OppLoans installment loans review September 2019 | finder.com

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OppLoans installment loans review

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Get a reasonable cost installment loan from $500 to $5,000, even with less-than-perfect credit.

Bad credit doesn’t mean you have to pay those high rates offered by some other short-term lenders. The lower rates offered by OppLoans can help offset the cost of borrowing, though there are still risks involved.


Min. Amount


Max. Amount

1 business day

Turnaround time


Product NameOppLoans Installment Loans
Min. Amount$500
Max. Amount$5,000
Loan Term9 to 36 months
Turnaround Time1 business day
Costs99%–199%, varies by state
RequirementsDirect deposit, meet minimum income requirements
Go to Opportunity Financial, LLC's website

First, do I qualify?

To qualify for an installment loan through OppLoans, you must:

  • Live in one of its serviced states: Alabama, Alaska, Arizona, California, Delaware, District of Columbia, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Kansas, Kentucky, Louisiana, Michigan, Minnesota, Mississippi, Missouri, Montana Nebraska, Nevada, New Mexico, North Dakota, Ohio, Oklahoma, Oregon, South Carolina, South Dakota Tennessee, Texas, Utah, Virginia, Wisconsin, Washington or Wyoming.
  • Meet OppLoans’ minimum income requirement.
  • Have an open bank account.
  • Be at least 18 years old.
  • Have a valid Social Security number.

If you don’t live in one of OppLoans’ serviced states, compare your other loan options in the table below.

Why should I consider OppLoans?

OppLoans is a direct lender that offers large loans with comparatively lower interest rates than its competitors. Its easy application process, long repayment terms and minimal fees set it apart from your other short-term options, and since it reports to the big three credit bureaus, you may be able to improve your score while paying off your loan.

If approved, your loan funds will be deposited into your bank account, usually within one to two business days.

What are the benefits of using OppLoans?

  • Get your funds fast. Applications that are approved before 7:30 p.m. EST can be funded as soon as the next business day.
  • Lower interest than a title or payday loan. While it doesn’t have as low an interest rate as a traditional loan or credit card, OppLoans does provide funds at rates well below the 1,200+% APR you might find with other short-term lenders.
  • Builds credit history. Making timely payments on your loan could increase your credit score because OppLoans reports to all three major credit bureaus: Equifax, Experian and TransUnion. OppLoans doesn’t report payment history for borrowers in Ohio or Texas, however.
  • Lines of credit. If you life in a state where OppLoans provides lines of credit — currently only Kansas, Tennessee and Virginia — you may be qualified to have funds whenever you need it without having to fill out another application.
  • Payment flexibility. OppLoans gives you the ability to change your payment date so you won’t fall behind if your situation changes.

What should I watch out for?

OppLoans offers one of the most affordable short-term loans in the industry when compared to other payday and installment loan providers. But you may want to be aware of other cautions such as:

  • Limited availability. OppLoans doesn’t operate in every state. 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. 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% to 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 as of August 2018, based on its business practices. Out of the over 900 reviews left about OppLoans, the overwhelming majority are positive.

However, there have been a few complaints. The majority concern either OppLoans’ preapproval process or its high interest rates. Even if you’ve been preapproved, there’s no guarantee your loan will actually be funded until OppLoans has checked your credit. And unlike other short-term loan options, OppLoans’ interest rate is capped at 199%. While costly, this is less expensive than similar products.

It doesn’t have any reviews on its Trustpilot page, but reviewers on other 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.

Is OppLoans legit?

Yes. OppLoans is a legitimate lender and a direct provider. This means that when you call OppLoans, you speak with them. If you are approved for a loan, OppLoans provides the money upfront rather than connecting you with another lender as a broker would.

On top of lending installment loans, OppLoans also runs a blog and has many financial tips to help you through your money issues.

OppLoans safety

OppLoans’ Privacy Policy follows standard safeguards to protect your information from being used for other nonbusiness purposes, and it has an active security certificate to help keep you safe when you enter any sensitive information on its website.

