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OppLoans installment loans review


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Borrow $500 to $5,000 — with a competitive APR capped at 199%.’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.


Min. Amount


Max. Amount

1 business day

Turnaround time


Product NameOppLoans Installment Loans
Min. Amount$500
Max. Amount$5,000
Loan Term9 to 24 months
Turnaround Time1 business day
Costs59%–199% APR, varies by state
RequirementsDirect deposit, meet minimum income requirements, live in eligible state
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Expert review

Aliyyah Camp

Review by

Aliyyah Camp is a writer and personal finance blogger who helps readers compare personal, student, car and business loans. Aliyyah earned a BA in communication from the University of Pennsylvania and is based in New York, where she enjoys movies and running outdoors.

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.

WATCH: our one-minute take

Why should I consider OppLoans?

OppLoans offers an easy application process, long repayment terms and minimal fees — which sets 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 the APR on OppLoans installment loans 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 improve your payment history — which makes up 35% of your FICO credit score. 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 or services in 36 states and Washington D.C. While the exact loan you can qualify for will depend on your state laws, you may be able to borrow an installment loan 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.

Am I eligible?

You will need to meet some basic criteria to qualify for an installment loan from OppLoans:

Does OppLoans offer loans in my state?

In some states, OppLoans offers installment loans and funds them itself. In other states, it services loans originated by FinWise Bank.

States with direct installment loans
  • 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
  • District of Columbia
  • Florida
  • Hawaii
  • Indiana
  • Kentucky
  • Louisiana
  • Maine
  • Michigan
  • Minnesota
  • Nebraska
  • Ohio
  • Oklahoma
  • Oregon
  • Rhode Island
  • South Dakota
  • Tennessee
  • Virginia
  • Wyoming
  • Washington


  • Interest rates capped at 199%
  • Reports to Equifax, Experian and TransUnion
  • May be able to change payment due date
  • Wide state availability
  • No prepayment penalties


  • 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

Data indicated here is updated regularly
Name Product Filter Values Max. Loan Amount Turnaround time Requirements
OppLoans Installment Loans
1 business day
Direct deposit, meet minimum income requirements, live in eligible state
Comes with the option to change your due date so you won’t fall behind on repayments.
Check Into Cash Payday Loan
1 to 2 business days
Bank account, email address, phone number, US citizen or permanent resident, ages 21+
Plus, get access to check cashing, cell phone top ups, bill pay and more at one of its many storefronts.
Fast5kLoans Short-term Loans Connection Service
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.
LendYou Short-term Loans
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.
Possible Finance Mobile Installment Loans
As fast as 1 business day
Checking account with 3+ months of banking history, $750+ monthly income, live in eligible state, ages 18+
Borrow up to $500 with just a few swipes — but only for residents of 5 states.

Compare up to 4 providers

OppLoans reviews and complaints

BBB accreditedYes
BBB ratingA+
BBB customer reviews4.68 out of 5 stars, based on 1017 customer reviews
Trustpilot score4.8 out of 5, based on 910 customer reviews
Customer reviews verified as of16 October 2020
OppLoans receives plenty of positive reviews on its customer service, quick process and comparatively competitive rates. However, some borrowers have had issues with OppLoans incorrectly processing payments — and how the total cost of borrowing is still quite high.

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 — 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.

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:

