OppLoans installment loans review April 2018 | finder.com

OppLoans installment loans review

Get a reasonable cost installment loan from $500 to $4,000, even with less-than-perfect credit.

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OppLoans installment loans have better interest rates than other short-term lenders. Even if you don’t have the best credit, you could qualify for a loan that doesn’t require you to pay back what you borrow as quickly as a payday loan.

Read our guide below to determine if OppLoans is the right lender for you.

Min Loan Amount$500
Max. Loan Amount$4,000
Loan Term9 to 36 months
Turnaround Time1 business day
CostsDepends on state of residency.
RequirementsOpen to residents of AL, AK, AZ, CA, DE, FL, GA, ID, IL, IN, KS, KY, MI, MN, MO, MS, NE, NV, NM, OH, OK, OR, SC, TN, TX, UT, VA, WI and WY. Must have direct deposit and meet minimum income requirements.


  • Funding in as little as 1 business day.
  • Repayment terms from 9 to 36 months.


  • Not available in all 50 states.
  • Possibly high interest rate.
  • Live in one of the following states: AL, AK, AZ, CA, DE, FL, GA, ID, IL, IN, KS, KY, MI, MN, MO, MS, NE, NV, NM, OH, OK, OR, SC, TN, TX, UT, VA, WI or WY.
  • Have a bank account in your name with at least 90 days of history.
  • Receive your paychecks through direct deposit (not a requirement in New Mexico).
  • Meet minimum income requirements, which vary between $1,300/month and $3,600/month depending on 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.

First, do I qualify?

To qualify for an installment loan through OppLoans, you must:

  • Live in one of its serviced states: Alabama, Alaska, Arizona, California, Delaware, Florida, Georgia, Idaho, Illinois, Indiana, Kansas, Kentucky, Michigan, Minnesota, Mississippi, Missouri, Nebraska, Nevada, New Mexico, Ohio, Oklahoma, Oregon, South Carolina, Tennessee, Texas, Utah, Virginia, Wisconsin or Wyoming.
  • Have consistent income via direct deposit.
  • Have an open bank account.
  • Be at least 18 years old.
  • Have a valid Social Security number.

Minimum income requirements vary depending on state of residence — from $1,300/month to $3,600/month.

Why should I consider OppLoans?

When you’re in need of a loan but don’t have the best credit, a personal loan from a bank or credit union might not be an option. OppLoans offers larger amounts with comparatively better interest rates than its competitors, and you could receive your approved funds as soon as the next business day. In addition, the payments you make could help improve your credit score, which can make it easier to get a loan with better terms in the future.

Applying online is easy, and if you’re approved, you’ll receive a contract containing the terms of your loan. Once you sign, you’ll receive your funds from OppLoans via direct deposit into your account.

Other benefits of going with Opploans:

  • An easy online application process
  • Longer repayment terms than other short-term loans
  • No prepayment penalties or financing fees

What should I watch out for?

OppLoans offers one of the most affordable short-term loans in the industry when compared to other payday and installment loan providers. But you may want to be aware of other cautions such as:

  • Limited availability. OppLoans doesn’t operate in every state so you won’t be able to borrow if you live outside of its serviced regions.
  • High interest. Because Opploans provides loans to people with less-than-perfect credit, the interest rates tend to be high. Consider if you really need the funds now or could find an alternative until you’re back on your feet. According to OppLoans’ disclosures, 4 out of 10 people who take out a loan will need to refinance their loan at least once.

Find out how OppLoans protects its borrowers’ information online

How much does a loan from OppLoans cost?

Your ultimate costs will vary depending on your state of residence, how much you borrow and your qualifications. APRs generally range from 99%–199%% — much lower than that of payday loans.

Specific fees for California, Ohio and Texas residents

  • 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.
  • What borrowers have to say about OppLoans

    OppLoans is accredited by the Better Business Bureau (BBB) and has received an A+ rating based on their customer reviews and business practices. Out of the nearly 500 reviews left about OppLoans, the overwhelming majority are positive. In addition, the customer complaints that have been posted to the BBB have all been resolved.

    Other online review sites have given it a positive response. OppLoans’ customer service is often cited as one of their best features, and the large loan amounts set it apart from other short-term loan options.

How do I apply?

Confirm that you’re a resident in one of the states OppLoans services. Then click the Go to Site button on this page to be directed to OppLoans’s application form.

Eligibility criteria:

Be sure you…

  • Receive direct deposit into a valid bank account.
  • Meet the minimum income requirement, which varies by state from $1,300/month to $3,600/month.
  • Live in one of the following states: Alabama, Alaska, Arizona, California, Delaware, Florida, Georgia, Idaho, Illinois, Indiana, Kansas, Kentucky, Michigan, Minnesota, Mississippi, Missouri, Nebraska Nevada, New Mexico, Ohio, Oklahoma, Oregon, South Carolina, Tennessee, Texas, Utah, Virginia, Wisconsin or Wyoming.
  • Are at least 18 years old and a permanent resident of the US with an SSN.
Minimum income requirements by state
StateMinimum monthly income
New Mexico$1,500
South Carolina$1,500

Required information:

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

The application process step-by-step:

1. Go to the site and click the Apply Now button.
2. You’ll be taken to the application where you’ll need to make an account.

opploans application 1

3. Provide your street address and phone number(s).

opploans application 2

4. Enter information about your employer, your income and how frequently you’re paid.

opploans application 3

5. Enter how much you’d like to borrow, your date of birth, your Social Security number and your bank account information.

opploans application 4

6. Read the terms carefully before agreeing. Once you do, your application will be processed and you’ll be taken to the next page.

opploans application 5

If you receive a conditional approval, OppLoans will contact you to confirm your information. If you receive a rejection, read below to see what you should do next.

