EDITOR’S RATING
PROS
- No credit check
- Accepts people with bad credit
- No prepayment fees
- High BBB rating
CONS
- Extremely high APRs: 99% - 199%
- Small loan amounts: $1,000 - $4,000
- Not available to people without SSN
- No joint applications
- Only available in 37 states & D.C.
OppLoans Review Summary: OppLoans offers unsecured installment loans targeted toward people who have bad credit. OppLoans does not do a hard credit inquiry as part of their application review process, making it easy to get approved. Funding is fast, too, taking just 1 to 2 business days. Still, OppLoans is far too expensive to consider. Their minimum APR is 99%, and their maximum is 199%. OppLoans is not technically a “payday lender” because their loans can last up to 36 months, rather than having to be paid from your next paycheck, and their rates are lower than those of many payday lenders. But compared to the average personal loan provider, OppLoans has incredibly high costs.
OppLoans operates in 37 states and the District of Columbia. While OppLoans does not charge any origination fees, that does little to offset the high cost of its APR. Even if you have bad credit, you should search for less expensive options before applying with OppLoans.
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.
OppLoans Personal Loan Terms
| |
| APRs | 59% - 160% |
| Loan Amount | $500 - $4,000 |
| Loan Terms | Up to 18 months |
| Origination Fee | $0 |
| Prepayment Fee | $0 |
| Late Fee | $0 |
| Minimum Credit Score | None* |
| Minimum Income | 18000 |
| Loan Purpose | Debt Consolidation, Refinance, Home Improvement |
| Time to Receive Loan Money | 2 - 3 business days |
| Other Requirements |
|
*According to multiple third-party sources | |
OppLoans Rates, Fees & Other Terms
Category Rating: 1.3/5
OppLoans interest rates are very expensive, ranging from 99% to 199%. The exact rate depends primarily on the state where the borrower lives. A typical personal loan from another lender can have an interest rate of 6% to 36%. The reason the rates are so high on OppLoans installment loans is that OppLoans specializes in lending to people with bad credit and positions itself as an alternative to payday lenders, which can charge 400% or more. That said, there are plenty of cheaper alternatives, and OppLoans loses many points in WalletHub’s review for its high APRs.
OppLoans does get a good score for not charging any origination fees. Unfortunately, the negative value of their high APRs far outweighs this. OppLoans does not charge a late fee, according to representatives from the company. There is no fee for paying a loan off earlier than required.
OppLoans scores low on their maximum loan amount, at just $4,000, but high on the maximum amount of time allowed to pay the loan off, at 36 months.
OppLoans Requirements & Application Info
Category Rating: 3.5/5
OppLoans does not do a credit check when you apply, which means there’s no minimum credit score requirement. So even people with bad credit can get approved. OppLoans doesn’t say they have any specific income requirement, either. What you must have to qualify for a loan is a bank account with at least 90 days of transaction history. And you’ll need to be at least 18 years old and live in one of the 37 states OppLoans services, or D.C. Lastly, you’re required to have a Social Security number. U.S. citizens and permanent residents can apply.
OppLoans does allow to pre-qualify for a loan with a harmless soft pull of your credit. They also won’t do a hard pull of your credit when you apply for a loan, so applying will not have any impact on your credit score. You can only fill out an application for an OppLoans personal loan online, and you cannot submit a joint application.
OppLoans Personal Loan Reviews & Transparency
Category Rating: 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 4.8/5 across more than 130 reviews.
- Transparency: OppLoans doesn’t hide their high costs. They score well for being transparent about their APRs, fees and requirements on their website.
OppLoans vs. Popular Competitors
| Info | OppLoans |  RISE |  Jora Credit |
|---|---|---|---|
| Reviews | |||
| APRs | 59% - 160% | 60% - 299% | 185% - 350% |
| Loan Amounts | $500 - $4,000 | $500 - $5,000 | $500 - $3,000 |
| Loan Terms | Up to 18 months | 26 months | 8 - 30 months |
| Minimum Credit Score | None* | Not disclosed* | Not disclosed* |
| Winner | OppLoans | ||
Methodology
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.