StateMinimum monthly incomeMin amountMax amountAPRLoan term
Alabama$3,200$2,000$4,000160%12 to 24 months
Alaska$1,500$500$4,000160%9 to 18 months
Arizona$1,500$500$4,000160%9 to 18 months
California$3,600$500$4,000160%9 to 18 months
Delaware$1,500$500$5,000160%9 to 18 months
District of Columbia$1,500$500$4,000160%9 to 18 months
Florida$1,500$500$4,000160%9 to 18 months
Georgia$3,000$3,001$5,00059%12 to 24 months
Hawaii$1,500$500$4,000160%9 to 18 months
Idaho$2,500$1,001$5,000160%9 to 18 months
Illinois$1,500$500$4,00099%9 to 18 months
Indiana$1,500$500$4,000160%9 to 18 months
Kansas$2,000$500$4,000160%9 to 18 months
Kentucky$1,500$500$4,000160%9 to 18 months
Louisiana$1,500$500$4,000160%9 to 18 months
Michigan$1,500$500$4,000160%9 to 18 months
Minnesota$1,500$500$4,000160%9 to 18 months
Mississippi$1,500$501$2,500160%9 to 12 months
Missouri$1,500$500$4,000160%9 to 18 months
Montana$1,500$500$4,000160%9 to 18 months
Nebraska$1,500$500$4,000160%9 to 18 months
Nevada$1,500$500$4,000160%9 to 18 months
New Mexico$1,500$500$4,000160%9 to 18 months
North Dakota$1,500$500$4,000160%9 to 18 months
Ohio$1,500$500$4,000160%9 to 18 months
Oklahoma$1,500$500$4,000160%9 to 18 months
Oregon$1,500$500$4,000160%9 to 18 months
South Carolina$1,500$601$4,000199%9 to 18 months
South Dakota$1,500$500$4,000160%9 to 18 months
Texas$1,500$500$5,000189% (CAB fee) + 10% (lender fee)Up to 179 days
Utah$1,500$500$4,000160%9 to 18 months
Washington$1,500$500$4,000160%9 to 18 months
Wisconsin$1,500$500$4,000160%9 to 18 months
Wyoming$1,500$500$4,000160%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:

  1. Create an account with OppLoans to start the application.
  2. Provide your street address and phone number.
  3. Enter information about your employer and your income.
  4. Enter your personal and bank account information.
  5. 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
  • Your bank account details
  • Your income and employment details
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Why did OppLoans prequalify me for a loan?

OppLoans installment loans preapproval application screenshot

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 and active bank account, in order 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.

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:

OppLoansPayday 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 state300% to 1,200% APR (varies by lender)
How fast can I get it?As soon as 1 business dayAs soon as the same day
How do repayments work?Repay your loan in installments over 9 to 24 monthsPay it back in full with your next paycheck.
Can it build my credit?YesNo
Do I need a bank account?YesNot 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. And OppLoans doesn’t charge prepayment penalties.

If you think you’ll miss a payment, 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 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, officially named Opportunity Financial, LLC, is headquartered in Chicago, and has been operating online since 2012. Since then, it’s been one of the fastest-growing financial technology companies in the country, landing on the Inc. 500 list four years in a row.

It aims to help borrowers who can’t qualify for a traditional personal loan find affordable funding. It does this by looking beyond your credit to consider factors like your income, employment and banking activity when you apply. Ultimately, the company’s goal is to help its customers 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.

But before you apply, consider other installment loans like OppLoans or compare more installment loan options.

Frequently asked questions

How can I contact OppLoans?
You can email OppLoans’ customer support team at 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. Ohio customers must apply before 8 p.m. CT. 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.

Will a late or missed payment affect my credit?

It may. Although many short-term loan providers 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.

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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.

Read the full methodology of how we rate short-term loan providers and similar services.

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  1. Default Gravatar
    March 17, 2020

    Does a paycard that has routing info and allows direct deposits from multiple companies count as a bank account?

    • Avatarfinder Customer Care
      March 18, 2020

      Hi James,

      Thanks for your comment and I hope you are well.

      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.


  2. Default Gravatar
    October 23, 2019

    On the 25th of October will be my last payment. Will I be able to take out another loan? All my payments were made on time.

    • Avatarfinder Customer Care
      October 24, 2019

      Hi Bryson,

      Thanks for reaching out to Finder.

      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.

      I hope this helps.


  3. Default Gravatar
    October 12, 2019

    How much interest does OppLoans charge on a personal loan?

    • Avatarfinder Customer Care
      October 13, 2019

      Hi Avery,

      Thanks for reaching out to Finder.

      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.

      I hope this helps.


  4. Default Gravatar
    October 7, 2019

    Is arrowhead loan legit?

    • Avatarfinder Customer Care
      October 8, 2019

      Hi Amber,

      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.


  5. Default Gravatar
    September 11, 2019

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

    • Avatarfinder Customer Care
      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,

  6. 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?

    • Avatarfinder Customer Care
      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!


  7. Default Gravatar
    May 28, 2019

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

    • Avatarfinder Customer Care
      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!


  8. Default Gravatar
    May 3, 2019

    can i still apply if i live in new york?

    • Avatarfinder Customer Care
      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,

  9. Default Gravatar
    April 23, 2019

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

    • Avatarfinder Customer Care
      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!


  10. 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?

    • Avatarfinder Customer Care
      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!


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