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Lender
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

4.1

Opploans

Advertiser Disclosure

About Lender

OppLoans is an online platform that offers personal loans to Americans. It doesn't matter what your credit is. Even if you have a bad credit history, you can apply for online personal loans on its website. As a lending platform, OppLoans provides services to borrowers rejected by traditional lenders.

The company was founded in 2012 by Todd Schwartz, and its headquarter is in Chicago. The mission of OppLoans is to ensure facilitated access to credit.

Unlike traditional payday loans, which typically have high-interest rates and short repayment terms, OppLoans offers longer repayment terms and lower interest rates. This can make it easier for people with poor credit to borrow money without getting trapped in a cycle of debt.

OppLoans' loans range from $500 to $4,000 and can be used for a variety of purposes, such as emergency expenses, debt consolidation, and home repairs. The company offers fixed-rate loans with repayment terms of up to 18 months, and there are no prepayment penalties if you want to pay off your loan early.

To qualify for a loan from OppLoans, you must be at least 18 years old, have a regular source of income, and have a checking or savings account in your name. When making loan decisions, the company also considers other factors, such as your credit history and employment status.

One unique feature of OppLoans is its commitment to financial education. The company offers a variety of resources on its website to help customers improve their financial literacy and make better decisions about borrowing and managing money.

Overall, OppLoans can be a good option for people with poor credit who need to borrow money for a variety of reasons. However, it's important to carefully consider the terms of the loan and make sure you can afford the payments before taking out any loan.

If you look for a personal loan from online lenders, you can apply to OppLoans. This online service will help you get a loan if you don't have savings or a poor credit score.

OppLoans

Key Features

  1. Quick funding. OppLoans typically provides loan approval and funding within one business day.

  2. No credit check required. While OppLoans considers credit history when making loan decisions, there is no minimum credit score required to apply.

  3. Flexible repayment terms. OppLoans offers repayment terms ranging from 6 to 36 months, allowing borrowers to choose a repayment period that works best for their budget.

  4. Online application. OppLoans' loan application process can be completed entirely online, making it convenient and easy to apply from anywhere.

  5. Financial education resources. OppLoans offers a free financial education platform called OppU, which includes courses, quizzes, and interactive tools to help customers improve their financial literacy.

Overall, OppLoans provides a convenient and accessible option for people with poor or fair credit who need access to funding. However, it's important to carefully review the loan terms and fees and compare them to other lenders before making a decision.

Pros and Cons

Pros

  • Online service. OppLoans' borrowers can apply for personal loans directly on the site. Before choosing the best personal loan option, read OppLoans personal loans review.

  • No credit check. Unlike other loan lenders, OppLoans don't request your credit report. If you have a low credit score, you're still allowed to use personal loan options.

  • No minimum credit score to qualify for a loan.

  • Lower APR. The annual percentage rate (APR) of OppLoans is lower than payday loans.

  • Longer repayment terms. OppLoans' repayment terms, in comparison with payday loans, are longer.

  • Quick access to funds. You can get money the next day after your loan is approved.

Cons

  • Not available in some states. Thus, not every U.S. citizen will be able to take a loan from OppLoans.

  • Small loan amounts. You can borrow up to $4,000. OppLoans doesn't permit bigger loan amounts.

  • Extremely high minimum and maximum APRs. Unlike other lenders' loan rates, OppLoans' interest rates are high.

  • Limited loan terms. In contrast with the other lenders who offer longer loan terms, OppLoans offers only 9-18-month terms.

As you can see, OppLoans personal loan has both advantages and disadvantages, so you need to learn more about OppLoans service.

OppLoans Products

OppLoans offers personal installment loans that range from $500 to $4,000, which can be used for a variety of purposes. These loans are designed for people with poor or fair credit who may not be able to qualify for loans from traditional lenders.

OppLoans' personal loans have fixed interest rates and repayment terms that range from six to 36 months. The company also offers a free budgeting tool on its website to help customers plan their finances and make timely payments.

