OppLoans installment loans review

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.

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.

Compare alternatives to OppLoans

To see services similar to OppLoans, select your state and click Show me my options.

OppLoans reviews and complaints

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:

• Direct Deposit required
• U.S. Citizen or permanent resident
• Minimum 30 days with current employer
• Cannot be self-employed
• Terms in Months: 9 – 18
• 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 loans originated and funded by OppLoans’ lending partners:

• Alabama
• Alaska
• Arizona
• Arkansas
• California
• Delaware
• Florida
• Hawaii
• Idaho
• Illinois
• Indiana
• Kansas
• Kentucky
• Louisiana

• Maine
• Michigan
• Minnesota
• Mississippi
• Missouri
• Montana
• Nebraska
• Nevada
• New Hampshire
• New Jersey
• New Mexico
• North Carolina
• North Dakota
• Ohio

• Oklahoma
• Oregon
• Pennsylvania
• 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 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.
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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.