OppLoans Online Loans Review [2021]

OppLoans offers loans to credit-challenged borrowers. Qualification criteria includes income level, geography, and requires a bank account.
Our Rating
Credit Karma

Installment Loan Facts

99% to 199%
Minimum Credit Score
Loan Amount
$500 to $5,000
Minimum Age
18 Years
Loan Term
6 months to 36 months
Time to Funding
1 Day
Origination Fees
Hard Credit Check

Pros and Cons

  • Strong customer service
  • Quick approval and funding
  • No credit check required
  • More affordable than payday loans
  • High-interest rates compared to conventional loans
  • Not available in every state
  • Relatively small amounts available to borrow

How Opploans Compares

Opploans Logo
Industry Average
$500 to $5,000
$500 to $5,000
99% to 199%
79% to 299%
Origination Fee
1% to 3%
Minimum Credit Score
Time to Funding
1 Day
1 Day
Hard Credit Check

What types of loans does OppLoans offer?

OppLoans services those individuals who would otherwise not be able to qualify for a conventional personal loan. Borrowers with challenged credit often turn to payday loans, cash advances, or title loans. Instead of helping to alleviate the debt, these types of loans often trap you in debt.

OppLoans personal loans seek to end borrowers’ vicious debt cycles and help their customers rebuild their credit. Products they offer are:

1. Installment Loans

OppLoans installment loans are personal loans that are paid back over time with payment schedules agreed upon in advance. Borrowers pay back a set amount at regular times, allowing for payments to be integrated into a livable family budget. Installment loans can be used to pay for car repairs, medical bills, housing expenses, or large purchases like an engagement ring.

2. Lines of Credit

While only available in certain states, a line of credit from OppLoans is an opportunity for those who otherwise could not qualify for credit. This product is different from a standard loan. You are given access to an account from which you can withdraw and repay rather than a lump sum you must repay over time.

3. Bad Credit Loans

Also known as subprime loans, bad credit loans are for individuals with credit scores usually below 600. As securing loans with challenged credit can be very difficult, OppLoans offers primarily unsecured loans. Secured loans require the borrower to offer collateral such as a car title to use as a back-up if unable to pay back the loan. Unsecured loans simply require signing a contract with specific terms and conditions, but they often have much higher interest rates.

OppLoans: Rates and Terms


OppLoans personal loans have repayment terms of up to 36 months. Their installment loans are designed to help customers rebuild their credit histories with terms that can fit in as a manageable part of a household budget.


While rates vary based on the customer, OppLoans offers APRs ranging from 99% to 199%. These rates are favorable compared to those of payday loans, which average around 400% APR.


OppLoans does not have prepayment fees, meaning you will not be penalized if you are able to repay your loan in a shorter period than the agreed-upon terms. There are no hidden fees, as transparency is part of OppLoans’s core values.

OppLoans Loan Requirements

For borrowers who are unable to get credit or loans from conventional lenders, OppLoans can help rebuild financial health. A hard credit check is not required, and no minimum credit score is needed to be approved. The company will perform a soft inquiry, which does not affect your credit score, before offering a loan.

To begin the application process, individuals can submit their information on OppLoans’s registration page. You will be asked to create an account and provide personal details. The company will ask for permission to review your financial records as well as perform a soft credit inquiry.

If you are identified as a potential customer, you will receive an email after the online application has been processed to let you know that you have been approved.


While your credit score is not part of OppLoans’s approval process, the loan specialists working with you will review other loan requirements. They include:

1. Income

OppLoans requires a minimum monthly gross income of $1,500 to be approved for a loan. You must also be currently employed or receiving benefits. If basing your qualifications on employment, you must have been with the same employer for at least three months. If you are self-employed, you cannot qualify for a loan.

2. Bank Account

You must have a bank account in your name. The bank account must have a history of at least 90 days before you can qualify for a loan through OppLoans. Your paychecks must also be direct-deposited into this bank account, except in New Mexico where this requirement is exempt by law.

3. Geography

States where OppLoans operates:

  • Alaska
  • Alabama
  • Arizona
  • California
  • Delaware
  • District of Columbia
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Mexico
  • Ohio
  • Oklahoma
  • Oregon
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Virginia
  • Washington
  • Wisconsin
  • Wyoming

For lines of credit, you must reside in Kansas, Tennessee, or Virginia. OppLoans also works with FinWise Bank, an FDIC member, to originate and fund loans in 22 other states.

