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Borrow $500 to $5,000 — with a competitive APR capped at 199%.
finder.com’s rating: 4.4 / 5.0
★★★★★
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.
Live in one of the following states: AL, AK, AZ, CA, DC, DE, FL, GA, HI, ID, IL, IN, KS, KY, LA, MI, MN, MO, MS, MT, ND, NE, NV, NM, OH, OK, OR, SC, SD, TN, TX, UT, VA, WA, WI or WY
Bank account in your name with at least 90 days of history
Receive paychecks through direct deposit (not a requirement in New Mexico)
Meet minimum income requirements, which vary between $1,300 and $3,600 per month depending on your 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
Aliyyah Camp is a publisher helping folks compare personal, student, car and business loans. Prior to joining Finder, she ran her own personal finance blog and wrote for numerous finance sites. Aliyyah earned a BA in communication from the University of Pennsylvania. She likes to go to the movies and go for runs outdoors.
Expert Review
Review by
Aliyyah Camp
OppLoans is a highly rated company that 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 may be able to get your loan funds to you within a few business days. It sets itself apart by offering a low rate cap on its loans — anywhere from 99% to 199% — and reporting your payments to the three major credit bureaus to help you increase your score.
But while there is no minimum credit score to qualify, you will 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.
Even if OppLoans is an appealing choice, it pays to compare multiple short-term options to make sure you’re finding the best fit for your finances.
Expert review
OppLoans is a highly rated company that 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 may be able to get your loan funds to you within a few business days. It sets itself apart by offering a low rate cap on its loans — anywhere from 99% to 199% — and reporting your payments to the three major credit bureaus to help you increase your score.
But while there is no minimum credit score to qualify, you will 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.
Even if OppLoans is an appealing choice, it pays to compare multiple short-term options to make sure you’re finding the best fit for your finances.
OppLoans offers an easy application process, long repayment terms and minimal fees — which set it apart from many other short-term options. In addition, it has plenty of borrower-friendly features that help it stand out from the competition:
Low interest rates
While OppLoans is an expensive form of credit, it can be less expensive than many other short-term options. Because APR is capped at 199% — and at 160% in most states — you won’t pay the 300% or more in interest and fees that payday lenders charge. However, you should still borrow with caution: You could still potentially pay back double what you borrow by the end of your loan term.
Builds credit
OppLoans reports to all three major credit bureaus: Equifax, Experian and TransUnion. This means making regular payments on your due date can help build your credit and improve your credit history. However, the opposite is also true. If you are late on a payment or miss one entirely, your credit score could decrease.
Wide state availability
OppLoans offers loans in or works with lenders in 37 states. While the exact loan you can qualify for will depend on your state laws, you may be able to borrow an installment loan or line of credit if you live in one of its serviced states. And if you’re curious about the history of lending in your state or the laws lenders need to abide by, OppLoans has a state-by-state breakdown that covers a wide variety of important information.
Course on financial literacy
If you’re interested in improving your financial literacy, OppLoans offers OppU — a massive open online course (MOOC) designed to help borrowers learn more about budgeting and spending. You’ll also get a run down on how credit works and what makes some debt good or bad. You can even get a run down on what each lesson covers by visiting OppLoans’ informational page for educators.
Directory of helpful financial apps
OppLoans has a simple directory that features apps designed to help you build your savings, budget, transfer money, get good deals and earn rewards. Many may work in tandem with its course on financial literacy, so you can build your understanding while putting your new skills into action.
Am I eligible?
You will need to meet some basic criteria to qualify for an installment loan from OppLoans:
In some states, OppLoans offers installment loans and funds them itself. In other states, it offers loans through FinWise Bank. In a few states, it only offers lines of credit.
