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.

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  • Minimum Credit Scoreno minimum required credit score
  • APR Range160%
  • Loan Amounts$500 - $4,000
  • Loan Terms9, 12, and 18 months

Pros and Cons of OppLoans

Before we share detailed information on the service provider, let’s briefly examine its benefits and drawbacks.


  • Application is frequently done without checking your credit
  • Reports to all main credit bureaus about the payments
  • It helps find 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 of interest rates.

What is OppLoans?

opploans website opened on the phone

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?

At some point, many people find themselves in a critical situation where they need financial assistance. Therefore, finding a lender offering instant direct deposits is vital.

OppLoans can be viewed as a service provider that allows short-term loans. Even though the company has high-interest charges, it may be used as a last resort for many clients. 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 deposits 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.

Even though APRs might reach 160 percent, borrowers are not subjected to checking accounts. OppLoans provides personal installment loans to customers’ linked bank accounts 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.

Opploans Review

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 advanced 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
  • The 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.

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 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 time it takes to receive funds depends on your application’s acceptance. 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 The 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 access your account using the OppLoans login function. The origination cost is not charged. There is no membership fee, which helps the service 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 up. 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 monthly expenses even if you have the resources to repay 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 in interest rates. The client will need to pay $2,335. Be sure to opt out of overdraft fees your bank can charge 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 confidently secure business with OppLoans, 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 OppLoan’s website.

Is OppLoans Legit?

The BBB has granted OppLoans an A+ rating as of January 1, 2016. Additionally, 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 consider the word “legit” as a synonym for “excellent,” OppLoans personal loans aren’t what you should think about. Personal loans from OppLoans have an extremely high APR of 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.

The company offers mobile-first customer marketing acquisition to assist banks swiftly and efficiently in providing a contemporary digital client experience.

Thus, data analytics, automated alternative data-driven procedures, and industry-leading customer care are accessible on tablets 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 a bit chaotic if compared to standard Android or iOS applications. Both aren’t available yet. This makes it challenging to sort through much information, e.g., with an iPhone.

However, there is all the necessary information to determine 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 current and potential OppLoans borrowers.

The team is accessible from 7 a.m. to 11:30 p.m. CT Monday through Friday. They can be called or mailed from 9 a.m. to 5 p.m. CT on Saturday and Sunday.

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. This portal offers courses and publications on financial literacy to assist borrowers in better understanding their finances and the effects of borrowing.

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.

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

OppLoans discloses your paycheck payment 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, may be simpler.

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 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 has 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, wedding, or even repair or improve your property.  You can access many personal loan options, and funding is often accessible in a few days.

Additionally, individuals with various financial circumstances, including those with less-than-perfect credit, can get this financing.

We assessed aspects of the OppLoans offers 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 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 unavailable 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; unlike other top online lenders, the lending platform does not offer a prequalification procedure.

If you need a personal loan and have bad credit or a short credit history, OppLoans can be a good alternative. This is due to the platform’s use of other criteria and 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.

Ensure you know the financial consequences of selecting such a costly borrowing choice before selecting a personal loan from OppLoans.

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

To ensure the highest level of transparency and to help you understand the basis of our evaluations, we invite you to explore our detailed review methodology


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.

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.

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.

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.

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.

Todd Schwartz is the Founder of OppLoans service provider. He is also acting as Executive Chairman at the same time. Schwartz has been in the position since 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.

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.

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.

The following working day is the 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.

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.

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.

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.

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.

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.