OppLoans personal loans are extremely expensive. While most personal loans won’t charge an APR above 36%, OppLoans has rates within the range of 59% - 160%. OppLoans does not charge an origination fee, but this does little to offset the APR.
OppLoans presents itself as an alternative to payday loans. And if you’re just comparing the two, OppLoans is a much better choice. The company lends out $500 - $4,000 for up to 18 months, instead of two weeks to a month, as is common with payday loans. Plus, OppLoans doesn’t do a hard credit check when you apply, so it’s relatively easy to get approved.
Nevertheless, personal loans from OppLoans are still are far too expensive to recommend. Even people with poor credit should be able to get approved for much cheaper alternatives from other lenders. It’s also useful to note that OppLoans offers loans in 37 states and D.C., some of those through their partner FinWise Bank.
OppLoans Review Highlights
- OppLoans rates: 59% - 160%
- Origination fee: $0
- Late fee: $0
- Funding time: 1 to 3 business days
- Loan sizes: $500 - $4,000
- Payoff periods: Up to 18 months
- Co-applicant policy: OppLoans does not allow co-signers or offer joint applications.
- Reputation: OppLoans has an A+ rating from the Better Business Bureau, and there are roughly 50 complaints against them with the Consumer Financial Protection Bureau.
- OppLoans requirements: 18+ years old; U.S. citizen or permanent resident with SSN; bank account with 90+ days of transaction history.
A personal loan from OppLoans is better than a payday loan if you’re desperate, but it’s still one of the most expensive personal loan offers on the market. Here’s how WalletHub rates these loans in our three major categories: Terms, Requirements & Application, and Reviews & Transparency.
OppLoans Ratings by Category
Terms: 1.3 / 5
Requirements & Application: 3.5 / 5
Reviews & Transparency: 4.8 / 5
Overall Score: 2.4 / 5
These 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.