OppLoans Review: High Rates But No Hard Credit Check
- Min. Amount
- $500
- Max. Amount
- $4,000
- Turnaround time
- As soon as the same business day
Our verdict
No hard credit check required for this lender, but rates are high.
OppLoans offers loans up to $4,000, and it doesn’t require a hard credit check to qualify. And, unlike some similar lenders, it reports payments to the major credit bureaus, so it’s a way for people with poor credit to improve their credit score. But its rates can reach as high as 195%, and it’s not available in all states.
Best for: Borrowers with bad credit who are looking to improve their credit scores and can repay quickly.
Pros
-
No hard credit check
-
No prepayment penalties
-
Helps to build credit
Cons
-
Rates as high as 195%
-
Requires direct deposit
-
Not available in all states
Is OppLoans legit?
Yes, OppLoans is a legitimate lender. It’s been accredited by the Better Business Bureau (BBB) since 2016 and has an A+ rating. Not only does OppLoans report your payments to all three credit bureaus — which can help improve your score by building a positive payment history — but it also has a standard privacy policy and safety features to help protect your identity.
However, OppLoans has been involved in a number of class-action lawsuits. Plaintiffs allege that OppLoans is really a direct lender but hides behind partner banks when lending in certain states that have caps on interest rates. The reason for this — plaintiffs say — is to get around those restrictions to charge triple-digit APRs.
Some of those actions were dismissed due to arbitration clauses in the loan contracts, although one in California ruled for the plaintiff but is being appealed. OppLoans also agreed to a more than $2 million settlement in 2021 with the attorney general of the District of Columbia, who brought a lawsuit against the company for essentially the same reasons as the other suits.
What makes OppLoans shine?
Despite its high rates and rocky legal history, there are several upsides to choosing OppLoans as your lender.
Helps to build credit
Unlike some high-rate lenders similar to OppLoans, it reports your payments to the three major credit bureaus. If you make on-time payments — which makes up the largest portion of your credit history — you can improve your score, making it easier to qualify for credit in the future.
No prepayment penalties
When a loan comes with rates in the triple digits, the option to pay it off early without penalty is critical, and OppLoans offers this feature. You can either pay it off in a lump sum or just add more to your regular payment any time you have extra cash. Repaying your loan early could save you hundreds in interest charges.
Option to refinance
Another plus with OppLoans — if you can afford it — is the possibility of refinancing your debt to borrow more if you need to. Basically, you can only borrow the difference between your existing loan balance and what you’ve already paid toward the principal, although some borrowers may qualify for a larger loan amount.
Not everyone is eligible, though — you’ll need to be in good standing with your loan and have already paid at least 15% or $400, whichever comes first. If you’re eligible to apply, you’ll see an option to “Refinance Now” in your customer portal. However, you should carefully consider if borrowing more is a good idea, and you may not get a better rate by refinancing.
Where OppLoans falls short
The main drawback to loans offered by OppLoans is the high APRs. While rates are lower than some payday loans, they’re much higher than the majority of online personal loans, which typically run from 5.99% to 35.99%. You may try loans like Opploans first to see if you can land a better rate for the loan amount you need.
It’s definitely worth repaying your loan as quickly as possible to avoid paying too much interest. Or, you might qualify for less expensive online personal loans that may also offer loans to people with bad credit if you can meet the other criteria.
OppLoans loan details
| Minimum credit score/credit range | No minimum |
| APR | 160% to 195% |
| Loan amount | $500 to $4,000 |
| Terms | 9 to 18 months |
| Approval turnaround | As soon as the same business day |
| Availability | Not available in: Colorado, Connecticut, Georgia, Iowa, Maryland, Massachusetts, New York, South Dakota, Vermont, Washington, West Virginia |
| Fees | Late or NSF penalties (undisclosed) |
| Other fees | Undisclosed |
OppLoans product details
| Phone number | 800-990-9130 |
| Customer service hours | Weekdays: 7 a.m. to 11 p.m. CT Weekends: 9 a.m. to 5 p.m. |
| info@opploans.com | |
| X, formerly Twitter | @OppLoansBlog |
| OppLoans by OppFi |
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How to qualify for OppLoans
OppLoans lists the following requirements to qualify for a loan.
- Be at least 18 years old
- Have a bank account
- Have a regular source of income (can be from employment or another source)
- Get paid by direct deposit
- Live in a state that OppLoans services
Why did OppLoans prequalify me for a loan?
OppLoans frequently sends letters or emails offering prequalification to potential applicants who may meet its eligibility criteria. While this won’t guarantee approval, it does mean you meet certain qualification criteria for a loan based on a soft pull of your credit.
Some people have left negative reviews online about their experience of receiving a prequalification notice in the mail from OppLoans and then getting rejected after applying. This experience is normal, though, as prequalifying doesn’t guarantee approval. You’ll need to meet other eligibility criteria, such as a regular source of income, to qualify.
If you want to pursue a loan with OppLoans after getting a prequalification notice, you can visit OppLoans and type in your offer code.
How to apply
Follow these steps to apply for a loan.
- Fill out the online application.