OppLoans also offers refinancing options for existing personal loans. Customers can apply to refinance their loans for a lower interest rate, longer repayment term, or lower monthly payment.

Overall, OppLoans' products are designed to help people with poor credit access the funding they need to cover unexpected expenses, consolidate debt, or make other necessary purchases. However, it's important to carefully consider the terms and fees of these products and ensure that you can afford the payments before applying.

Reliability

OppLoans is a licensed and regulated lender in the United States, and the company has been in business since 2012. The company has an A+ rating with the Better Business Bureau and has received positive reviews from many customers.

OppLoans is also committed to responsible lending practices and is a member of the Online Lenders Alliance, which sets industry standards for transparency, fairness, and ethical practices. The company's loan terms and fees are clearly disclosed on its website, and customers have access to a variety of resources to help them make informed decisions about borrowing money.

However, like any financial product, OppLoans' loans may not be suitable for everyone. The company's interest rates are typically higher than those offered by traditional lenders, and customers with poor credit may face higher fees and interest rates than those with good credit.

It's important to carefully review the terms and fees of any loan before applying and only to borrow what you can afford to repay. Customers should also be aware of the potential risks and drawbacks of borrowing money, including the risk of falling into debt and damaging their credit scores.

Overall, OppLoans can be a reliable option for people with poor credit who need access to funding. However, it's important to do your research and carefully consider the pros and cons before applying for any loan.

OppLoans Conditions

OppLoans personal loan amounts range from $500 to $4,000. However, borrowers should know that the personal loan amounts depend on factors such as state, credit scores of citizens, and others. For example, Alabama residents have to borrow at least $2,000, but if you live in Georgia, your loan amount will start at $3,001.

The annual percentage rate (APR) varies from state to state and ranges from 59% to 160%. Personal loan interest rates range from 5% to 36%. There are no origination fees. As mentioned above, the duration of OppLoans' personal loans ranges from 9 to 18 months.

OppLoans has a TurnUp Program. Under this program, OppLoans reviews the offerings of 15 near-prime lending partners to determine if applicants are eligible to get a better, lower-interest loan.

OppLoans offers installment loans in states like Alabama, Georgia, Nevada, and Wisconsin. In the States of Nevada and Wisconsin, for example, loan amounts of typical installment loans range from $500 to $4,000, repayment terms vary from 9 to 18 months, and APR is 160%.

But there are also loans originated and funded by OppLoans lending partners. Such loans are available in the States of Arizona, Arkansas, California, Florida, Hawaii, Indiana, Kentucky, Louisiana, Minnesota, New Mexico, Oklahoma, Texas, and some others.

If your loan amount is $2,000, your APR and loan duration will be 160% and nine months, respectively. The number of your payments will be nine payments of $394.58. If you borrow $2,000, your APR and loan duration will be 160% and 12 months, respectively. You'll have to pay 12 times for $514.60. And if you have a maximum loan amount of $4,000, you will pay 18 times $595.14, and your loan duration and APR will be 18 months and 160%, respectively.

OppLoans lending partners are responsible for underwriting and approving loans, as well as funding approved loans. OppLoans services all these loans.

Funding a loan

You don't need to reveal why you apply for a loan in your personal loan application. However, OppLoans recognizes four main reasons for the funding process, such as medical bills, home renovation, car repairs, and debt consolidation.

OppLoans doesn't require any minimum FICO Score or Vantage Score. Though, the company gathers information from alternate credit bureaus and requires banking data of its future borrowers.

If you qualify for an online personal loan, you must have a bank account, steady income, and get paid through direct deposit (except for New Mexico residents). OppLoans borrowers can receive their loan funds the next day after approval.

Unsecured personal loans

An unsecured, fixed-rate loan is the most common type of OppLoans installment loan. The lenders determine a loan amount for every borrower depending on his creditworthiness. The lender will need information such as your credit score and credit history to determine your eligibility. Thus, borrowers who have low credit scores will get higher interest rates.