Compare more installment loan providers

Updated September 21st, 2019
Name Product Filter Values Max. Loan Amount Turnaround time Requirements
As soon as the next business day
Regular source of income, verifiable bank account, US citizen, ages 18+
Get connected with multiple lenders you might qualify with — even if you have bad credit.
1 business day
Direct deposit, meet minimum income requirements
Comes with the option to change your due date so you won’t fall behind on repayments.
1 to 2 business days
Active checking account, regular source of income, email address
Get access to tools to help you plan a career move, make some extra cash or search for a better-paying job.
Same business day to 1 business days
Must be employed and receive regular income, earn at least $800 a month, have a checking account and be an 18+ years old legal US citizen.
Get a flexible installment loan with fast funding through one easy online application form.
1 business day
Checking account, $1,500+ monthly income, recent pay stub, live in eligible state, 18+ years old
Financing with transparent terms to residents of five states.
Same business day to 1 business days
$1,000+ monthly income, direct deposit, US citizen or permanent resident, ages 18+
Get offers from potential lenders in minutes by filling out just one online form.
As early as 1 business day
$1,000+ monthly income after taxes, valid checking account
Explore its online education center to get tips on budgeting, how to prioritize your bills and more.
Varies by state
1 business day
Regular source of income, bank account, US citizen or permanent resident, ages 18+
Sign up for its discount program to get access to coupons and deals on everything from dining out to tax services.

Compare up to 4 providers

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.

Eligibility criteria

Be sure you…

  • Receive direct deposit into a valid bank account.
  • Meet the minimum income requirement.
  • Live in a serviced state: Alabama, Alaska, Arizona, California, Delaware, District of Columbia, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Kansas, Kentucky, Louisiana, Michigan, Minnesota, Mississippi, Missouri, Montana Nebraska, Nevada, New Mexico, North Dakota, Ohio, Oklahoma, Oregon, South Carolina, South Dakota Tennessee, Texas, Utah, Virginia, Wisconsin, Washington or Wyoming.
  • Are at least 18 years old and a permanent resident of the US with a SSN.

Required information:

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:

Go to the site and click the Apply Now button, then follow these steps:

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.

Go to Opportunity Financial, LLC's site

Why did OppLoans preapprove me for a loan?

OppLoans installment loans preapproval application screenshotIf 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. OppLoans offers a refinancing option to eligible borrowers as well as the option to change your payment due date online.

I didn’t get the loan. What happens next?

There are quite a few reasons you might have been denied for a 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.

People are often denied because they don’t have a high enough monthly income to afford a loan. In this case, you may want to request a lower amount to avoid future rejection. You could also reach out to customer service to ask for a denial reason, take the appropriate steps to fix the problem so that your future applications have a better chance of being approved.

Bottom line

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. It’s 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. If OppLoans isn’t right for you, consider other installment loans like OppLoans.

Frequently asked questions

Image source: opploans.com

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  1. Default Gravatar
    September 11, 2019

    When will I be able to refinance my loan? How many more payments do I have to make

    • AvatarStaff
      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,

  2. Default Gravatar
    July 20, 2019

    I am on Social Security SSI and I receive $771 a month. I am trying to find a loan of $3,000. I would like to repay that back at $700 a month from my bank account direct pay.

    I live with family and don’t have any bills so I am able to do that. My truck was burned down in an arson fire and that took away my ability to generate any income for myself. I am looking to buy a vehicle which I found which cost $3,000.

    Is this possible to get a loan based on my social security SSI and where would that be?

    • AvatarStaff
      July 22, 2019

      Hi Harlie!

      Thanks for getting in touch! Sorry to hear your car was burned in an arson fire. There are options that you can look at on this page. The list on the page offer loan options to people receiving Social Security benefits. Note that you would need to provide your Credit Score to see which lender is available in California.

      As a friendly reminder, carefully review the eligibility criteria of the loan before applying to increase your chances of approval. Read up on the terms and conditions and product disclosure statement and contact the bank should you need any clarifications about the policy.

      Hope this helps!


  3. Default Gravatar
    May 28, 2019

    Can I get a loan while I’m in bankruptcy?

    • AvatarStaff
      May 29, 2019

      Hi Berlinia,

      Thanks for your inquiry.

      I’m sorry to hear you are in this position. To answer your question, yes, you can get a loan while in bankruptcy. It’s helpful to know that there are options available to you during this time however they are very limited and the fees and rates may be considerably higher on loan after bankruptcy, and you may be required to attach an asset as security or apply with a guarantor. You may refer to this page to compare your options. Initially, you can see the lenders available on the part of the page that says “Which lenders accept applicants who’ve filed for bankruptcy?” The lenders with a check are the lenders most likely to accept your application. Additionally, there is a box on the page that will list out the lenders available especially in your state.

      As a friendly reminder, review the eligibility criteria of the loan before applying to increase your chances of approval. Read up on the Terms and Conditions and Product Disclosure Statement as well. Contact the bank should you need any clarifications about the policy.

      Hope this helps!


  4. Default Gravatar
    May 3, 2019

    can i still apply if i live in new york?

    • AvatarStaff
      May 3, 2019

      Hi Darren,

      Thanks for your inquiry.

