Installment loans with OppLoans | review April 2017

Information verified correct on April 27th, 2017

If you need cash right away, an installment loan by OppLoans can get you fast funding with loans from $1,000 to $5,000.

If you’re in need of quick funding, OppLoans may offer a solution that suits your needs. OppLoans installment loans are a shorter term loan than a personal loan, but they claim that they have better interest rates than their competitors. Be sure to understand how much taking out a payday loan will truly cost you in the end.

Applying online is easy, and approval is same day in most cases. Once you’re approved, you’ll e-sign a contract containing the terms of your loan. From there, you’ll receive your funds from OppLoans via deposit into your account. Because the process is streamlined, you could receive your funds within one business day after approval.

Product NameOppLoans Installment Loans
Interest Rate (p.a.)From 59% (variable)
Comparison Rate (p.a.)
Interest Rate TypeVariable
Min Loan Amount$1,000
Max. Loan Amount$5,000


  • Funding in as little as 1 business day.
  • Repayment terms from 9 to 24 months.


  • High interest.
  • Limited availability.

Product details

  • Loan amounts vary from $1,000 to $5,000 based on which state you live in.
  • APRs can range from 59% to 199% depending on your state, the amount of your loan and the terms of your repayment.
  • Repayment terms can be anywhere from 9 to 24 months.
  • If you live in California, you’ll pay an administrative fee of $75.
  • If you live in Kansas or Virginia, you’ll pay an origination fee of 2% of your credit limit or $50, respectively.
  • Also in Kansas or Virginia, your late charges will not exceed 5% of the unpaid amount of the minimum payment.
  • Minimum payments can range from 2% to 9% of the principal balance or the credit limit, whichever is greater, in addition to any unpaid interest and fees.

Eligibility requirements

  • You must be at least 18 years old.
  • To qualify, you must live in Alabama, California, Delaware, Georgia, Idaho, Illinois, Missouri, New Mexico, Ohio, South Carolina, Texas, Utah or Wisconsin.
  • Residents of Kansas, Maryland, Tennessee and Virginia may apply for a line of credit product.
  • You must provide a valid Social Security number.
  • You must be able to show proof of consistent income.

Application requirements checklist

  • Full name and date of birth.
  • Local address, email address and phone number.
  • Social Security number and driver’s license or state ID.
  • Military service history.
  • Deposit account information.
Rates last updated April 27th, 2017
Unfortunately, none of the personal loan providers have a loan for that credit score. It you are urgent need of a small loan, you might want to check out a short term loan.
Max. Loan Amount Minimum Credit Score Turnaround Time Requirements
OppLoans Installment Loans
Get a better personal loan of up to $5,000 with 9- to 24-month repayment terms, depending on your state.
$5,000 Varies 1 business day Open only to residents of Alabama, California, Delaware, Georgia, Idaho, Illinois, Missouri, New Mexico, Ohio, South Carolina, Texas, Utah, and Wisconsin. Go to site More

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  • If the provider quotes a different rate to the one above please let us know

Fees and repayments

  • 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.


For when you need money now, OppLoans allows you to get funding in as little as one business day. Rates offered are advertised as less than other payday loans, and making regular, on-time payments of the minimum balance can improve your credit score.
Is OppLoans safe to use?


Carefully scrutinize any short-term loan before applying. Even though OppLoans bills itself as offering lower interest than other payday loans, payday loans are still the most expensive type of loan you can obtain. Interest could cost you between $17 and $35 per $100 you borrow over a two-week period.

Other areas to be aware of with OppLoans:

  • Limited availability. OppLoans doesn’t operate in every state, so you won’t qualify if you don’t live in one of the states it services.
  • High interest. Because these are quick, shorter term loans, you’ll be responsible for a high interest rate. Consider if you really need the funds now, and consider all of your options. According to OppLoans’ disclosures, 4 out of 10 people who take out a loan will need to renew the loan 5 times or more.
  • Hard credit check required. When applying with OppLoans, you won’t have the option for a soft credit check.

How to apply

Confirm that you’re a resident in one of the states OppLoans services. Clicking our link will take you directly to the application for a pre-approved loan.

To apply, you’ll need to provide your personal information, including your Social Security number and driver’s license or state ID number.

Frequently asked questions

What is an installment loan?

An installment loan is a type of personal loan that requires you to pay the amount borrowed and any interest that accrues during the term of the loan. These payments are made regularly and  typically scheduled for once or twice a month.

What is a payday loan?

Payday loans are more taken out for emergencies. These loans are typically for smaller amounts and have shorter repayment terms than other loans. Interest on these loans can be astronomical compared to other types of personal loans. Because of the high interest, you’ll want to make your payments on time and pay off the loan as quickly as possible.

How much can I borrow with OppLoans?

Loans are available for $1,000 up to $5,000 depending on the types of loans offered in your state of residence.

How are OppLoans loans funded?

Usually loans are deposited in your existing bank account as soon as one business day after approval.

Can I repay my loan with OppLoans early?

You can repay your loan early and make additional payments at no additional charge.

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