See if you meet this highly-rate lender's requirements and calculate your monthly payments.
finder.com’s rating: 4.5 / 5.0
★★★★★
Bottom line: Opploans offers installment loans with highly rated customer service to bad-credit borrowers. While its interest rates are inexpensive compared to similar providers, it’s still a high-interest loan. Consider this lender if you can’t qualify for a personal loan with lower interest rates.
Kellye Guinan is a writer and editor with Finder and has years of experience in academic writing and research. Between her passion for books and her love of language, she works on creating stories and volunteering her time on worthy causes. She lives in the woods and likes to find new bug friends in between reading just a little too much nonfiction.
Expert review
Opportunity Financial LLC — more commonly known as OppLoans — offers fast, relatively inexpensive installment loans. It has received multiple 5-star ratings for its simple loan process and top-notch customer service.
Like many short-term lenders, it won’t check your credit when you apply. And it may be able to get your loan funds to you within a few business days. It sets itself apart by offering a low interest rate cap on its loans — anywhere from 99% to 199% — and by reporting your repayments to the three major credit bureaus, which can help you increase your score.
But while it accepts bad credit, you still need to meet its monthly income requirement and have an active checking account. In addition, its APR is still high compared to other loan options, so make sure you understand the total cost of your loan before borrowing.
OppLoans rates, fees and terms
The cost of your loan depends on the amount you borrow, your loan term and the APR you’re offered — which vary by state. In most states, you may be able to borrow as little as $500 with an APR of 199% and terms lasting between 9 months and 2 years.
Search:
State
Min amount
Max amount
APR
Loan term
Alabama
$2,000
$4,000
160%
12 to 24 months
Alaska
$500
$4,000
160%
9 to 18 months
Arizona
$500
$4,000
160%
9 to 18 months
California
$500
$4,000
160%
9 to 18 months
Delaware
$500
$5,000
160%
9 to 18 months
Florida
$500
$4,000
160%
9 to 18 months
Georgia
$3,001
$5,000
59%
12 to 24 months
Hawaii
$500
$4,000
160%
9 to 18 months
Idaho
$1,001
$5,000
160%
9 to 18 months
Illinois
$500
$4,000
99%
9 to 18 months
Indiana
$500
$4,000
160%
9 to 18 months
Kansas
$500
$4,000
160%
9 to 18 months
Kentucky
$500
$4,000
160%
9 to 18 months
Louisiana
$500
$4,000
160%
9 to 18 months
Maine
$500
$4,000
160%
9 to 18 months
Michigan
$500
$4,000
160%
9 to 18 months
Minnesota
$500
$4,000
160%
9 to 18 months
Mississippi
$501
$2,500
160%
9 to 12 months
Missouri
$500
$4,000
160%
9 to 18 months
Montana
$500
$4,000
160%
9 to 18 months
Nebraska
$500
$4,000
160%
9 to 18 months
Nevada
$500
$4,000
160%
9 to 18 months
New Mexico
$500
$4,000
160%
9 to 18 months
North Dakota
$500
$4,000
160%
9 to 18 months
Ohio
$500
$4,000
160%
9 to 18 months
Oklahoma
$500
$4,000
160%
9 to 18 months
Oregon
$500
$4,000
160%
9 to 18 months
Rhode Island
$500
$4,000
160%
9 to 18 months
South Carolina
$500
$4,000
160%
9 to 18 months
South Dakota
$500
$4,000
160%
9 to 18 months
Tennessee
$500
$4,000
160%
9 to 18 months
Texas
$500
$5,000
189% CAB fee + 10% lender fee
Up to 179 days
Utah
$500
$4,000
160%
9 to 18 months
Virginia
$500
$4,000
160%
9 to 18 months
Washington
$500
$4,000
160%
9 to 18 months
Wisconsin
$500
$4,000
160%
9 to 18 months
Wyoming
$500
$4,000
160%
9 to 18 months
Opploans monthly payments
Your monthly payment depends on your loan amount, term and APR — which vary by state. Use our calculator to get an estimate of the monthly payments you might expect from this lender.
Yes, OppLoans is a legitimate lender. 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. OppLoans also runs a blog with multiple financial tips to help you through your money issues.
How OppLoans compares to other lenders
To see lenders similar to OppLoans, select your state and click Show me my options.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
OppLoans receives plenty of positive reviews on its customer service, simple application, quick process and comparatively competitive rates. However, some borrowers report issues with OppLoans incorrectly processing payments — and note the total cost of borrowing is still quite high.
How to qualify
You must meet the following minimum criteria to qualify for a loan from OppLoans:
Resident of an eligible state
Meet the minimum age requirement for your state
Open bank account that is at least 90 days old
What states is OppLoans available in?
Depending on your state, OppLoans may fund the loan directly or offer financing through one of three lending partners — FinWise, First Electronic Bank or Capital Community Bank.
States with direct financing
Alabama
Delaware
Georgia
Idaho
Illinois
Mississippi
Missouri
Nevada
New Mexico
South Carolina
Texas
Utah
Wisconsin
States with loans originated and funded by FinWise Bank:
Alaska
Arizona
California
Florida
Hawaii
Indiana
Kansas
Kentucky
Louisiana
Maine
Michigan
Minnesota
Montana
Nebraska
North Dakota
Ohio
Oklahoma
Oregon
Rhode Island
South Dakota
Tennessee
Virginia
Washington
Wyoming
What information do I need to apply?
