Installment loans with OppLoans | review July 2017

If you need cash right away, an installment loan from OppLoans can get you fast funding with loans from $1,000 to $4,000.

If you’re in need of quick funding, OppLoans may offer a solution that suits your needs. OppLoans installment loans are a shorter term loan than a personal loan, but they claim that they have better interest rates than their competitors. Be sure to understand how much taking out a payday loan will truly cost you in the end.

Applying online is easy, and approval is same day in most cases. Once you’re approved, you’ll e-sign a contract containing the terms of your loan. From there, you’ll receive your funds from OppLoans via deposit into your account. Because the process is streamlined, you could receive your funds within one business day after approval.

Product NameOppLoans Installment Loans
Min Loan Amount$1,000
Max. Loan Amount$4,000
Loan Term9 to 36 months
Turnaround Time1 business day
CostsDepends on state of residency.
RequirementsOpen only to residents of Alabama, California, Delaware, Georgia, Idaho, Illinois, Missouri, New Mexico, Ohio, South Carolina, Texas, Utah, and Wisconsin.


  • Funding in as little as 1 business day.
  • Repayment terms from 9 to 24 months.


  • Not available in all 50 states.
  • Possibly high interest rate.
  • You live in one of the following states: Alabama, California, Delaware, Georgia, Idaho, Illinois, Kansas, Mississippi, Missouri, New Mexico, Ohio, South Carolina, Tennessee, Texas, Utah, Virginia, or Wisconsin.
  • You 18 years+ old. (19+ in Alabama.)
  • You are NOT an active duty service member or a dependent of a member of the military.
  • You are currently employed for at least 3 months.
  • You have a bank account in your name with at least 90 days of history.
  • You receive your paychecks through direct deposit (not a requirement in New Mexico).

Why should I consider OppLoans for an installment loan?

For when you need money now, OppLoans allows you to get funding in as little as one business day. Rates offered are advertised as less than other payday or installment loans. Plus, making regular, on-time payments of the minimum balance could improve your credit score.

You’ll also benefit from:

  • An easy online application process
  • Longer repayment terms than other short term loans
  • No prepayment penalties of origination fees

Product details

  • Loan amounts vary from $1,000 to $4,000 based on which state you live in.
  • APRs can range from 59% to 199% depending on your state, the amount of your loan and the terms of your repayment.
  • Repayment terms can be anywhere from 9 to 36 months.
  • Additional fees vary by state of residency.

Eligibility requirements

  • You must be at least 18 years old.
  • To qualify, you must live in Alabama, California, Delaware, Georgia, Idaho, Illinois, Kansas, Mississippi, Missouri, New Mexico, Ohio, South Carolina, Tennessee, Texas, Utah, Virginia or Wisconsin.
  • Residents of Kansas, Tennessee and Virginia may apply for a line of credit product.
  • You must provide a valid Social Security number.
  • You must be able to show proof of consistent income.

What to watch out for

Carefully scrutinize any short-term loan before applying. Even though OppLoans bills itself as offering lower interest than other payday loans, payday loans are still the most expensive type of loan you can obtain. Interest could cost you between $17 and $35 per $100 you borrow over a two-week period.

Other areas to be aware of with OppLoans:

  • Limited availability. OppLoans doesn’t operate in every state, so you won’t qualify if you don’t live in one of the states it services.
  • High interest. Because these are quick, shorter term loans, you’ll be responsible for a high interest rate. Consider if you really need the funds now, and consider all of your options. According to OppLoans’ disclosures, 4 out of 10 people who take out a loan will need to renew the loan at least once.

Is OppLoans safe to use?

How to apply

Confirm that you’re a resident in one of the states OppLoans services. Then click the “Go to Site” button on this page to be directed to OppLoans’ application form.

To apply, you’ll need to provide your personal information, including your Social Security number and driver’s license or state ID number.

If approved, you could receive your funds in as little as one business day.

Application requirements checklist

  • Full name and date of birth.
  • Local address, email address and phone number.
  • Social Security number and driver’s license or state ID.
  • Military service history.
  • Bank account information.

Frequently asked questions

An installment loan is a loan you pay back in multiple payments. These payments are typically scheduled for once or twice a month.

Payday loans are more taken out for emergencies. These loans are typically for smaller amounts and have shorter repayment terms than other loans. Interest on these loans can be astronomical compared to other types of personal loans. Because of the high interest, you’ll want to make your payments on time and pay off the loan as quickly as possible.

Loans are available for $1,000 to $4,000 depending on the types of loans offered in your state of residence.

Usually loans are deposited in your existing bank account as soon as one business day after approval.

You can repay your loan early and make additional payments at no additional charge.

Was this content helpful to you? No  Yes

Ask an Expert

You are about to post a question on

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, read the PDS or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms and Conditions and our Privacy Policy.

4 Responses

  1. Default Gravatar
    EmberJune 9, 2017

    Does opp loans work with people who are receiving unemployment benefits ? I’ve found that a lot of loan places will not accept that form of income.

    • Staff
      HaroldJune 15, 2017Staff

      Hi Ember,

      Thank you for your inquiry.

      Unfortunately, OppLoans requires that you must be able to show proof of consistent income. However, you might be interested with the other options here.

      I hope this information has helped.


  2. Default Gravatar
    AaronMarch 16, 2017

    Why do I have to include access ID an passcode under bank information on opploan application? This appears to be for my personal bank account .. I understand account number , checking or savings, and bank name but don’t understand why info needed an if it’s for login to personal online bank app..??

    • Staff
      HaroldJuly 18, 2017Staff

      Hi Aaron,

      Thank you for your inquiry.

      In general, Payday lenders ask for your Internet banking details because it gives them a way to access your statements. This is one way payday lenders are able to process your application much faster than banks. Instead of you emailing your bank statements from the past three months, you provide your logins and the lender can access them instantly.

      I hope this information has helped.