Opploans Review

Opploans Review

Apply for an online loan up to $4,000 with no hard credit check with OppLoans. They offer funding as fast as 1 business day but watch out for interest rates up to 160%.

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OppLoans is an online lender that offers installment loans, debt consolidation loans and payday loans with quick funding if you have bad credit.

Opploans was founded in 2012 by Opportunity Financial, better known as OppFi. They are a fintech platform that helps Americans who do not have access to traditional loans find affordable loan options. Their mission is to empower their customers by facilitating credit access, enabling savings, and wealth building. 

They offer 3 types of online personal loans: installment loans, payday loans, and debt consolidation loans. You can borrow $500 – $4000 and the interest rates range from 59-160% which are very high. Note that the maximum amount you can borrow will depend on a few factors, like your state of residence, income, and creditworthiness.

Read on to learn about Opploans and see if it’s the right choice for you.

Table of Contents
    • Quick funding
    • No application fees
    • No origination fees
    • No penalties for prepayments
    • Loans only up to $4,000
    • High interest rates up to 160%
    • Repayment periods are only up to 24 months in some states

    What is Opploans?

    Around 60 million American adults don’t have access to traditional loans, and 56 percent don’t have $1,000 in savings to cover unplanned expenses. Thankfully, there are online lending solutions out there that offer these individuals affordable bad credit loans that have more lenient requirements compared to traditional loans. 

    OppLoans is a fintech platform that helps those with bad credit find easy and fast cash for emergency expenses regardless of their credit score.

    OppLoans Features

    • No application fees
    • 100+ lenders in their network
    • Funding within one business day

    OppLoans loan types

    The different types of loans you can apply for at Opploans include:

    • Payday Loans – You’ll offer your paycheck as collateral for a loan principal of $100 to $1,000. These types of loans are short-term only and come with very high interest rates of up to 400%. 
    • Installment Loan – Unlike payday loans, this type of loan does not require collateral like your car, house, or paycheck. Payment terms are also longer and can span months. Interest rates will also be lower than a payday loan, depending on your creditworthiness. An installment loan will allow you to borrow up to $4,000. 
    • Debt Consolidation Loan – This type of loan is used to bundle multiple loans, usually higher-interest loans, into a single monthly payment. It is a low-interest loan that is repaid in monthly installments. Usually, when you apply for this type of loan, you get an amount equal to your existing high-interest debt. 

    OppLoans Loan Requirements

    Opploans approval odds depend on the following factors. Before applying for a loan with OppLoans, make sure that you meet the following eligibility requirements to get a higher chance of approval:

    • Residency: US citizen currently residing in the states OppLoans operates in.
    • Age: Minimum 18 years old 
    • Income: Steady source of income, may it be from a regular job or from benefits you’re receiving (social security, disability, welfare or pension).
    • Bank account: Have an active checking or savings account
    • Direct deposit: Receive paychecks through direct deposit

    Does OppLoans do a hard pull?

    According to their site, OppLoans does not do a hard credit check on their applicants. Instead, they underwrite the loans based on the overall creditworthiness of the person. Meaning they look at their income, expenses, credit history and other factors to determine their chance of approval.

    Is OppLoans Legit?

    Yes, Opploans is legit. They are a publicly traded company under the stock symbol OPFI on the New York Stock Exchange (NYSE). Headquartered in Chicago, OppLoans has been operating since 2009. OppLoans is also highly rated by its consumers in the non-prime lending market. Check out OppLoans Reviews below.

    OppLoans Reviews Trustpilot

    On Trustpilot, OppLoans currently has 4.6/5 Trustpilot ratings averaging from 3,646 total reviews, 84 percent of which are 5-star reviews. 

    Most positive customer feedback pointed towards OppLoan’s “quick and easy” loan process and immediate funding. Customers also applauded the company for its friendly and responsive customer service. 

    On the other hand, negative reviews (2 and 1-star reviews) were given by 5 percent of customers for their high-interest rates and, at times, irresponsive customer service. 

    OppLoans Reviews BBB

    OppLoans received its A+ BBB rating in 2016. It has a total of 1049 customer reviews with an average of 4.6/5 stars. There have been 182 complaints closed in last 3 years.

    OppLoans Reviews Reddit

    Reddit reviews by Redditors are mostly about the company’s high-interest rates.

    Here’s what makes them stand out

    • Loan funding is fast and easy. You can get your loan amount as fast as 1 business day. 
    • There are no minimum credit score requirements when applying for a loan with OppLoans.
    • Loan approval takes as little as 1 day.
    • OppLoans allows their customers to build a healthy credit score. They report all repayments to credit bureaus.

    Why you’ll want to look elsewhere

    • Availability – It offers its services only to select states. 
    • High-interest rates – As expected from a quick loans company, they have very high-interest rates compared to traditional loans. Their APRs reach as high as 160% in some states.

    Sites Like OppLoans

    • Check into Cash – A tried and tested company that’s been around for 30 years. Check into Cash is a financial solutions company that has 1,100 physical stores in 30 states. They offer payday loans, installment loans, and title loans with loan principals ranging from $50-$5,000.
    • Speedy Cash – if you’re looking to borrow a larger amount, you can try applying for a loan with Speedy Cash. They offer up to $26,000 in loan principal. They have both in-store locations and an online website where you can carry out your loan application for personal, installment, alternative loans, line of credit, or title loans. Read our Speedy Cash review.
    • LendYou – This is a connecting service company where borrowers are given access to third-party lenders on one platform. It requires its customers to have at least $1,000 monthly income to be eligible to apply. It offers both long-term and short-term loans. LendYou’s payday loans, personal loans, and installment loans have loan principals ranging from $1,000 to $35,000.

    How to apply for a loan online with OppLoans

    Here are the steps you need to take to apply for a loan online:

    1. Click the VISIT button at the top of this page 
    2. Click on the Apply Now button on the top right corner of the website. 
    3. Completing the application takes about 10 minutes. They ask for you personal information including SSN, employer information and bank account details.
    4. After completing the online application process, you’ll have to wait for approval, which usually takes one day. 

    Wrapping up

    OppLoans is a legit online lender offering payday, installment, and debt consolidation loans up to $4,000 in some states. With interest rates up to 160% be sure to read and understand the agreement before accepting the loan.

    They offer fast funding and don’t do a hard pull on your credit when applying. If you’re in an emergency and need fast cash, OppLoans is a reliable online lender to choose.

    Frequently asked questions

    What is OppLoans’ interest rate?

    OppLoans’ interest rates range from 59% to 160%, which is very high but lower than payday and tribal lenders with APRs of more than 400%. 

    How long does it take to get approved Opploans?

    You can get your money in 2 business days. It takes a day for approval and another day for funding. 

    Is FinWise the same as Opploans?

    OppLoans was founded by Opportunity Financial, a mission-driven fintech platform established in 2009. OppFi focuses on giving Americans access to credit with digital products. OppLoans offers loans to its customers either through OppFi or FinWise. FinWise is OppLoans’ lending partner and is an FDIC-approved fintech bank. 


    Loans: $500-$4,000

    APR: 59-160%

    Credit score: No minimum credit score

    Application simplicity
    User experience
    Customer Service
    3.8 Overall Rating

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    Opploans Review