You will need to submit some basic personal information when you apply with OppLoans, including:
Date of birth
Social Security number
Monthly income
Pay frequency
Bank account and routing numbers
Why did OppLoans prequalify me for a loan?
OppLoans frequently sends out 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 is normal — an offer for prequalification or preapproval doesn’t mean you’ll ultimately be approved. You may have prequalified, but that doesn’t guarantee a loan. 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 the application works
OppLoans offers applications through its website. You can get started by creating an account with and filling out an application. Once you submit your application, OppLoans runs a credit check through credit reporting agency Clarity Services, not the three major credit bureaus. Applying doesn’t affect your credit score.
If you receive conditional approval, OppLoans will contact you to confirm your information. You may be required to submit additional documentation to confirm your identity, employment status or income.
OppLoans will review your application, and if approved, send your loan agreement to sign. Review the terms and conditions, interest rates and terms. Once the paperwork is taken care of, your loan funds will be disbursed.
How long does it take to get a loan from OppLoans?
You can get your loan as soon as the next business day if you receive final approval before 7:30 p.m. ET on a weekday. Otherwise, you should receive your funds within a business day or two after that.
How long the whole process takes depends on how long it takes to get approved. For example, it could take longer to verify your income if you’re self-employed. Bank holidays may also add an extra business day for processing.
I didn’t get the loan. What happens next?
There are 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 enough left over after bills to afford a loan. In this case, you may want to request a lower loan amount to avoid future rejection. You could also reach out to customer service to ask for a denial reason, then take the appropriate steps to fix the problem so that your future applications have a better chance of being approved.
What are my repayment options?
OppLoans allows you to repay your loan with a debit card or by bank transfer. You can find your rate, loan terms and due date this information in the terms and conditions of your loan.
For months that you find you have a little extra money, it may be worth putting it toward your loan payment: Paying more than the minimum amount due can decrease the total amount you owe. On-time payments may also help you improve your credit because OppLoans reports payments to the three major credit bureaus.
If you think you’ll miss a repayment, contact OppLoans right away to see if there’s a way to avoid nonsufficient funds fees or change your payment date. OppLoans also offers a refinancing option in some states to eligible borrowers — as well as the option to change your due date online.
Our answers to questions you might have about OppLoans.
Does OppLoans offer personal loans?
While OppLoans sometimes refers to an installment loan as a personal loan on its website, it technically doesn’t offer personal loans. Installment loans are an alternative to payday loans for borrowers with bad credit who need higher loan amounts than payday lenders offer. They come with higher rates and slightly lower loan amounts than a personal loan.
Why does OppLoans ask for bank information?
Like all online-only lenders, OppLoans needs your bank information to deposit your loan and withdraw your payments when they’re due. This is a common practice, but unfortunately it means that people without bank accounts don’t qualify.
Will a late or missed payment affect my credit?
It can. Because OppLoans reports your repayments, late or missing payments could have a negative impact on your credit score.
Can I repay my loan early?
Yes. You can pay off your loan early and make additional payments at no additional charge.
What credit score is needed for OppLoans?
OppLoans doesn’t have a set minimum credit requirement. But you still need to meet minimum monthly income requirements and other eligibility criteria.
Is OppLoans for bad credit?
Generally, OppLoans is designed to serve borrowers with bad credit. But since its requirements are generally more flexible than you’d find with a traditional lender it can also be a useful if you’ve struggled to qualify for a personal loan.
Image source: opploans.com
Short-term loan ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We analyze short-term loan providers and similar services to help you weed out predatory lenders and find a company you can trust. We rate providers on a scale of one to five stars. Our ratings are based on factors that are most important to you, which include: loan amount, application process, fees, customer reviews and borrower experience.
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.
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.
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.
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.
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!
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?
Sorry to hear about your predicament. It is still possible for you to get a loan if you are on SSI income. There are lenders that provide loans for people on disability and who can consider your benefit as a source of income.
Please note that most of these lenders will require you to have a checking account and have to meet all the lenders eligibility requirements to increase your chances of approval. Remember to review the loan terms and conditions before applying and making a decision on whether it is right for you.
I’m sorry to hear you are in this position. Yes- generally, it’s still possible to apply for a loan while bankrupt however, your loan options could be limited and the fees and rates may be considerably higher. You may also be required to attach an asset as security or apply with a guarantor.
As a friendly reminder, always check the eligibility criteria before applying to make sure they accept applicants in bankruptcy or with bankruptcy on their credit reports. Review the terms and conditions before making a decision on whether it is right for you.
Unfortunately, OppLoans only offers installment loans in the following states:
Alabama
California
Delaware
Georgia
Idaho
Illinois
Mississippi
Missouri
Nevada
New Mexico
Ohio
South Carolina
Texas
Utah
Wisconsin
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 read our guide entitled, “Compare your loan options in New York.” From there, check the subheading, “What other options do you have for a loan in the state of New York?” to learn more about what other options you may have.
There are lenders who assist retired users. You may check them out and 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!
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.
You may also refer to the 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 with disabilities 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.
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