      Unfortunately, OppLoans only offers installment loans in the following states:
      New Mexico
      South Carolina

      Please note that you’re not able to get a payday loan in New York, but there are other options. To check your options, please click this page. and look for “What other options do you have for a loan in the state of New York?” topic to see your option.

      I hope this helps.

      Kind regards,

  5. Default Gravatar
    April 23, 2019

    Hi can a loan be obtained if your retired with income from social security?

    • AvatarStaff
      April 24, 2019

      Hi Joslyn,

      Thank you for reaching out to Finder.

      Please click here to be routed to our page that offers loan lenders who assist retired users. Kindly review and compare your options on the table displaying the available providers. Once you have chosen a particular provider, you may then click on the “Go to site” button and you will be redirected to the provider’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.

      Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. Hope this helps!


  6. Default Gravatar
    March 7, 2019

    I want to know what if I receive SSI but I do receive enough to pay each month? Because I have nothing else to pay and I do not rent, Can I apply?

    • AvatarStaff
      March 10, 2019

      Hi Esmeralda,

      Thanks for getting in touch with Finder. I hope all is well with you. 😃

      One of the requirements of OppLoans is for you to meet their minimum income requirements, which vary between $1,300/month and $3,600/month depending on your state of residence. If you believe you can meet this requirement, then please click on the “Go to site” green button above.

      Alternatively, you can also go to this page. On that page, you will see a table that allows you to conveniently compare short-term loans available to people who receive SSI. Once you found the right one for you, click on the “Go to site” green button to learn more or initiate your application.

      On the same page, you will also learn other types of loans available for people on disability and other alternative options for extra funds.

      Please make sure that you’ve read the relevant T&Cs or PDS of the loan products before making a decision. Moreover, check the eligibility requirements as well and consider whether the product is right for you.

      I hope this helps, Esmeralda. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!


  7. Default Gravatar
    February 18, 2019

    Just wanted you to know I had a loan paid in full and it is not being reported to the credit bureaus because I am a resident of Ohio. What should I do?

    • AvatarStaff
      February 19, 2019

      Hi Colleen,

      Thanks for getting in touch with Finder. I’m sorry to hear about your problem, Colleen.

      What I can suggest is for you to ask your lender if they report your loan status to the credit reporting bureaus. You can then ask them to report it if they don’t.

      It is worth noting though that you can’t force your lender to send a report to credit reporting bureaus. The credit reporting bureaus can’t also force your lender to report to them. Sometimes, the main reason lenders don’t report is the cost involved. Reporting to the credit reporting bureaus is voluntary.

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!


  8. Default Gravatar
    December 22, 2018

    Could I qualify for a $1,000 loan if my credit is bad? I do have a job that pays weekly.

    • AvatarStaff
      December 22, 2018

      Hi Evelyn,

      Thanks for getting in touch with finder. I hope all is well with you. :)

      If you are planning to apply for OppLoans, you may be qualified for their loan. Click on the “Application criteria” tab found above and check the eligibility requirements. It is okay if you have bad credit as long as you meet these criteria. Get a special look as well as their minimum income requirement. If you also want to check other options, please click here and you will find other lenders who provide money to people who have bad credit. Use the table on that page to compare your options based on the minimum and maximum loan limit, turnaround time, and requirements. You can then click on the “Go to site” green button to learn more.

      Please make sure that you’ve read the relevant T&Cs or PDS of the loan products before making a decision. Moreover, check the eligibility requirements as well and consider whether the product is right for you.

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!


  9. Default Gravatar
    November 12, 2018

    Why do you guys ask bank username and password?

    • Default Gravatar
      November 13, 2018

      Hi there,

      Thanks for leaving a question on finder.

      Payday lenders may request for your bank account details generally your account number and routing number for a number of reasons. One reason is to verify that you’re eligible, since most loans require you to have an operating bank account to be eligible.

      Reputable short-term lenders will not store your login details and should have a secure, encrypted page for you to submit your bank account numbers along with your other personal information.

      However, this doesn’t mean there aren’t scams out there. Here are some quick tips to spot a bad lender:

      – The company requests your login details over the phone or through email.
      – The login page or application page is unsecure, and your browser shows a warning symbol.
      – The company claims you need to pay a fee before applying.

      Trust your gut. If you don’t feel comfortable with a lender asking your banking details, move on and go with reputable lenders instead.

      Please send me a message if you need anything else. :)


  10. Default Gravatar
    October 12, 2018

    Is there another lender like this available in Arizona for people with poor credit?

    • Default Gravatar
      October 12, 2018

      Hi Court,

      Thanks for leaving a question on finder.

      Definitely! Please click on THIS link and choose Arizona from the dropdown to show lenders who lend specifically to your state.

      Please send me a message if you need anything else. :)


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