OppLoans 2021 Personal Loan Review


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  • OppLoans personal loans come with high APRs, but are probably a better option than payday lenders.
  • You can get an OppLoans loan between $ 500 and $ 4000 depending on your needs and your condition.
  • OppLoans’ APR range is 59% to 160%, which is significantly higher than what competitors charge.
  • See Insider’s Choices For The Best Personal Loans »

Should you use OppLoans?

How OppLoans Works

OppLoans offers unsecured personal loans through FinWise Bank (FDIC member) or Opportunity Financial LLC, depending on the origin of the loan. An unsecured personal loan does not need any collateral like a house or a car. You can use a personal loan for various purposes.

OppLoans loan amounts range from $ 500 to $ 4,000. OppLoans only offers loans to customers in 37 states and DC. The loan term varies from nine months to 24 months, depending on the state in which you live.

Depending on your credit score, where you live and other financial factors, your APR will vary from 59% to 160%. This is much higher than the APR ranges of similar companies. For example, Avant’s APR range is 9.95% to 35.99% and LendingClub’s is 8.05% to 35.89%.

Still, if you need the cash fast and are looking for a shorter loan term, OppLoans is probably a better option than a payday loan. Many payday loans have APRs as high as 400%.

You may want to see if you qualify for personal loans with lower APRs at other companies, as OppLoans’ rates are significantly higher than many competitors. You may also want to consider credit cards for people with bad credit, as you may qualify for a lower APR and better terms with a credit card. Weighing the pros and cons of your choice will help you get the best deal possible.

Most OppLoans loans are approved within one day, and you will likely get your funds the next business day, depending on when your application is approved.

You won’t pay any fees with an OppLoans loan, including origination fees, late fees, or prepayment penalties.

Depending on what you need help with, you can send an email to one of the five customer support accounts, which you can find here. You can also call 800-990-9130 Monday through Friday, 7:00 a.m. to 11:30 p.m. CT, or Saturday and Sunday, 9:00 a.m. to 5:00 p.m. CT. If none of these options are right for you, you can mail the company’s Chicago or Nevada branch at addresses listed here.

OppLoans has a Frequently asked questions section, classified by theme.

OppLoans doesn’t ask you to detail why you want an on-demand loan, but lists common reasons such as medical bills, home improvement, car repairs, or debt consolidation.

You will need to meet the following conditions to apply:

  • Be at least 18 years old (or 19 in Alabama and Nebraska)
  • Have a regular source of income
  • Have a current or savings account
  • Receive paychecks by direct deposit (unless you live in Nevada)

If you live in any of the following states, you are not eligible to take out a personal loan with OppLoans:

  • Colorado
  • Connecticut
  • Illinois
  • Iowa
  • Maryland
  • Massachusetts
  • New Hampshire
  • New Jersey
  • new York
  • North Carolina
  • Pennsylvania
  • Vermont
  • West Virginia

What credit score do you need?

There is no minimum credit score required to qualify for an OppLoans personal loan which is different from other personal loan companies. But keep in mind that the lower your credit score, the higher your interest rate will be.

You won’t impact your credit score if you check your loan rates with OppLoans because the company only produces a soft credit check when fetching your credit report. Soft credit application is not visible to third parties and will not damage your score. At no point in the loan approval process will OppLoans do a serious credit check.

OppLoans may be a good choice for you if your credit is low. There is no minimum credit requirement and the company specializes in providing loans to those who are not normally eligible from other financial institutions. On the flip side, you have to recognize that the lower your credit score, the higher your APR can be – and OppLoans rates can go up to 160%.

Unless you need the cash quickly, you may have time to improve your credit score before applying for a personal loan. Paying your bills on time and keeping a low credit card balance could lead to lower interest rates. That said, if your credit score goes up, you will still get a better rate from a lender other than OppLoans.

Is OppLoans trustworthy?

OppLoans is a Better Business Bureau accredited company, and the BBB gives OppLoans a A + in reliability. The BBB measures reliability by evaluating companies’ responses to customer complaints, the veracity of advertising and the transparency of business practices.

Keep in mind that a good BBB rating doesn’t necessarily mean you’ll have a great relationship with OppLoans, so be sure to read the reviews as well and ask your friends and family about their experiences with the company.

OppLoans has no recent controversies. Due to its impeccable history and top-notch BBB rating, you can choose to use OppLoans as your personal loan company.

Advantages and disadvantages

How to get an OppLoans personal loan

The app is only available online and can be completed in a matter of minutes. You will need basic information for the initial request, including:

  • name
  • Contact details, including your address, phone number and email
  • Date of Birth
  • Social Security number
  • Individual monthly income
  • Income type
  • Payment method
  • Payment frequency
  • Banking information

OppLoans will ask you to go through a bank verification process. You will provide the business with a read-only snapshot of your recent banking transactions. This step helps OppLoans verify your identity and financial information, allowing the personal loan provider to give you a loan decision as quickly as possible.

Your funds will be received based on when your request is approved. OppLoans defines the probable delivery times as follows:

  • If your loan is approved by 8:00 p.m. CT Monday through Thursday, you can expect to receive your money the next business day.
  • If approved by 8:00 p.m. CST on Friday, you will likely receive your money back on Monday.
  • If approved after 8:00 p.m. CST on Friday, Saturday or Sunday, you can schedule to receive your funds on Tuesday. If your approval or filing day falls on a public holiday, you will need to wait an additional business day for processing.

How OppLoans Stacks Up

Although the rates depend on your particular situation, OppLoans interest rates are higher than those offered by comparable lenders, even companies that offer loans to people with poor credit. Here’s how OppLoans stacks up against similar companies:

OppLoans review vs LendingClub review

OppLoans won’t charge you any fees, but it does come at a significantly higher APR cost than with LendingClub.

With LendingClub, you will pay origination fees of between 1% and 6% of the total amount of your loan, and these fees will be integrated into the overall APR of your loan. The company can also penalize you if your payment is more than 15 days past due.

You will likely get your funds faster with OppLoans than with LendingClub. OppLoans will usually send your funds to you within one business day of approval, while LendingClub can take anywhere from two to four business days.

OppLoans has a maximum loan term of 24 months, while LendingClub has a minimum loan term of 36 months. If you are looking to spread your costs over a shorter period, LendingClub might be a better choice for you.

OppLoans review vs Before exam

OppLoans has no formal credit score requirements, while most Avant customers have a credit score between 600 and 700.

Avant offers loans to all 50 states and Washington, DC, while OppLoans only offers loans to customers in 37 states and DC. If you live outside of OppLoans coverage area, Avant is the best choice.

OppLoans does not have a mobile app, unlike Avant. So if managing your personal loans on the go is important to you, you can choose Avant.

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