Is OppLoans legit or a scam? What you need to know |

Is OppLoans legit or a scam?

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If you don’t want to take out a payday loan, an installment loan through OppLoans could be the right decision for you

If you need money quickly but can’t pay it back within a few weeks, you may want to look into an installment loan with a fixed rate and scheduled payments. OppLoans offers more money than a traditional payday loan without needing to pay it back in one lump sum on your next payday. The amount you can borrow varies by state.

OppLoans is a legitimate lender with great customer reviews. Read on to learn more about their services.

OppLoans Installment Loans

OppLoans Installment Loans

OppLoans offers borrowers fast funding with lower interest than a typical payday loan.

  • Minimum Loan Amount: $500
  • Maximum Loan Amount: $4,000
  • Loan Term: 9 to 36 months
  • Turnaround Time: 1 business day
  • Must be 18+ years old (19+ in Alabama)

    Is OppLoans legit?

    Yes. OppLoans is a legitimate lender and a direct provider. This means that when you call OppLoans, you speak with them. If you are approved for a loan, OppLoans provides the money upfront rather than connecting you with another lender as a broker would.

    On top of lending installment loans, OppLoans also runs a blog and has many financial tips to help you through your money issues.

    How can OppLoans help you?

    OppLoans offers personal loans for as little as $500 that can be used for almost any legitimate purpose.

    Key information about OppLoans includes:

    • Loan term. 9 to 36 months depending on eligibility and state of residence.
    • APR. Varies between 99%–199% depending on loan term, eligibility and state of residence.
    • Fees. Varies by state, but can be upward of 15% of the amount borrowed.
    • Borrower maximums. Usually $4,000, but depends on state of residence.
    • Turnaround time. 1 business day.

    Currently OppLoans offers services in Alabama, Alaska, Arizona, California, Delaware, Florida, Georgia, Idaho, Illinois, Indiana, Kansas, Kentucky, Michigan, Minnesota, Mississippi, Missouri, Nebraska, Nevada, New Mexico, Oregon, Ohio, Oklahoma, South Carolina, Tennessee, Texas, Utah, Virginia, Wisconsin and Wyoming.

    There are specific laws around installment loans in every state that are designed to protect borrowers. Caps on interest rates and loan fees are designed to help keep predatory lending to a minimum, but these regulations don’t catch all lenders. OppLoans offers a lower interest rate than other installment loan providers, and while it isn’t as low as a traditional loan from a bank or credit union, it can be a better option than a payday or title loan.

    What else does OppLoans have to offer?

    • Get your funds fast. Applications that are approved before 7:30 p.m. EST can be funded as soon as the next business day.
    • Lower interest than a title or payday loan. While it doesn’t have as low an interest rate as a bank or credit card, OppLoans does provide funds at rates well below the 1,200+% APRs you find with other short term lenders.
    • Reliable customer service. OppLoans provides a phone number you can call to contact the company directly for any questions you may have.
    • Lines of credit. If you life in a state where OppLoans provides lines of credit (currently only Kansas, Tennessee and Virginia), you may be qualified to have funds whenever you need it.

    Is applying for an installment loan online safe?

    When it comes to your financial details and identity, security should be a top priority whether you’re in an office or online.

    It’s standard for lenders to use 128-bit secure socket layer (SSL) encryption when processing your information. Look for lenders who are upfront about their privacy policy. Most have a page or FAQ section dedicated to making sure you know your information will be safe.

    OppLoans has privacy protection that safeguards your information from being farmed out for profit to other businesses.

    Be on the lookout for predatory lending

    Though OppLoans is an installment loan provider, rather than a payday lender, there have been illegitimate companies dealing in similar loans. A mortgage is a type of installment loan, and recent history shows that lenders can be just as ruthless with installment loans as payday.

    There are a few things to look out for with short term installment loans:

    • High interest rates. While not as high as some payday loans, the APR for OppLoans installment loans usually ranges between 99%–199%.
    • Risk of a debt spiral. Taking on a loan that you can’t make regular payments on can lead to needing to refinance–which can result in more fees, penalties and a negative impact on your credit.

    According to the Pew Charitable Trusts, nearly 12 million Americans take out short term loans annually. Repeat borrowers are a common trend among those individuals, and some companies will even reward regular borrowing.

    One of the biggest ways to avoid repeat borrowing is to ensure you can pay off any loan you take within the terms of that loan. If you don’t make payments in full and on time, it could negatively affect your credit score and open you up to late fees. Be aware that some lenders will penalize you for making an early payment. Always read your contract carefully before signing.

    What else do I need to know?

    OppLoans is a direct lender rather than a broker. When you apply with them, you’re trying to get funding from them directly. This means that when you call, you’re actually going to speak with a representative of the company instead of a broker.

    Lending brokers can be useful because they can connect you with lenders you may not reach otherwise, but illegitimate brokers could sell your information to lending companies long after you’ve applied.