This type of loan is riskier to the lender because it requires no collateral. It means that you may qualify for this type of loan only if you have a solid credit history.

There are five steps to getting an unsecured personal loan:

  • Assess your budget,

  • Review your credit history,

  • Compare lenders and pre-qualify,

  • Gather personal financial information (Social Security number, tax returns),

  • Apply for one loan.

Other Loans

Additional services

OppU is a financial education platform offered by OppLoans to help customers improve their financial literacy and make better financial decisions. The platform includes a variety of educational resources, including courses, quizzes, and interactive tools that cover topics such as budgeting, saving, credit, and debt management.

One of the main features of OppU is its interactive financial literacy course, which is available for free to anyone who signs up. The course includes videos, quizzes, and other interactive elements that help users learn the basics of personal finance, such as creating a budget, building credit, and saving for the future.

In addition to the financial literacy course, OppU also offers a variety of other resources to help customers improve their financial knowledge and skills. These include articles and guides on topics such as credit scores, debt consolidation, retirement planning, calculators, and other tools that can help users plan and track their finances.

OppU is a valuable resource for anyone who wants to improve their financial literacy and make better financial decisions. Whether you're a customer of OppLoans or just looking for free educational resources, OppU can help you build the skills and knowledge you need to achieve your financial goals.

OppLoans vs. Rise

OppLoans and Rise are online lenders offering personal loans to people with poor or fair credit. However, there are some key differences between the two companies that are worth noting:

  1. Loan Amounts. OppLoans offers loans ranging from $500 to $4,000, while Rise offers loans ranging from $500 to $5,000.

  2. Interest Rates. OppLoans' interest rates range from 59% to 199%, while Rise's interest rates range from 50% to 299%. Both companies offer lower interest rates to customers with good credit.

  3. Repayment Terms. OppLoans' repayment terms range from 6 to 36 months, while Rise's repayment terms range from 4 to 26 months.

  4. Eligibility Requirements. OppLoans does not require applicants to have a minimum credit score, while Rise requires applicants to have a minimum credit score of 500.

  5. Availability. OppLoans operates in 24 states, while Rise operates in 34 states.

OppLoans vs. LendingClub

OppLoans and LendingClub are online lenders offering personal loans to borrowers with poor or fair credit. However, there are some key differences between the two companies that are worth noting:

  1. Loan Amounts. OppLoans offers loans ranging from $500 to $5,000, while LendingClub offers loans ranging from $1,000 to $40,000.

  2. Interest Rates. OppLoans' interest rates range from 59% to 199%, while LendingClub's interest rates range from 8.05% to 36%.

  3. Repayment Terms. OppLoans' repayment terms range from 6 to 36 months, while LendingClub's repayment terms range from 36 to 60 months.

  4. Loan Process. OppLoans typically provides loan approval and funding within one business day, while LendingClub's loan process can take several days or weeks to complete.

  5. Eligibility Requirements. OppLoans does not require applicants to have a minimum credit score, while LendingClub requires applicants to have a minimum credit score of 600.

  6. Loan Types. OppLoans offers personal installment loans, while LendingClub offers both personal loans and business loans.

OppLoans vs. Upstart

OppLoans and Upstart are online lenders offering personal loans to borrowers with poor or fair credit. However, there are some key differences between the two companies that are worth noting:

  1. Loan Amounts. OppLoans offers loans ranging from $500 to $5,000, while Upstart offers loans ranging from $1,000 to $50,000.

  2. Interest Rates. OppLoans' interest rates range from 59% to 199%, while Upstart's interest rates range from 6.7% to 35.99%.

  3. Repayment Terms. OppLoans' repayment terms range from 6 to 36 months, while Upstart's repayment terms range from 36 to 60 months.

  4. Loan Eligibility. OppLoans does not require applicants to have a minimum credit score, while Upstart requires applicants to have a minimum credit score of 580.

  5. Loan Process. OppLoans typically provides loan approval and funding within one business day, while Upstart's loan process can take several days or weeks to complete.

