OppLoans Review for 2023

OppLoans is one of the highest-rated online lenders in the non-prime market. They offer lower interest rates than payday and title lenders, which non-prime borrowers have historically used to meet their financing needs.


OppLoans provides installment loans. This type of loan allows borrowers to make small, regular payments that fit better into their budget. In addition, they report on-time payments to the credit bureaus to help boost their customers’ credit scores.

To receive a loan from OppLoans, borrowers apply online. They do not pull your credit report or conduct a credit check with the three major credit bureaus, so applying won’t hurt an applicant’s credit score. If approved, customers typically receive their loan within one business day.

Read on to learn more about OppLoans and decide if their loan offerings are suitable for you.

OppLoans Personal Loans

Borrowers can access between $1,000 and $4,000 with OppLoans, which is more than payday and title loan alternatives. APRs are approximately half the cost of payday loans but are still high, ranging from 99% to 199%. The exact range depends on eligibility and state of residency.

OppLoans’ personal loans are larger, longer-term, and fully amortizing compared to payday loans. While longer installment plans result in more accrued interest, they make for lower monthly payments and a decreased chance of defaulting. Since there are no prepayment penalties, it’s beneficial to pay off loans as quickly as possible.

OppLoans installment loans are currently available to borrowers in the following states:

  • Alabama
  • California
  • Delaware
  • Georgia
  • Idaho
  • Illinois
  • Mississippi
  • Missouri
  • Nevada
  • New Mexico
  • Ohio
  • South Carolina
  • Texas
  • Utah
  • Wisconsin

Residents living in these states may be eligible for a line of credit from OppLoans:

  • Kansas
  • Tennessee
  • Virginia

OppLoans services loans originated and funded by FinWise Bank in the following states:

  • Alaska
  • Arizona
  • District of Columbia
  • Florida
  • Hawaii
  • Indiana
  • Kentucky
  • Michigan
  • Minnesota
  • Montana
  • Nebraska
  • North Dakota
  • Oklahoma
  • Oregon
  • South Dakota
  • Washington
  • Wyoming
Get started with OppLoans on OppLoans’ secure website

Borrower Profile

While application requirements at OppLoans aren’t nearly as strict as with other lenders, you’ll still need to meet a few basic qualifications. To start, you must be at least 18 years old with a checking or savings account that’s at least 90 days old.

There’s no minimum credit score, but you do need a job and must be with the same employer for at least the last three months. You must also receive your paychecks via direct deposit.

OppLoans’ customers often use their loans to cover unexpected expenses like car repairs or emergencies like medical, education, debt consolidation, or childcare costs. The average OppLoans customer has a credit score of 560.

lady on laptop

OppLoans Loan Process

The application process is user-friendly and straightforward, with a digital application that you can complete in a matter of minutes. In fact, 70% of customers apply on their phones through their mobile-optimized website.

The application consists of creating a user profile with some basic personal information, including age, bank account, employment history, and annual income.

Once submitted, they will review your application using a proprietary approval algorithm. OppLoans offers better terms than its competitors due in part to its data-driven credit scoring algorithm, which looks at factors like income, employment, and banking activity. These online verification tools allow for same-day approvals.

Once initially approved, you’ll receive a customized loan offer detailing your interest rate, payment amount, number of payments, and total cost of the loan. This information helps you make an informed decision about whether the loan is right for you.

If you’re happy with the loan terms, you can accept the agreement and move to the next stage—verifying the details of your application.

A payment schedule is provided at the time of contract signing and on the customer self-service portal. Throughout the length of the loan, Loan Advocates work with customers to adjust their payment plans based on evolving financial situations and needs.

If at any point during this process you have questions or need assistance, Loan Advocates provide unparalleled customer service and personalized support through OppLoans’ friendly call center.

Once You’re Approved

Once you’re approved, the loan amount is either deposited directly into your account, usually within one business day, or mailed by check, if preferred.

Depending on the state in which you reside, you may only be offered a line of credit and can begin to make withdrawals once funds are available. In this case, you’ll have a minimum required monthly payment and can make additional withdrawals as long as the total amount is below your credit limit.

Regardless of loan type, you can check your account balance and loan agreement at any time by accessing the feature-rich, easy-to-use customer dashboard on the OppLoans website.

Payments are either made through payroll deductions or automatic payments via electronic transfer, which withdraw funds from your bank account on the same day each month.

With OppLoans, there are no prepayment penalties, so you can pay off the loan early to reduce the amount of interest you pay. This simple trick can save you a lot of money on interest payments over time.

OppLoans Special Features

Unlike a payday loan, a loan through OppLoans can help establish or rebuild credit. They report to all three credit bureaus, so on-time monthly payments will boost their customers’ credit scores. However, the reverse is also true—missed payments will hurt a customer’s credit score.

They also offer a suite of free online financial tools about budgeting and credit-building available through its education branch, OppU. At OppU, customers can learn to take control of their money with standards-aligned financial education courses to help set and meet financial goals.

OppLoans’ History

Founded in Chicago in 2012, OppLoans started as a storefront lender before turning digital in 2013. Since then, they have made their mark as the highest-rated non-prime online lender in the FinTech space. In fact, it was named one of Inc.’s fastest-growing companies in 2016, 2017, and 2018.

OppLoans is dedicated to providing top-notch customer service and socially responsible products for non-prime borrowers. To date, they have served over 200,000 customers and originated over $250 million in loans. The company has a 4.8/5-star customer review average on LendingTree and an “A+” BBB rating. Additionally, 95% of customers would recommend OppLoans to a friend.

OppLoans Reviews

One of the best ways to research online lenders is by reading third-party reviews. You can discover what actual customers are saying about them before you choose to do business with them.

OppLoans currently has a Better Business Bureau (BBB) rating of A, indicating excellent customer service. They also have very few complaints. You can find more OppLoans reviews at other review sites as well.

Get started with OppLoans on OppLoans’ secure website

What to Consider When Getting a Bad Credit Loan with OppLoans

Although they provide a safer and more affordable alternative to predatory loans for non-prime borrowers, it is still an expensive form of credit. If your aim is to raise your FICO score, there are more efficient ways to build credit. For example, you may qualify for a secured credit card or a credit-builder loan.

In addition, be sure to explore all other options. Alternatives to personal loans include:

  1. Asking family and friends for a loan.
  2. Seeking assistance from local nonprofits, charities, government assistance programs, and religious organizations.
  3. Buying time from your creditor or working out a payment plan.
  4. Facing the short-term consequences such as late fees.
  5. Getting a payday alternative from a credit union.
  6. Asking your employer or using an app for a paycheck advance.
  7. Selling your belongings at a consignment store or pawn shop.

Lastly, don’t depend on multiple loans from OppLoans, as they are too expensive to be a long-term or repeat financial solution. As CEO Jared Kaplan has made clear, OppLoans doesn’t want you to be a repeat customer either. Instead, the company’s goal is to assist customers in graduating to less expensive forms of credit.

When you have bad credit, you should take extra care when making any major financial decision. Not only do you need to make sure your choice helps to rebuild your credit, but you also need to make sure your current financial situation is in good order.

Get started with OppLoans on OppLoans’ secure website

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