- Applying does not affect your FICO ® credit score
- Accepts people with bad credit
- No prepayment fees
- High BBB rating
- Extremely high APRs: 59% - 160%
- Small loan amounts: $500 - $4,000
- Not available to people without SSN
- No joint applications
- Only available in 33 states
OppLoans Review Summary
OppLoans offers expensive, unsecured installment loans for people with bad credit. OppLoans does not do a hard credit inquiry as part of their application review process, making it easy to get approved, and funding is fast, taking just 1 to 2 business days. But OppLoans is far too pricey to consider, as their interest rates range from 59% - 160%.
OppLoans is not technically a “payday lender” because their loans can last 9 - 18 months, rather than having to be paid from your next paycheck. Many payday lenders charge even higher interest rates, too. Yet compared to the average personal loan provider, OppLoans has incredibly high costs.
Below, you’ll find a summary of everything you need to know about OppLoans, along with WalletHub’s ratings in three major categories: Terms, Requirements & Application, and Reviews & Transparency.
OppFi Personal Loan Terms
|APRs||59% - 160%|
|Loan Amount||$500 - $4,000|
|Loan Terms||9 - 18 months|
|Minimum Credit Score||None*|
|Minimum Income||$1,500 monthly|
|Loan Purpose||Debt Consolidation, Refinance, Home Improvement|
|Time to Receive Loan Money||Same day|
According to multiple third-party sources
OppLoans Rates, Fees & Other Terms
Category Rating: 26% (1.3 out of 5)
- Overall APR range: OppLoans personal loans have an APR range of 59% - 160%. OppLoans rates run extremely high because the lender specializes in installment loans for people with bad credit and positions itself as an alternative to payday lenders, which can charge 400% or more.
- How rates are determined: The exact rate you will get depends primarily on the state where you live as well as your overall creditworthiness.
- Fees: OppLoans does not charge any application, origination, or early repayment fees. OppLoans does not charge a late fee, either, according to representatives from the company.
- Loan amounts & timelines: OppLoans personal loan amounts range from $500 - $4,000 and have repayment terms of 9 - 18 months.
OppLoans Requirements & Application Info
Category Rating: 70% (3.5 out of 5)
- Minimum credit score: There is no minimum credit score requirement because OppLoans does not do a credit check when you apply.
- Minimum income: OppLoans personal loans require a monthly income of at least $1,500, according to company representatives.
- Bank verification: You must have a bank account with transaction history of at least 90 days.
- Age: You must be at least 18 years old (or 19 years old in Alabama and Nebraska).
- Citizenship: You must be a U.S. citizen or permanent resident.
- Identification: You must have a Social Security number.
- Residence: You must live in one of the 34 states where OppLoans operates or in the District of Columbia.
- Pre-qualification: OppLoans allows you to check your potential rates before you apply, with a harmless soft pull on your credit.
- No impact on credit score: Applying for an OppLoans personal loan does not affect your credit score as they won't do a hard pull on your credit when you submit an application.
- Ways to apply: OppLoans only accepts online applications for personal loans.
- No joint applications: OppLoans does not allow co-borrowers, so all applications must be submitted individually.
OppLoans Personal Loan Reviews & Transparency
Category Rating: 96% 4.8/5
- Better Business Bureau: OppLoans has an A+ rating from the Better Business Bureau, and became accredited with the BBB in 2016.
- Consumer Financial Protection Bureau: Plus, Opportunity Financial, LLC, the parent company for OppLoans, has a relatively small number of installment loan complaints filed against them with the CFPB: slightly over 50. Some complaints include customers being upset by the way payments are applied to the balance and automatic payments not working.
- Reviews on WalletHub: User reviews show general satisfaction with OppLoans, giving them an average score of 4.9/5 across more than 10,000 reviews.
- Transparency: OppLoans doesn’t hide their high costs. They score well for being transparent about their APRs, fees and requirements on their website.
Summary: OppLoans Scores by Review Category
|Rates, Fees & Other Terms||1.3/5|
|Requirements & Application Info||3.5/5|
|Reviews & Transparency||4.8/5|
OppLoans vs. Popular Competitors
OppLoans by OppFi
|APRs||59% - 160%||60% - 299%||99% - 349%|
|Loan Amounts||$500 - $4,000||$500 - $5,000||$500 - $4,000|
|Loan Terms||9 - 18 months||up to 26 months depending on the state||8 - 30 months|
|Minimum Credit Score||None*||Not disclosed*||Not disclosed*|
|Winner||OppLoans by OppFi|
In order to provide the most accurate review for OppLoans, WalletHub used 17 key metrics grouped into three overall sections: Terms, Requirements & Application, and Reviews & Transparency. We rated each section on a scale of 0 to 5, with 5 being the best, and then averaged the scores of the three sections to produce an overall rating for the loan.
- The “Terms” section includes information about how expensive the loan is, including rates and fees. It also takes into consideration how much consumers can borrow and how quickly they must pay it back. For companies where APR and fee ranges differ greatly by state, we used data from the most populous state serviced by the company. OppLoans terms do not fluctuate significantly by state, however.
- The “Requirements & Application” section examines how easy it is to apply for a loan and how long it takes to receive the money. It also looks at exactly who is eligible to apply.
- The “Reviews & Transparency” section measures the loan provider’s reputation as well as how clearly the lender discloses its terms and requirements. This takes into account user reviews and information from watchdog organizations.
The average of these three scores reflects how close a loan offer is to WalletHub’s definition of a 5-star loan. For more information, please read WalletHub’s full methodology.
*Subject to credit approval and verification. Actual approved loan amount and terms are
dependent on standard underwriting guidelines and credit policies. Funds may be deposited for
delivery to your bank via ACH as soon as the same business day if verification is completed and
final approval occurs before 12:00 PM CT on a business day. If approval occurs after 12:00 PM
CT on a business day or on a non-business day, funds may be delivered as soon as the next
business day. Availability of the funds is dependent on how quickly your bank processes the
2 OppLoans may use credit report information provided by Clarity Services and Experian as part
of the application process to determine your creditworthiness. Neither credit inquiry will appear
as a hard credit inquiry on your Experian credit report and therefore they will not affect your
4 Installment loan amounts typically range from $500 to $4,000. APR ranges from 59% to 160%.
Installment loan lengths range from 9 to 18 months. Example: A $2,000 installment loan
repayable in 9 monthly payments would have an APR of 160% and monthly payments of
$394.58. Rates and terms vary by state. This is an expensive form of credit and you should
determine whether our product(s) meets your financial needs.
5 According to the Consumer Federation America, a non-profit consumer advocacy group,
payday loans range in size from $100 to $1,000, depending on state legal maximums, and carry
an average annual percentage rate (APR) of 400%. The maximum APR for a loan offered
through and serviced by OppLoans is 160% and loan sizes range from $500 to $4,000.
6 OppLoans reports customer payment history to the three major credit bureaus. On-time
payments may improve credit score.