Why did OppLoans preapprove me for a loan?

OppLoans Pre-Appoval If you received a letter or email from OppLoans stating that you’ve been preapproved, you may be wondering if it’s a legitimate offer. Businesses like OppLoans will do a soft pull on your credit to determine if you might qualify, then will send you a document stating you could possibly take out a loan.

A preapproval offer doesn’t guarantee you’ll ultimately get the loan. Rather, this is a process some lenders use for marketing. Your credit changes monthly, and it may not be the same as when OppLoans did a soft pull.

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. Understand that this is completely normal. 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 the website listed on your offer and type in the offer code.

I got the loan! Now what?

Budgeting for your payments will help you keep up with the costs of your loan so you can avoid further debt caused by refinancing or missing a payment. A big part of making sure the loan is a smart move for you is fully understanding the costs and repayment terms. 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.

I didn’t get the loan. What happens next?

There are quite a few reasons you might not have gotten the 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.

One reason for denial may be you don’t have enough monthly income to afford the loan. In this case, you may want to request a lower amount to avoid future rejection. You could reach out to customer service to ask for a denial reason, take the appropriate steps to fix the problem so that your future application could see approval.

Bottom line

If you’re looking to take out a loan for a longer period than other short-term options offer, OppLoans could be a good decision for you. Its a highly rated company that’s often complimented for dedicated customer service. With an easy online application, you’ll know if you’re approved within minutes and receive approved funds as soon as the next business day.

But before you apply, you may want to compare your other loan options.

Are payday loans available in my state?

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10 Responses

  1. Default Gravatar
    NIKISHAApril 17, 2018

    I have filed a chapter 7, but did not include everything. I am now looking for a loan to consolidate what I have left over and make one payment a month. Is Opps a good company to work with?

    • Staff
      JoshuaApril 18, 2018Staff

      Hi Nikisha,

      Thanks for getting in touch with finder.

      It is good that you are gathering information before sending your loan application. To know whether OppLoans is a good choice for you or not, you need to consider your budget, preference, and need. Since I’m not familiar with your current financial situation, I can’t give you a simple answer of yes or no.

      However, consider the good points of OppLoans. They are accredited by Better Business Bureau (BBB) and has received an A+ rating based on their customer reviews and business practices. They also provide an easy online application process, longer repayment terms than other short-term loans, and
      no prepayment penalties or financing fees.

      In case you are still considering other lenders, you may want to go to this page to compare your options.

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!


  2. Default Gravatar
    JeromeJanuary 22, 2018

    Are these loans available in Georgia? If so, where or how do I apply?

    • Staff
      RenchJanuary 23, 2018Staff

      Hi Jerome,

      Thanks for your inquiry. Please note that we are not affiliated with Opploans or any company we feature on our site and so we can only offer you general advice.

      Yes, Opploans is available in Georgia. You must live in one of its serviced states: Alabama, California, Delaware, Georgia, Idaho, Illinois, Kansas, Mississippi, Missouri, Nevada, New Mexico, Ohio, South Carolina, Tennessee, Texas, Utah, Virginia or Wisconsin.

      You can also go to this page and compare your options for other payday loans in Georgia.

      Before applying for any loan, please ensure that you meet the eligibility criteria and requirements of the loan option or lender and make sure to read the details, as well as the relevant PDS/ T&Cs of the loan option before making a decision and consider whether the product or option is right for you.

      Best regards,

  3. Default Gravatar
    WeedaAugust 14, 2017

    Do you over loans in the amount of 30,000.00 in california?

    • Staff
      HaroldAugust 15, 2017Staff

      Hi Weeda,

      Thank you for your inquiry.

      While we do not represent any company that we feature on our pages, we can offer you a general information. OppLoans doesn’t offer $30,000 loans. Its maximum amount is currently $4,000. You may want to compare your loan options in California here: California short-term loans. Keep in mind most short-term loans generally go up to a maximum of $5,000.

      I hope this information has helped.


  4. Default Gravatar
    EmberJune 9, 2017

    Does opp loans work with people who are receiving unemployment benefits ? I’ve found that a lot of loan places will not accept that form of income.

    • Staff
      HaroldJune 15, 2017Staff

      Hi Ember,

      Thank you for your inquiry.

      Unfortunately, OppLoans requires that you must be able to show proof of consistent income. However, you might be interested with the other options here.

      I hope this information has helped.


  5. Default Gravatar
    AaronMarch 16, 2017

    Why do I have to include access ID an passcode under bank information on opploan application? This appears to be for my personal bank account .. I understand account number , checking or savings, and bank name but don’t understand why info needed an if it’s for login to personal online bank app..??

    • Staff
      HaroldJuly 18, 2017Staff

      Hi Aaron,

      Thank you for your inquiry.

      In general, lenders ask for your bank account details because it gives them a way to verify your direct deposit and income. Instead of you emailing your bank statements from the past three months, you log in through a portal or provide your account numbers and the lender can access them instantly. Lenders also use this information to confirm where to send approved funds and process repayments.

      Keep in mind that OppLoans only asks for your account numbers, not username and password. Please see the screenshots of OppLoans’s online application form on our review for what to expect.

      I hope this information has helped. Feel free to reach out to us again with any other questions you may have.


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