  6. Loan Types. OppLoans offers personal installment loans, while Upstart offers personal loans and student loan refinancing.

OppLoans vs. Avant

OppLoans and Avant are online lenders offering personal loans to borrowers with poor or fair credit. However, there are some key differences between the two companies that are worth noting:

  1. Loan Amounts. OppLoans offers loans ranging from $500 to $5,000, while Avant offers loans ranging from $2,000 to $35,000.

  2. Interest Rates. OppLoans' interest rates range from 59% to 199%, while Avant's interest rates range from 9.95% to 35.99%.

  3. Repayment Terms. OppLoans' repayment terms range from 6 to 36 months, while Avant's repayment terms range from 12 to 60 months.

  4. Loan Eligibility. OppLoans does not require applicants to have a minimum credit score, while Avant requires applicants to have a minimum credit score of 580.

  5. Loan Process. OppLoans typically provides loan approval and funding within one business day, while Avant's loan process can take several days to complete.

  6. Loan Types. OppLoans offers personal installment loans, while Avant offers personal loans and credit card consolidation loans.

Additional Resources

Sources

FAQ

How Do you Qualify For an OppLoans Loan?

To qualify for an OppLoans loan, you must meet certain eligibility requirements. These include:

  1. Age: You must be at least 18 years old to apply for an OppLoans loan.

  2. Residence: You must be a legal resident of one of more than 20 states where OppLoans operates.

  3. Income: You must have a regular source of income, such as a job or government benefits.

  4. Bank account: You must have a checking or a savings account and receive income by direct deposit.

In addition to these basic eligibility requirements, OppLoans may also consider other factors such as your employment status, debt-to-income ratio, and other financial obligations when making a loan decision.

It's important to note that even if you meet these requirements, approval for an OppLoans loan is not guaranteed. The company considers a variety of factors when making loan decisions, and not all applicants will be approved.

If approved for an OppLoans loan, the loan terms and fees will depend on your creditworthiness and financial situation. It's important to carefully review the terms and fees of the loan before accepting the offer and make sure you can afford the payments.

How Much Can You Borrow From OppLoans?

OppLoans offers personal loans ranging from $500 to $5,000. The loan amount you may qualify for will depend on several factors, including your creditworthiness, income, and other financial obligations.

OppLoans considers a variety of factors when making loan decisions, and not all applicants will qualify for the maximum loan amount of $5,000. If you are approved for a loan, the loan amount and terms will be based on your individual creditworthiness and financial situation.

It's important to carefully consider how much you need to borrow before applying for an OppLoans loan. Borrowing more than you can afford to repay can lead to financial difficulties and damage your credit score.

If you need to borrow more than $5,000, OppLoans may not be your best option. You may want to consider other lenders or alternative financing options that can provide the funding you need. However, it's important to carefully review the terms and fees of any loan or financing option before making a decision.

Does OppLoans Approve Everyone?

No, OppLoans does not approve everyone who applies for a loan. The company considers a variety of factors when making loan decisions, including credit history, income, and other financial obligations. While OppLoans does not have a minimum credit score requirement, having a poor credit history or a high level of debt may make it difficult to qualify for a loan. Additionally, borrowers who do not meet the company's eligibility requirements, such as having a regular source of income or a checking account in their name, may also be denied. It's important to carefully review the eligibility requirements and loan terms before applying for an OppLoans loan and to have realistic expectations about the likelihood of approval.

Is OppLoans a Legitimate Company?

Yes, OppLoans is a legitimate company. The company is licensed and regulated as a lender in the United States and has been in business since 2012. OppLoans is also a member of the Online Lenders Alliance, which sets industry standards for transparency, fairness, and ethical practices.

OppLoans has an A+ rating with the Better Business Bureau and has received positive reviews from many customers. The company's loan terms and fees are clearly disclosed on its website, and customers have access to a variety of resources to help them make informed decisions about borrowing money.

