OppLoans 2023 Review
OppLoans is a direct lender based out of Chicago that offers small, short-term online personal loans to consumers with poor credit. Our OppLoans review will help you decide if it’s the right lender for you.
Since 2009, OppLoans has provided short-term personal loans to consumers with bad credit. Their experienced, online Chicago-based service provides loans directly through their website instead of through a loan marketplace
These small loans are offered in 37 states and applying will not affect your credit score.
OppLoans also offers lines of credit in some states (at the moment only in Kansas, Tennessee, and Virginia).
- BBB Accredited service: OppLoans is accredited with an A+ from the BBB (since 1/1/2016). As of March 22nd, 2020, they also have 1049 customer reviews on the official BBB website with an average rating of 4.6 out 5.
- Great customer service: Clients have stated that OppLoans' representatives were friendly, knowledgeable, and helpful.
- Easy application process:** OppLoans offers a simple application process** that allows consumers to submit an application in a matter of minutes and receive approval quickly.
- Three bureau credit reporting: OppLoans reports to all three major credit bureaus, allowing you the opportunity to build positive payment history with on-time payments.
- Extra educational services: In addition to their loans and lines of credit, OppLoans has a blog called OppU that has additional educational tips to help consumers with any financial issues.
- Protects your personal information: OppLoans has an active security certificate to protect any personal and sensitive information entered on their website.
- OppLoans doesn't offer their services in every state.
- Because OppLoans specifically provides short-term loans for those with poor credit, their interest rates are on the high side (can be up to 199% APR).
- Consumers in some states have to pay additional fees for administrative fees, late checks, and returned checks.
How Does OppLoans Work?
OppLoan is an online lending company that focuses on short-term loans for relatively small amounts. It positions itself as an alternative to payday lenders, offering lower interest rates and fees than payday lenders while providing a similar service.
Like payday lenders, OppLoans focuses mostly on your ability to repay the loan rather than your credit score and offers quick loan decisions and funding as soon as the next business day.
OppLoans only offers loans directly in Alabama, Georgia, Nevada, and Wisconsin. However, it can help borrowers in other states by connecting them to its partner lenders. Borrowers in those states can apply through the OppLoans site to get offers from OppLoans partners. If you like one of the offers from a partner lender, you can complete the application on that lender’s website.
OppLoans only offers one type of loan: short-term installment loans. These loans are for relatively small amounts and have short repayment terms.
They’re also known for their high fees and interest rates. The APR on these loans can reach as high as 160%. That means that OppLoans focuses mostly on offering loans to people who have a significant need for immediate cash.
How to Qualify for an OppLoans Personal Loan?
Like many lenders, OppLoans takes credit score into account, but it is far from the main consideration in your ability to qualify for the loan.
The primary thing that OppLoans considers when you apply for a loan is your ability to repay the debt. That means that you need to have a regular source of income and (in every state except New Mexico) must have direct deposit set up.
How to Apply for an OppLoans Personal Loan?
Applying for a loan through OppLoans is easy and won’t impact your credit until you accept your rate quote and finalize the application.
To apply for a loan from OppLoans, you’ll start by providing:
- Your name
- Contact information
- Your Social Security number
OppLoans will also ask for information about your credit, bank account, and finances.
Once you complete the application, OppLoans may pre approve you and offer a rate quote. If you like the rate that you receive, you can move forward to finalize the application.
Terms & Requirements
OppLoans has the following requirements for applicants.
- Be at least 18 years of age or meet the state's minimum age requirement, whichever is higher
- Be a US citizen or permanent resident
- Have an active and valid checking account with at least 40 days of history
- Have a steady income via direct deposit
- Have a valid Social Security number
- Meet your state's minimum income requirement (starting at $1,500/month)
- Either be employed or receive benefits (borrowers cannot be self-employed)
- Reside in one of the participating states
- Not be an active member of the military
- OppLoans provide loan amounts ranging from $500 to $4,000.
- Interest rates fall between 59% to 199%.
- Opploans may include a late fee (their rates and terms are on their site).
- Depending on your state of residence, OppLoans may charge a late fee of up to $10.
- There are no prepayment fees.
- Loan terms range from 9 to 24 months.
- Your monthly payments for lines of credit depend on your loan terms and the amount of money you withdraw. OppLoans will charge you a minimum required payment on your line of credit, although you can repay it sooner or at any time to reduce interest charges. Minimum required payments can be due every two weeks (if you are paid every two weeks), twice a month (if you are paid twice a month), or monthly (if you receive monthly payments).
For Whom OppLoans is Good?
OppLoans is an alternative to payday lenders, which means it primarily targets people who have an immediate need for cash.
Payday loans can have incredible, if not predatorily, high interest rates. OppLoans has notably lower, though still high rates. If you’re in need of quick funding, OppLoans can be a better choice than payday loans.