Existing customers in good standing who move to an ineligible state may still qualify for additional loans.

4. Other Personal Requirements

All customers must be U.S. citizens or permanent residents. If you live in Alabama or Nebraska, you must be at least 19 years old. Also, you cannot qualify for a loan through the website and be presently covered as a borrower defined by the Military Lending Act. OppLoans offers other products that active duty service members may qualify for.

Time to Funding

For those who qualify and are approved, OppLoans personal loans can be funded as quickly as the next business day. The money will be directly deposited into your bank account. However, the company notes that different financial institutions can have a delay for the funds to become available.

Repayment Process

OppLoans reports payments to Equifax, Experian, and TransUnion. This allows customers to rebuild their credit with the successful repayment of their loans. This is a rare benefit that is not normally offered by lenders.

Regular payments are deducted automatically from your bank account on a schedule that you agree to. This process makes it easier to make payments on time, although you must remember to have enough funds in the account to cover the deduction.

Borrowers can also pay directly through the website by logging on to their accounts. From there, they may either approve a debit from their bank account or pay with a debit card. Note that any extra payments over the agreed-upon amount cannot be used in lieu of a scheduled payment.

OppLoans also offers a refinancing option for customers requiring additional flexibility in the repayment process. In the customer portal, there is a button labeled “Refinance Now” for more information.

Customers who cannot make a scheduled payment are encouraged to call OppLoans and speak with a customer advocate.

OppLoans Customer Service

  • Phone: (800) 990-9130 or (855) 408-5000
  • Email: help@opploans.com
  • Mail: 130 E. Randolph St. Suite 3400; Chicago, IL 60601
  • Hours: 7 a.m. to 11:30 p.m. CST from Monday to Friday. On Saturdays and Sundays, the center is open from 9 a.m. to 5 p.m. CST.

The strong leadership team at OppLoans is dedicated to customer service. They maintain a warm, friendly company culture, where customers will often call and ask for a customer service representative by their first name.

As part of its customer service initiatives, OppLoans offers a series of financial education courses to its borrowers. Called “OppU,” the courses help people learn about their spending habits, how to budget and save, understand credit, and master debt. The service is free and is aligned with national financial education standards.

OppU offers a scholarship to participants for current or future education costs. Recipients of the $2,500 prizes have been chosen four times a year since 2016. The scholarship application process consists of an essay submitted online.

In addition to OppU, OppLoans publishes a blog on its website to provide tips on financial health for current and future customers. Visitors can read articles on the blog to learn about cycles of debt, how credit works, and ways to save money on expenses.

Unlike many online lenders, OppLoans encourages customers and individuals with questions to call their customer service department for personalized service.

OppLoans encourages customers to report credit disputes by sending a letter to the above address addressed to FinWise c/o OppLoans, ATTN: Resolutions Department.

Customer Feedback and Reports

OppLoans has been awarded an A+ rating as an accredited member of the Better Business Bureau. Trustpilot has rated OppLoans 3.5 stars. The company also boasts 4.9 stars out of 5 on Google.

Internal reviews focus on OppLoans as a trustworthy lender that is both fast and affordable. Reviews mention:

  • Quick and great customer service
  • Payback on a set term with no surprises
  • Working with you to make sure your payments are manageable


For individuals who lack options for loans or lines of credit, OppLoans provides opportunities to cover bills and rebuild credit. While their loans have relatively high APRs, they are still a good alternative to payday lenders.

About OppLoans

Also known as Opportunity Financial, OppLoans was founded in 2009. The lender has since become one of the country’s fastest-growing companies.

OppLoans started in Chicago as a brick-and-mortar start-up before going online completely in 2012 and growing to more than 200 employees. By 2018, the company was ranked 340 on the Inc. 5000 with a three-year growth rate of 1,465%. OppLoans attributes the company’s rapid growth to word-of-mouth advertising, with a strong history of service contributing to many positive reviews from its over 100,000 customers.

OppLoans boasts fast funding, relatively low-interest rates, quick approval, and personalized help that includes always answering phone calls. They do not require a credit check before approving loan amounts ranging from $1,000 to $4,000