However, like any financial product, OppLoans loans may not be suitable for everyone. It's important to carefully review the terms and fees of any loan before applying and only borrow what you can afford to repay. Customers should also be aware of the potential risks and drawbacks of borrowing money, including the risk of falling into debt and damaging their credit scores.

Is OppLoans a good lender?

Whether OppLoans is a good lender depends on your individual financial situation and needs. OppLoans is designed for people with poor or fair credit who may not be able to qualify for loans from traditional lenders. The company offers personal loans ranging from $500 to $5,000 with fixed interest rates and repayment terms that range from six to 36 months. OppLoans offers a line of credit products and refinancing options for existing loans. The company also provides a free budgeting tool and financial education resources through its OppU platform. While OppLoans may be a good option for some people, it's important to carefully review the loan terms and fees and compare them to other lenders before making a decision. Additionally, borrowers should consider their financial situation and determine which lender and loan type best suits their needs.

Company documents

Rates and Terms
Security

We are a leading financial technology platform focused on helping middle income, credit-challenged consumers build a better financial path. Our mission driven culture means we keep the customer at the center of everything we do. We are passionate about creating accessible lending products that deliver a top-rated customer experience to the millions of Americans who are turned away by traditional providers.

© Opportunity Financial, LLC.
Opploans service available in US States
  • Idaho
  • Iowa
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • Wyoming
  • Washington
  • Vermont
  • Virginia
  • Wisconsin
  • Hawaii
  • Delaware
  • Georgia
  • West Virginia
  • Illinois
  • Indiana
  • California
  • Kansas
  • Kentucky
  • Colorado
  • Connecticut
  • Louisiana
  • Massachusetts
  • Minnesota
  • Mississippi
  • Missouri
  • Michigan
  • Montana
  • Maine
  • Maryland
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New York
  • New Mexico
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • North Dakota
  • North Carolina
  • Tennessee
  • Texas
  • Florida
  • South Dakota
  • South Carolina
  • Utah
Opploans service available in US States
Financial products
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

4.1
Recommended FinScore™
0
300
650
1000
$500-$4,000
Rate
i

Effective interest rate on the product

up to 160%
Term
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Loan term for the financial product

9-18 months
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Opploans calculator
Interest rates are given in accordance with the rates of the Opploans of 30.11.2023
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All Opploans’s reviews by november 2023
Leave feedback
7 reviews
Personal Loan
4.6
Advantages
Opploans provided me with the opportunity to secure loans, refinance them, and improve my credit score. They also taught me the importance of responsible, on-time payments, which has been instrumental in maintaining a strong credit rating.
Complain
8 reviews
Personal Loan
1.4
Disadvantages
I applied for a loan and repeatedly received emails every five minutes requesting the same information, even after receiving confirmation that they had received it. Frustrated by this experience, I decided not to proceed. I cannot recommend this company.
Complain
9 reviews
Personal Loan
4.8
Advantages
The funds were deposited quickly, and their response to calls was prompt. Thank you!
Complain
13 reviews
Personal Loan
4.4
Advantages
They were a reliable support when I was in need, and I highly valued their exceptional customer service and prompt assistance. I will certainly turn to them again in the future.
Complain
7 reviews
Personal Loan
4.8
Advantages
In my opinion, OppLoans are among the few genuinely honest companies left. They offer excellent rates without any unnecessary complications. I make it a point to recommend them to everyone I know, as I firmly believe you won't find a better loan company out there. I'm immensely grateful for their exceptional service and the outstanding job they do, and I've thoroughly researched the alternatives - no one even comes close. Thank you very much.
Complain
14 reviews
Personal Loan
4.6
Advantages
Opploans has streamlined the approval process, making it incredibly straightforward. The refinancing procedure is a breeze, and I wholeheartedly endorse them for all your loan needs.
Complain
aggregation.company.allReviews
Overall company rating
4.1
/ 5
6 reviews
Execution of an application
4.0
Support service
4.3
Mobile app
4.2
Service quality
4.0
Your satisfaction level
4.0
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