States with direct installment loans:
Alabama
California
Delaware
Georgia
Idaho
Illinois
Mississippi
Missouri
Nevada
New Mexico
Ohio
South Carolina
Texas
Utah
Wisconsin
States for with lines of credit only:
Kansas
Tennessee
Virginia
States with loans originated and funded by FinWise Bank:
Alaska
Arizona
Florida
Indiana
Kentucky
Michigan
Minnesota
Nebraska
Oklahoma
Oregon
Wyoming
Pros
Interest rates capped at 199%
Reports to Equifax, Experian and TransUnion
May be able to change payment due date
Wide state availability
Cons
Bank account must be at least 90 days old
Minimum monthly income varies by state
Must receive income through direct deposit
Compare OppLoans to similar loan providers
Updated November 17th, 2019
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OppLoans customer reviews
OppLoans is accredited by the Better Business Bureau (BBB) and has received an A+ rating as of November 2019. Out of the over 1,200 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 only has one review on its Trustpilot page, but reviewers on other sites have given it a positive response. OppLoans’ customer service is often cited as one of its 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 one of its representatives. And because it has a comparatively low cap on interest, some borrowers have found that repayments are much more manageable. OppLoans also runs a blog with multiple financial tips to help you through your money issues.
Is OppLoans safe?
Yes, OppLoans is safe to borrow from. Not only does OppLoans report your payments to all three credit bureaus to help improve your score, but it also has a standard privacy policy and safety features to help protect your identity. It has safeguards in place to protect your information from being used for nonbusiness purposes, and it has an active security certificate to help keep you safe when you enter any sensitive information on its website. You can also limit how OppLoans uses and shares your personal information by calling 800-990-9130.
How much will I pay for an installment loan from OppLoans?
The cost of your loan will depend on the amount you borrow, your loan term and the APR you’re offered. Here’s a quick state-by-state breakdown of OppLoans’ options and minimum income requirements:
Search:
State
Minimum monthly income
Min amount
Max amount
APR
Loan term
Alabama
$3,200
$2,000
$4,000
160%
12 to 24 months
Alaska
$1,500
$500
$4,000
160%
9 to 18 months
Arizona
$1,500
$500
$4,000
160%
9 to 18 months
California
$3,600
$500
$4,000
160%
9 to 18 months
Delaware
$1,500
$500
$5,000
160%
9 to 18 months
District of Columbia
$1,500
$500
$4,000
160%
9 to 18 months
Florida
$1,500
$500
$4,000
160%
9 to 18 months
Georgia
$3,000
$3,001
$5,000
59%
12 to 24 months
Hawaii
$1,500
$500
$4,000
160%
9 to 18 months
Idaho
$2,500
$1,001
$5,000
160%
9 to 18 months
Illinois
$1,500
$500
$4,000
99%
9 to 18 months
Indiana
$1,500
$500
$4,000
160%
9 to 18 months
Kansas
$2,000
$500
$4,000
160%
9 to 18 months
Kentucky
$1,500
$500
$4,000
160%
9 to 18 months
Louisiana
$1,500
$500
$4,000
160%
9 to 18 months
Michigan
$1,500
$500
$4,000
160%
9 to 18 months
Minnesota
$1,500
$500
$4,000
160%
9 to 18 months
Mississippi
$1,500
$501
$2,500
160%
9 to 12 months
Missouri
$1,500
$500
$4,000
160%
9 to 18 months
Montana
$1,500
$500
$4,000
160%
9 to 18 months
Nebraska
$1,500
$500
$4,000
160%
9 to 18 months
Nevada
$1,500
$500
$4,000
160%
9 to 18 months
New Mexico
$1,500
$500
$4,000
160%
9 to 18 months
North Dakota
$1,500
$500
$4,000
160%
9 to 18 months
Ohio
$1,500
$500
$4,000
160%
9 to 18 months
Oklahoma
$1,500
$500
$4,000
160%
9 to 18 months
Oregon
$1,500
$500
$4,000
160%
9 to 18 months
South Carolina
$1,500
$601
$4,000
199%
9 to 18 months
South Dakota
$1,500
$500
$4,000
160%
9 to 18 months
Texas
$1,500
$500
$5,000
189% (CAB fee) + 10% (lender fee)
Up to 179 days
Utah
$1,500
$500
$4,000
160%
9 to 18 months
Washington
$1,500
$500
$4,000
160%
9 to 18 months
Wisconsin
$1,500
$500
$4,000
160%
9 to 18 months
Wyoming
$1,500
$500
$4,000
160%
9 to 18 months
How does OppLoans make an approval decision?
OppLoans bases its approval decision on a number of factors, including your income, current debt and employment status. However, it doesn’t provide specific guidance on who best qualifies for a loan. As long as you meet the requirements, you may be eligible to borrow an installment loan from OppLoans.
How do I apply for an installment loan from OppLoans?
