HomeFinanceDetailed Review of OppLoans

Detailed Review of OppLoans

OppLoans, a loaning company, helps credit-challenged people with a middle income to obtain installment loans. What makes OppLoans stand out?

  • Nearly 20 years of experience in the industry
  • Customer-centered approach
  • OppLoans helped more than 500,000 Americans with poor credit get a loan quickly.
  • Minimal qualification requirements
  • Fast funding available

This OppLoans review will examine how OppLoans works and whether it offers a guaranteed loan for its clients. The following are some of the factors we will be considering

Product Overview and Features

OppLoans was established in 2009 and offers three types of personal loans to its customers: installment loans, no credit check loans, and bad credit loans. They are the best option for people with poor credit ratings who need a personal loan.

This company does not require a minimum credit score, so applying for a loan doesn’t impact your FICO score. OppLoans does not run credit checks through any of the major credit bureaus. Clarity Services, Inc. conducts a soft credit assessment.

Let’s have a closer look at the OppLoans offer:

Expected Loan Amount

OppLoans reviews from clients with poor credit scores show that many have received loans up to $4,000 The loan amount is between $500 and $4,000.


An agreement will determine the annual percentage rate (APR). It can range from 99% to 199%. The APR percentages vary depending on where you live. South Carolina has the highest rate at 199%, while Georgia has a rate of 55%. These OppLoan rates, however, are very high when compared to other lenders.

Loan Term

The terms of loans vary from 9 to 24 Months.

Penalties and Fees

OppLoans does not charge prepayment fees nor has a penalty for prepayment. Customers can repay their loans at any moment. OppLoans encourages its clients to pay their personal loans off faster in order to avoid interest.

If your payment is not received within 16 days, you could be subject to a 10% penalty.


Opploans does not publish typical interest rates. For more information about the rates in your state, potential clients can call customer service. The terms of the loan you receive will determine how much interest rate. For information about OppLoans monthly payment, interest rates, and terms

Reception of Funds

The company offers two options for clients to receive their funds: direct deposit or in person. OppLoans customer feedback shows that funds are usually approved and deposited in the client’s account within 24 hours.

Personal Loans Features

After your loan has been approved, you will be able to sign in to your online account to view your transaction history and your OppLoans payment schedule. OppLoans advises its clients on how to get out of debt without spending any money. Excellent financial advice is provided to customers, along with great customer service.

OppLoans provides a refinance option for individuals who need more flexibility. You can apply for refinancing by clicking the “Refinance Now” button on your profile.

Installment loans can be closed-end or unsecured personal loans. You don’t need to provide collateral.

Time for Approval and Financing

The approval process and funding may take less than 24 hours. Your request may be approved or paid out within 24 hours depending on when you submit it. OppLoans reviews of applicants who were approved before 9 p.m. CT stated that they needed to wait until Monday to receive funds.

Direct deposit of funds into your bank account.

Making Payments

You can pay by ACH transfer on the customer portal, or with a debit card. Clients can also contact agents by phone at 855-641-88053.

OppLoans does not offer any coronavirus relief programs. Agents should be contacted in the event that repayments are not possible due to COVID-19.

OppLoans Criteria for Eligibility

OppLoans is one of the companies that will approve you for loans regardless of your credit score. There is no minimum credit score requirement. Additional personal loan eligibility requirements are

  • A steady source of income of at least $1500 each month
  • Employment proof
  • Must be at least 18 years of age (19 in Alabama).
  • You can open a checking or savings account.

OppLoans currently offers installment loans only in 13 states. This includes Alabama, Georgia, Idaho, and Mississippi. OppLoans is able to help you connect with other lending partners if you live in another state.

How to Apply for a Personal Loan

OppLoans reviews show that the application process was simple and quick. Agents typically respond within a few hours. This is how the application process works.

Step 1: Click on the “Apply Now” tab on the company website

Step 2: Provide your personal, income, and banking information (have all documents available to upload as proof).

Step 3 – Wait for an agent email to confirm your approval or deny it.

Step 4 – Once you have been approved for a personal mortgage, go through all terms and conditions carefully and then in.

Step 5: Receive funds by direct deposit to your bank account within 1-2 days. The money can be used for everything from weddings to home renovations. This is another way to buy a house without bad credit.

You can reapply for your application within 30 days if it is denied.

Both the Pros and Cons

Every lending company has its pros and cons. Let’s take a look now at OppLoans and their advantages and disadvantages.


  • Quick funding
  • Easy and quick application
  • No minimum credit score required
  • There is no prepayment penalty or introductory fee
  • Loan approval rates high
  • Excellent OppLoans customer support available via chatbot, email, or phone


  • High APR rates
  • Only available in 13 States

OppLoans Customer Testimonials and Reviews

OppLoans BBB reviews and testimonials will help you understand what to expect. With an A+ BBB rating, the company is able to prove its reliability and credibility. Based on 177 votes, OppLoans Glassdoor reviews have given the company a rating of 4.3 stars. These are some other ratings from external sources:

NerdWallet: 3-star rating

ConsumerAffairs: A 4.8-star rating

Investopedia: 2.3-star rating

Google: 4.9-star rating

LendingTree: 4.9-star rating

Privacy and Security Policy

OppLoans’ security and, privacy policies are reliable because applicants must provide confidential information during the application process. OppLoans protects the information of its clients using 128-bit encryption. Learn more about their privacy terms.

Alternatives and Competitors

Prosper and Upstart offer personal loans that are similar to OppLoans for individuals with poor credit ratings. OppLoans is different from its competitors because it does not require a minimum credit score. Let’s look at OppLoans’ rates and terms in comparison to its competitors.

OppLoans Upstart Prosper
Loan Term 9-24 months 3-5 years 3-5 years
Estimated APR 99%-199% 6.46%-35.99% 7.95% – 35.99%
Min. Credit Score None 620 640
Loan Amount $500-$4,000 $5,000-$30,000 $2,000-$35,000

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Take a bow

It can be difficult to obtain personal loans for emergencies when you consider all the credit score factors. OppLoans is designed to offer quick loans to those with bad credit records. We were surprised at the high-interest rates and APR of OppLoans, but we are happy with the fact that they don’t require a minimum credit score. Additionally, you can repay your loan earlier than the loan term agreed upon and avoid extra interest fees.

OppLoans are the best option for those in desperate need of cash. Anyone who has had their credit scores over 620 declined by other lending companies.



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