Get a reasonable cost installment loan from $1,000 to $4,000, even with less-than-perfect credit.
OppLoans installment loans have better interest rates than other short-term lenders. Even if you don’t have the best credit, you could qualify for a loan that doesn’t require you to pay back what you borrow as quickly as a payday loan.
Read our guide below to determine if OppLoans is the right lender for you.
|Min Loan Amount||$1,000|
|Max. Loan Amount||$4,000|
|Loan Term||9 to 36 months|
|Turnaround Time||1 business day|
|Costs||Depends on state of residency.|
|Requirements||Open only to residents of AL, CA, DE, GA, KS, ID, IL, MO, MS, NV, NM, OH, SC, TN, TX, UT, VA and WI. Must have direct deposit and meet minimum income requirements.|
- Funding in as little as 1 business day.
- Repayment terms from 9 to 36 months.
- Not available in all 50 states.
- Possibly high interest rate.
- Live in one of the following states: Alabama, California, Delaware, Georgia, Idaho, Illinois, Kansas, Mississippi, Missouri, Nevada, New Mexico, Ohio, South Carolina, Tennessee, Texas, Utah, Virginia, or Wisconsin.
- Have a bank account in your name with at least 90 days of history.
- Receive your paychecks through direct deposit (not a requirement in New Mexico).
- Meet minimum income requirements, which vary between $1,300/month and $3,600/month depending on state of residence.
- Currently employed for at least 3 months.
- 18 years+ old. (19+ in Alabama.)
- Are NOT an active duty service member or a dependent of a member of the military.
First, do I qualify?
To qualify for an installment loan through OppLoans, you must:
- Live in one of its serviced states: Alabama, California, Delaware, Georgia, Idaho, Illinois, Kansas, Mississippi, Missouri, Nevada, New Mexico, Ohio, South Carolina, Tennessee, Texas, Utah, Virginia or Wisconsin.
- Have consistent income via direct deposit.
- Have an open bank account.
- Be at least 18 years old.
- Have a valid Social Security number.
Minimum income requirements vary depending on state of residence — from $1,300/month to $3,600/month.
Why should I consider OppLoans?
When you’re in need of a loan but don’t have the best credit, a personal loan from a bank or credit union might not be an option. OppLoans offers larger amounts with comparatively better interest rates than its competitors, and you could receive your approved funds as soon as the next business day. In addition, the payments you make could help improve your credit score, which can make it easier to get a loan with better terms in the future.
Applying online is easy, and if you’re approved, you’ll receive a contract containing the terms of your loan. Once you sign, you’ll receive your funds from OppLoans via direct deposit into your account.
Other benefits of going with Opploans:
- An easy online application process
- Longer repayment terms than other short-term loans
- No prepayment penalties or financing fees
What should I watch out for?
- Limited availability. OppLoans doesn’t operate in every state so you won’t be able to borrow if you live outside of its serviced regions.
- High interest. Because Opploans provides loans to people with less-than-perfect credit, the interest rates tend to be high. Consider if you really need the funds now or could find an alternative until you’re back on your feet. According to OppLoans’ disclosures, 4 out of 10 people who take out a loan will need to refinance their loan at least once.
How much does a loan from OppLoans cost?
Your ultimate costs will vary depending on your state of residence, how much you borrow and your qualifications. APRs generally range from 99-199% — much lower than that of payday loans.
Specific fees for California, Ohio and Texas residents
- If you live in California, you’ll pay a $75 administrative fee. Late and returned checks will incur a $15 fee.
- Late fees in states other than California will not exceed 5% of the unpaid amount.
- If you live in Ohio, monthly Credit Service Organization fees range from 8% to 15% of the loan amount. You’ll also pay 15% interest on the loan principal.
- If you live in Texas, you’ll pay a $30 fee for all returned checks.
What borrowers have to say about OppLoans
OppLoans is accredited by the Better Business Bureau (BBB) and has received an A+ rating based on their customer reviews and business practices. Out of the nearly 500 reviews left about OppLoans, the overwhelming majority are positive. In addition, the customer complaints that have been posted to the BBB have all been resolved.
Other online review sites have given it a positive response. OppLoans’ customer service is often cited as one of their best features, and the large loan amounts set it apart from other short-term loan options.
How do I 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’s application form.
Be sure you…
- Receive direct deposit into a valid bank account.
- Meet the minimum income requirement, which varies by state from $1,300/month to $3,600/month.
- Live in one of the following states: Alabama, California, Delaware, Georgia, Idaho, Illinois, Kansas, Mississippi, Missouri, Nevada, New Mexico, Ohio, South Carolina, Tennessee, Texas, Utah, Virginia or Wisconsin.
- Are at least 18 years old and a permanent resident of the US with an SSN.
Minimum income requirements by state
|State||Minimum monthly income|
|State||Minimum monthly income|
In the application form, you’ll be asked to fill out the following:
- Your contact details, including your name, address, email and phone number
- Your bank account details
- Your income and employment details
The application process step-by-step:
1. Go to the site and click the Apply Now button.
2. You’ll be taken to the application where you’ll need to make an account.
3. Provide your street address and phone number(s).
4. Enter information about your employer, your income and how frequently you’re paid.
5. Enter how much you’d like to borrow, your date of birth, your Social Security number and your bank account information.
6. Read the terms carefully before agreeing. Once you do, your application will be processed and you’ll be taken to the next page.
If you receive a conditional approval, OppLoans will contact you to confirm your information. If you receive a rejection, read below to see what you should do next.
Why did OppLoans preapprove me for a loan?
If you received a letter or email from OppLoans stating that you’ve been preapproved, you may be wondering if it’s a legitimate offer. Businesses like OppLoans will do a soft pull on your credit to determine if you might qualify, then will send you a document stating you could possibly take out a loan.
A preapproval offer doesn’t guarantee you’ll ultimately get the loan. Rather, this is a process some lenders use for marketing. Your credit changes monthly, and it may not be the same as when OppLoans did a soft pull.
Some people have left negative reviews online about their experience of receiving a preapproval notice in the mail from OppLoans and then getting rejected after applying. Understand that this is completely normal. You may have been preapproved, but that doesn’t guarantee a loan. You’ll need to meet other eligibility criteria, such as a regular source of income and active bank account, in order to qualify.
If you want to pursue a loan with OppLoans after getting a preapproval notice, you can visit the website listed on your offer and type in the offer code.
I got the loan! Now what?
Budgeting for your payments will help you keep up with the costs of your loan so you can avoid further debt caused by refinancing or missing a payment. A big part of making sure the loan is a smart move for you is fully understanding the costs and repayment terms. If you think you’ll miss a payment, contact OppLoans right away to see if there’s a way to avoid non-sufficient funds fees or change your payment date.
I didn’t get the loan. What happens next?
There are quite a few reasons you might not have gotten the loan. States have different regulations on how many loans you can take out at once or over a period of time, and OppLoans has its own criteria when determining who it will lend to.
One reason for denial may be you don’t have enough monthly income to afford the loan. In this case, you may want to request a lower amount to avoid future rejection. You could reach out to customer service to ask for a denial reason, take the appropriate steps to fix the problem so that your future application could see approval.
If you’re looking to take out a loan for a longer period than other short-term options offer, OppLoans could be a good decision for you. Its a highly rated company that’s often complimented for dedicated customer service. With an easy online application, you’ll know if you’re approved within minutes and receive approved funds as soon as the next business day.
But before you apply, you may want to compare your other loan options.