To apply, follow these five simple steps:
Create an account with OppLoans to start the application.
Provide your street address and phone number.
Enter information about your employer and your income.
Enter your personal and bank account information.
Read the terms carefully before agreeing and submitting your application.
Make sure you have enough time set aside to complete the application in one sitting. If not, you might get timed out. It’s also a good idea to check that your Internet connection is running smoothly. Otherwise, you could get disconnected midway through — forcing you to start all over.
Step-by-step screenshots
What information do I need to apply?
In the application form, you’ll be asked to fill out the following:
Your contact details, including your name, address, email and phone number
OppLoans frequently sends out letters or emails offering preapproval to potential applicants who may meet its eligibility criteria. While this won’t guarantee approval, it does mean you qualify for a loan based on a soft pull of your credit.
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. This is normal — an offer for preapproval doesn’t mean you’ll ultimately be approved. 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 OppLoans and type in your offer code.
What happens after I apply?
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. Once the paperwork is taken care of, your loan funds will be disbursed. In general, you can expect to have your loan funds in your bank account within one to two business days.
How does OppLoans compare to payday loans?
Here’s how OppLoans holds up to a traditional short-term loan from a payday lender:
OppLoans
Payday Loans
How much can I borrow?
$500 to $5,000 (varies by state)
Up to $500 (varies by state)
How much does it cost?
99%–199%, varies by state
300% to 1,200% APR (varies by lender)
How fast can I get it?
As soon as 1 business day
As soon as the same day
How do repayments work?
Repay your loan in installments over 9 to 36 months
Pay it back in full with your next paycheck.
Can it build my credit?
Yes
No
Do I need a bank account?
Yes
Not always
How do repayments work with OppLoans?
OppLoans offers two repayment options:
Bank account transfer
Debit card
Read your loan contract to make sure you know your monthly due date and payment amount. Budgeting for your payments will help you keep up with the costs of your loan. And if 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.
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 in some states 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 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 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.
More about the company
OppLoans started as Chicago-based storefront lender in 2009, but moved completely online in 2012. Since then, it’s been one of the fastest-growing financial technology companies in the country, landing on the Inc. 500 list two years in a row.
Its official company name is Opportunity Financial, LLC.
It aims to offer more affordable funding to borrowers who can’t qualify for a personal loan. It does this looking beyond your credit to considers factors like your income, employment and banking activity when you apply. Ultimately, the company’s goal is to help borrowers build credit so they can qualify for a better deal in the future.
Bottom line
OppLoans is a highly rated company that has been frequently complimented for dedicated customer service. With an easy online application, you’ll know if you’re approved within minutes and receive your loan funds as soon as the next business day. And with plenty of other helpful features, you may be able to improve your credit and find a better deal on your next loan.
How can I contact OppLoans? You can email OppLoans’ customer support team at info@opploans.com or call 800-990-9130. Representatives are available Monday through Friday from 7 a.m. to 11:30 p.m. CT and on the weekend from 9 a.m. to 5 p.m. CT.
Why does OppLoans ask for bank account information?
Like all online-only lenders, OppLoans needs your bank account information to deposit your loan and withdraw your payment when it comes due. This is a common practice, but unfortunately it means that people without bank accounts don’t qualify.
How long does OppLoans take to deposit funds?
If your application is approved before 9 p.m. CT* Monday through Friday, you may have your loan funded as soon as the next business day. If your loan is approved outside of business hours or during the weekend, your funds should be available by the following Tuesday. Bank holidays may also add an extra day for processing.
*Ohio customers must apply before 8 p.m. CT.
Will a late or missed payment affect my credit?
It may. Although many payday and installment loan lenders don’t require the best credit score in order to take out a loan, OppLoans still reports your payments to the big three credit bureaus.
Can I repay my loan early?
Yes. You can pay off your loan early and make additional payments at no additional charge.
Does OppLoans require a minimum credit score?
No. Although OppLoans doesn’t have a credit score requirement, you need to meet minimum monthly income requirements and other eligibility criteria.
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.
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.
Thanks for getting in touch! Arrowhead loan is not available on our page as of this writing and therefore won’t be able to vouch for the legitimacy of the provider. To spot any red flags on lenders, you can refer to this page on how to avoid personal loan scams.
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.
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?
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.
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.
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 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.
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!
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.
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?
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.
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