OppLoans services may be used to pay for a trip or wedding, or even to repair or improve your property.  You have access to a wide range of personal loan options, and funding is often accessible in a few days.

Additionally, individuals with a range of financial circumstances, including those with less-than-perfect credit, can get this sort of financing. We assessed aspects of the OppLoans offers in order to create an objective scoring system. This involved assessing the available loan kinds, their costs and payback terms, their funding times, the amount they could borrow, their eligibility requirements, and other aspects.

The technique of gathering data was crucial to our evaluation of this personal loan service provider. We started our review process by carefully assessing the material that was made accessible to the public on the company’s website.  We contacted the firm’s customer care staff or other representatives to obtain the data if it was not available on the company website. For example, this could be easily done with the help of the chat function on the webpage.

Is OppLoans Worth it?

OppLoans provides online loan applications, however, unlike other the top online lenders, the lending platform does not offer a prequalification procedure. If you need a personal loan and have bad credit or short credit history, OppLoans can be a good alternative. This is due to the platform’s use of other criteria in addition to the applicant’s FICO Score when making loan choices.

To sum up, the hefty APRs on OppLoans personal loans make them quite costly. Additionally, the lender provides short payback terms and modest maximum loan amounts. Make sure you are aware of the financial consequences of selecting such a costly borrowing choice before selecting a personal loan from OppLoans. 

The platform’s simple application procedure and quick financing timeframes are praised by all borrowers. The customer service staff at OppLoans and the fact that this lender enables customers to obtain cash while they are experiencing financial difficulties are also valued by borrowers.


Does OppLoans work with chime?

Work with chime is currently not included in the possibilities offered by the company. This moment may change in the near future. This is because for customers such support can be decisive in the process of choosing a lender.  

Does OppLoans report to the credit bureau?

Yes. With the exception of Texas and Ohio, OppLoans logs payments for all borrowers in all states where the service is offered. The company reports to three major bureaus: Equifax, Experian, and TransUnion.

How many loans can you have with OppLoans at once?

Each customer may only have one active loan open at any given time. You may apply for a new loan if your current one is paid off in full or if you qualify to refinance it.

Does OppLoans run your credit?

You don’t undergo a hard credit inquiry made on your credit record when you apply with OppLoans. The service uses Experian and Clarity Services credit report data instead. This has no effect on your credit score and does not show up on your credit report.

Does OppLoans affect your credit?

Your credit score is unaffected by applying for a personal loan with OppLoans. When you submit an application, there won’t be a hard pull on your credit.

Who is the Founder of OppLoans?

Todd Schwartz is the Founder of OppLoans service provider. He is acting also as Executive Chairman at the same time. Schwartz is in the position starting from 2012. This is the date when the company was founded. OppLoans was established in 2012. This year, the company began providing loans to customers who were struggling financially after the 2008 financial crisis. OppLoans has increased its operations and client reach to cover 37 states since appointing Kaplan as CEO in 2015.

What banks does OppLoans work with?

Through collaborations with their lending partners, OppLoans gives consumers all around the United States access to their credit products. Sandy, Utah-based FinWise Bank (FW Bank) is a partner bank and state-chartered financial institution that is FDIC insured.

Can I borrow again after I pay OppLoans back?

You could be qualified to apply for a new loan once your final payment clears and your loan has been repaid. Returning clients may occasionally have to wait before reapplying for the new deposit. 

How fast does OppLoans deposit money?

The following working day is a usual term when you can get a deposit. If your loan application is accepted over the weekend, your cash might not be accessible until the following Tuesday.

How long does it take OppLoans to verify my documents?

OppLoans makes an effort to assess applications within 24 hours, however, it may take up to 3 days if any of your information has to be personally reviewed. You may need to wait for a few more business days to get your money if your application is accepted.

Does OppLoans app give you money instantly?

OppLoans is famous for its instant cashing. There is no need to wait for a few days or weeks for the approval of your application. You can receive feedback from OppLoans in just a few minutes. Additionally, you can get your money right away.

What is the max amount of money OppLoans let you borrow?

The OppLoans website offers consumer loans priced between $500 and $4,000. Please be aware that factors affecting your eligibility include your state of residency, income, repayment capacity, and creditworthiness.

What happens if you don’t pay OppLoans?

If you are 45 days late on a private loan or 90 days late on a federal loan, you will be listed as “delinquent”. After 270 days, if you still haven’t paid your federal debts, you’ll be in default, and the government can seize your salary and tax returns.

What are OppLoans working hours?

The company operating hours are 7 a.m.-11 p.m. CT from Monday till Friday. On Saturday and Sunday, the company is available from 9 a.m. to 5 p.m. CT. 

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