- Connect your bank account for income verification.
- Wait for a decision, usually within minutes.
- Receive funding if approved. Funds can arrive as soon as the same day.
How OppLoans compares to other lenders
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How we picked theseWhat is the Finder Score?
The Finder Score crunches 3+ types of short-term loans across 65+ lenders. It takes into account the product's interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate - this gives you a simple score out of 10.
To provide a Score, we compare like-for-like loans. So if you're comparing the best short-term loans for all credit types, you can see how each short-term loan stacks up against other short-term loans with the same borrower type, rate type and repayment type.
OppLoans reviews and complaints
| BBB accredited | Yes |
|---|---|
| BBB rating | A+ |
| BBB customer reviews | 4.27 out of 5 stars, based on 419 customer reviews |
| Trustpilot Score | 4.5 out of 5 stars, based on 4,670 customer reviews |
| Customer reviews verified as of | 29 October 2024 |
OppLoans receives high marks from both the BBB and Trustpilot. It has plenty of positive reviews about its good customer service, simple application and quick loan process and funding.
However, some borrowers complain about incorrectly processed payments, negative credit reporting and being denied loans even after repaying previous loans. And, of course, there are numerous complaints noting the high rates OppLoans charges.
What do people on Reddit say?
Others say the rates should be illegal, you could get a better deal with the mob and the lender preys on desperate people.
Frequently asked questions
Does OppLoans approve everyone?
No. Despite its more lenient credit requirements to qualify, OppLoans doesn’t approve every loan. You’ll need to meet its other criteria, such as having a steady source of income, a valid bank account and getting paid by direct deposit.
Is OppLoans a monthly payment?
OppLoan states that payments are usually made either monthly or bi-weekly, depending on your loan agreement. However, most customer reviews state that payments are made every two weeks, so you’ll want to confirm your repayment plan before signing an agreement.
How do I make my loan payments?
OppLoans says it accepts automatic ACH payments (preferred method), debit cards or paper checks sent by mail.
Will a late or missed payment affect my credit?
It can. Because OppLoans reports your repayments, late or missing payments could negatively impact your credit score.
- OppFi Legal Investigation,ClassAction.org,July 2024
- True lender class actions against OppFi in multiple states,Consumer Finance Monitor, July 2023
- AG Racine Announces Over $2 Million Settlement with Predatory Online Lender Will Compensate Thousands of District Consumers,Office of the Attorney General for the District of Columbia, November 2021
Your reviews
Lacey Finder
Writer
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nikkiangco
March 17, 2020
Hi James,
Thanks for your comment and I hope you are well.
Paycards are reloadable cards where employers put wages into the card instead of cutting a paper check or making a direct deposit to an employee’s bank account. Given this, it is not considered a bank account.
As it says above, one of the eligibility criteria of this account requires “a bank account in your name with at least 90 days of history.” Please check the terms and conditions of this product before lodging your application and reach out to Opploans should you have any account-related concerns.
Hope this helps and feel free to reach out to us again for further assistance.
Best,
Nikki
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Bryson
October 22, 2019
On the 25th of October will be my last payment. Will I be able to take out another loan? All my payments were made on time.
Charisse Finder
October 24, 2019
Hi Bryson,
Thanks for reaching out to Finder.
Opploans does offer refinances to eligible current customers. You will know if you are eligible to refinance if you see a “Refinance Now” option in your customer portal.
I hope this helps.
Cheers,
Charisse
Avery
October 11, 2019
How much interest does OppLoans charge on a personal loan?
Charisse Finder
October 13, 2019
Hi Avery,
Thanks for reaching out to Finder.
OppLoans offers loan amounts ranging from $500 to $4,000 with APR of 99-199%, depending on your state’s legal maximums. Your eligibility as well as the amount you can borrow and your APR will depend on your state of residence, your income and ability to repay, and your creditworthiness.
For more information about the product options Opploans offer in your state, please visit their Rates and Terms page on their website or contact them directly.
I hope this helps.
Cheers,
Charisse
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Amber
October 07, 2019
Is arrowhead loan legit?
nikkiangco
October 07, 2019
Hi Amber,
Thanks for getting in touch!
Arrowhead loan is not available on our page so we won’t be able to give information on the legitimacy of the provider. However, to avoid a personal loan scam, you can look out for red flags and warnings signs and compare lenders before making a decision.
You can also go to government websites like BBB and CFPB to conduct a search using the loan company’s name and other identifying information like the website URL, email, physical address or phone number and see if they are a registered loan company and if there were any complaints lodged against them.
Best,
Nikki
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David
September 11, 2019
When will I be able to refinance my loan? How many more payments do I have to make
nikkiangco
September 12, 2019
Hi David!
Thanks for your question! While we review Opploans in our pages, it’s helpful to know that aren’t able to check your account with them for you since we are not affiliated with them. It would be best to contact the customer service support of Opploans directly for further assistance.
Hope this clarifies and we hope they find a quick resolution for you!
With care,
Nikki
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James
March 17, 2020
Does a paycard that has routing info and allows direct deposits from multiple companies count as a bank account?