    Before you apply for any loan, be sure to read the fine print. Lenders are legally bound to telling you what they do with your information. If you can’t find this information, consider another lender instead.

    What other options are available?

    Despite having less in the way of fees and lower APRs, installment loans still may not fit the bill. If Opploans isn’t right for you or doesn’t serve your state of residence, compare APRs, fees and details of similar providers. There are also options outside of a short-term loans that you can consider:

    • Secured credit cards. A secured credit card may be a reasonable option if you’re looking to make a big purchase. Some secured credit cards have significantly better APRs than short-term loans, and a few even have introductory offers. Keep in mind that you’ll need to make an initial deposit of the credit limit to begin using the card.
    • Bad credit personal loans. These personal loans options are offered by lenders who accept applicants with low credit scores of less than 600. The interest rates will be higher than more competitive loan offers, but may be more affordable than typical installment loans.

    Bottom line

    If you’re looking to avoid payday loans, OppLoans is a legitimate lender who will work directly with you to get you through a rough financial time. While there are other options, if you have a less-than-perfect credit history, an installment loan from OppLoans may be a way to fund any budget pitfalls you might have.

    Frequently asked questions

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    12 Responses

    1. Default Gravatar
      CupMay 30, 2018

      Why do you ask for personal bank information

      • finder Customer Care
        joelmarceloMay 31, 2018Staff

        Hi Cup,

        Thanks for leaving a question on finder. Please note that we are not OppLoans and we are a comparison website.

        Lenders may ask for bank information when you apply for several reasons. First, some lenders have eligibility criteria that includes having an operating bank account. Another reason could be because the lender processes loan repayments through direct debit or autopay.

        If you’re concerned about the security of the website and the safety of your banking details, you can read the website’s Terms of Use to see how the lender handles this type of information or call customer service to learn more about their information security protocols.

        If you don’t have a bank account, there are alternative borrowing options available such as prepaid debit card loans.

        Please feel free to contact us again should you have any additional questions.

        Best regards,

    2. Default Gravatar
      DebbieMarch 21, 2018

      Is it absolutely necessary to have direct deposit can you have a prepaid debit card?

      • finder Customer Care
        MayMarch 23, 2018Staff

        Hi Debbie,

        Thanks for getting in touch.

        If you meant that a deposit is necessary so you can use the prepaid card, the answer is yes. Prepaid cards function like a debit card and also you can use it for purchases wherever credit cards are accepted. So when you have a prepaid card, you’re using your own money/deposit. You can apply for this card even if you don’t have a bank or checking account. If you’re interested in comparing prepaid cards in the market and would like to learn more about this type of card, please visit this page.


    3. Default Gravatar
      KarenOctober 5, 2017

      Can you help people with bad credit?

      • finder Customer Care
        RenchOctober 5, 2017Staff

        Hi Karen,

        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.

        If you are referring to OppLoans, you may click on the ‘Go to Site’ button on the page to direct you to their official site and you may submit an online application from there. Yes, OppLoans considers bad credit personal loans.

        You may also have a look on this page to compare your options for lenders who accept applicants with low credit score.

        Hope this helps.


    4. Default Gravatar
      MelicahSeptember 22, 2017

      Hello good afternoon I’m looking to get a loan having some money issues at the moment and was looking for a bit of help . My credit score is not the best I was wondering how hard is the inquire from your company to my credit score and what are my chances if I have a score in the mid 600. Also I tired with two other companies for a loan and was denied the purpose of the loan is for credit card debit. Thank you for your time have a good day

      • finder Customer Care
        MariaSeptember 22, 2017Staff

        Hey Melicah,

        A friendly reminder that we do not represent Opploans or any of the companies that we feature on our pages.

        Since Opploans offers short-term loans, you may want to check first if they are legal in your state.

        You might also find this page useful on Bad Credit Personal Loans where you can enter your state of residence to view your options.

        These lenders consider applications even with bad credit.

        Before applying, please ensure that you meet the eligibility criteria and requirements and to read the details, as well as the relevant Product Disclosure Statements/ Terms and Conditions of the option before making a decision and consider whether the product is right for you.

        I hope this helps.


    5. Default Gravatar
      ChristopherJune 22, 2017

      Why would Opploan ask for my banking login info?

      • finder Customer Care
        HaroldJune 22, 2017Staff

        Hi Christopher,

        Thank you for your inquiry.

        Lenders ask for your Internet banking details because it gives them a way to access your statements. This is one way the lenders are able to process your application much faster than banks. Instead of you emailing your bank statements from the past three months, you provide your logins and the lender can access them instantly.

        I hope this information has helped.


    6. Default Gravatar
      BernardMay 18, 2017

      I want to know I can get a personal loan with no credit history.

      • finder Customer Care
        AnndyJune 17, 2017Staff

        Hi Bernard,

        Thanks for your question.

        Yes, you may be able to apply for a loan even if you don’t have credit history. You may check this page to compare no credit check personal loans.

        Kindly review the eligibility criteria and the relevant terms and conditions of the loan before submitting your application.


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