However, if you’re desperate for quick funds and have struggled to get loans elsewhere, OppLoans may be an option.
OppLoans Personal Loan Alternatives
OppLoans is just one of the options for people who need a quick loan. If you’re looking for a lender with fast funding, consider these options.
- Varies by lender
- Get matched to lenders that work with borrowers like you, quick application
- Varies by lender
- Get matched to lenders that work with borrowers like you, large loan maximum
OppLoans is an A+ BBB accredited consumer finance company that offers short term loans for non-prime consumers. Although these loans have high interest rates, we recommend looking into OppLoans if you live in one of the eligible states and you are in need of emergency funds.
Phone: 800-990-9130 Email: [email protected] Address: 130 E Randolph St, Suite 3400 Chicago, IL 60601
Frequently Asked Questions
How does OppLoans compare to other lenders?
OppLoans offers short-term online personal loans specifically for consumers with bad credit.
Will applying for a loan through OppLoans negatively affect my credit?
No, applying for a loan with Opploans will not affect your credit.
When will I receive my funds from OppLoans?
Funds are usually deposited on the following business day. If your loan is approved before 9 pm CT from Monday to Thursday, you will usually receive your funds the next day.
Does OppLoans report to the credit bureaus?
Yes, OppLoans reports to the three major credit bureaus (Experian, Equifax, and TransUnion).
Why does OppLoans need my bank account information?
OppLoans asks for your bank account information to deposit your loan and withdraw your payments on the due date. This is a standard practice with all online lenders.
Does pre-approval from OppLoans guarantee a loan?
No. A pre-approved offer still needs to be subject to verification of your identity and credit.
How will I know if I've been approved by OppLoans?
You will receive an email notification once you receive approval.
What types of credit products does OppLoans offer?
OppLoans offers two credit products: installment loans and lines of credit. The type of product you are eligible for depends on your state of residence.
What is a line of credit?
A line of credit is a revolving credit account that allows you to access your funds when you need it. Your monthly payments vary based on your terms and the amount of money you withdraw.
What is FinWise Bank?
FinWise Bank is an FDIC-insured and state-chartered bank based in Sandy, Utah.
Although FinWise bank is the originator of loans in some states, OppLoans will still be your contact for any questions on your loan.
Can OppLoans be trusted?
OppLoans is a legitimate lender you can trust.
How long does OppLoans take to review?
OppLoans can review your application and approve it on the same day.
What time of the day does OppLoans deposit?
The exact time you receive your deposit will depend on your bank.
Is OppLoans a direct lender?
Yes, OppLoans offers direct loans in a few states.
Reviews for OppLoans
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5 out of 5 stars(6 Reviews)
Post your review for OppLoans
6 OppLoans Consumer Reviews and Complaints
Nancy Browne, on June 18, 2019
Brandon P was amazing! He was very professional and answered not only all of my questions but went on to give me extra information in relation to my question. He also explained the process and was thorough with his explanation. He followed up via phone to let me know, personally, that I was approved for a loan. (Even though a text message and email was sent). I have yet to experience customer service like that. Thanks Brandon for helping me through the process and being so helpful and knowledgeable.
Nora Carranza, on March 23, 2020
The application process was very quick and easy. I got approved in less than 20 minutes. What I really loved was that a representative by the name Gus (I think) called me to see if I had understood the loan terms or if I had any questions regarding my loan. He was very courteous and professional. I will definitely recommend OppLoans to anyone who needs a quick loan. Thank you guys!
Kelly, on July 29, 2019
OppLoans is safe and secure and I would recommend to anyone needing a fast loan. This is a much better option than going through some other places which will charge way more interest. OppLoans works with you to make sure that your payments are manageable.
Mike, on July 20, 2019
Fast and easy from start to finish. Payback is on a set term so no surprises and they are cheaper than those payday loans. I was able to get approved in just a few short hours. They really came through and helped me out when I needed it the most!
Manuel Hernandez, on July 31, 2019
Great loan service, payments are affordable. Ive been using them for 2 years. If you need a person to help you through the application I recommend Johny R he was really helpful, patient, friendly and the best associate Ive ever spoken with.
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|Credit Score Required||350|
|Minimum Loan Amount||$1,000|
|Max Loan Amount||$4,000|
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Kristen Cady, on July 24, 2019
Opp Loans was one of the quickest and efficient ways for me to get a personal loan in the amount of time I needed it! Low payments, great customer service! In just one hour, I applied, signed a contract, and was contacted by customer service to congratulate me on the approval of my loan! Funds will be in my account on Tuesday between 1-5PM (Today is Saturday) so only three days!! Incredible! I am very happy for the chance to pay some bills and improve my credit. Their customer service department is cordial and genuine. Thank you guys again!