OppLoans installment loans review

See if you meet this highly-rated lender's requirements and calculate your monthly payments.

finder.com’s rating: 4.69 / 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. Read our full review.

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Min. Amount


Max. Amount

As soon as the same business day

Turnaround time


Product NameOppLoans Installment Loans
Min. Amount$500
Max. Amount$4,000
Loan Term9 to 18 months
Loan SecuritySecured
Turnaround TimeAs soon as the same business day
Costs160% APR
Requirements+18 years old, Receive paychecks through direct deposit, Meet minimum income requirements, Live in eligible state
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  • 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
  • High-cost loan
  • Must receive income through direct deposit

Review by

Kellye Guinan is a freelance editor and writer, specializing in consumer lending. Her writing and analysis has been featured on Bankrate, MSN and MediaFeed. She holds degrees in anthropology and German language and literature from Middle Tennessee State University.

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 at to 160% — 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 160% and terms lasting between 9 months and 1.5 years. However, loan amounts may start higher in certain states.

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.

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Is OppLoans legitimate?

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.

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OppLoans reviews and complaints

BBB accreditedYes
BBB ratingA+
BBB customer reviews4.54 out of 5 stars, based on 956 customer reviews
BBB customer complaints102
Trustpilot score4.6 out of 5, based on 3,557 customer reviews
Customer reviews verified as of16 December 2022
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:

  • At least $1,500 in monthly income
  • Over 18
  • Resident of an eligible 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
  • Nevada
States with loans originated and funded by OppLoans’ lending partners:
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Delaware
  • Florida
  • Idaho
  • Indiana
  • Kansas
  • Kentucky
  • Louisiana
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Rhode Island
  • South Carolina
  • Tennessee
  • Texas
  • Utah
  • Virginia
  • Wisconsin
  • 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 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 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.
But before you apply, consider other installment loans like OppLoans. Or, avoid high interest rates by comparing our picks for the best personal loans for borrowers with bad credit.

Frequently asked questions

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 on its website

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.
Read the full methodology of how we rate short-term loan providers and similar services.
If approved, you may receive money in your account as soon as the same business day:Subject to credit approval and verification. Actual approved loan amount and terms are dependent on standard underwriting guidelines and credit policies. Funds may be deposited for delivery to your bank via ACH as soon as the same business day if verification is completed and final approval occurs before 12:00 PM CT on a business day. If approval occurs after 12:00 PM CT on a business day or on a non-business day, funds may be delivered as soon as the next business day. Availability of the funds is dependent on how quickly your bank processes the transaction.

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    Default Gravatar
    March 17, 2020

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

      Default Gravatar
      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.


    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.

      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.


    Default Gravatar
    October 12, 2019

    How much interest does OppLoans charge on a personal loan?

      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.


    Default Gravatar
    October 7, 2019

    Is arrowhead loan legit?

      Default Gravatar
      October 8, 2019

      Hi Amber,

      Thanks for getting in touch!

      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.


    Default Gravatar
    September 11, 2019

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

      Default Gravatar
      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,

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