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OppLoans

OppLoans
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Overall Satisfaction Rating 4.80/5
  • 5 stars
    172
  • 4 stars
    11
  • 3 stars
    0
  • 2 stars
    1
  • 1 stars
    6
Based on 190 ratings

OppLoans is a money lender specializing in installment loans. The company offers fast funding with minimal qualification requirements and is a popular option for individuals that need quick access to a loan. While the term lengths and interest rates are usually more flexible than a traditional payday loan lender, the rates are higher than some other lenders. OppLoans does not require a credit check, which makes it easy for borrowers with bad credit to get approved.

BOTTOM LINE

OppLoans offers installment loans up to $4,000 with no credit check. The average APR is 160%, and loan terms typically range from nine to 18 months. The company is ideal for borrowers who need money for emergencies.

PROS

  • Receive funds in 2 - 3 business days
  • Secure website
  • No credit check
  • Fast approval

CONS

  • High APRs
  • Not available in every state

Top OppLoans Reviews We Found

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Rated with 5 stars
Verified Reviewer Verified Buyer

When I need Funds it was available quick, and in one day the funds was in my account the next day great service. I would tell all my friend about your great service! I'm requesting another Loan as we speak. Thanks!

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Rated with 5 stars
Verified Reviewer Verified Buyer

When in a bind OppLoans is a lifesaver. They are fast, everything done online, and they have the best rates. They give large amounts for not that much per paycheck. Thanks to them they even allowed me to refinance my current loan to get another one.

Read full review

What is OppLoans?

OppLoans is a personal lender that specializes in personal loans with quick funding. While OppLoans does not check your credit, it does have basic requirements borrowers must meet to be approved for a loan. You must:

  • Make at least $1,500 a month
  • Prove employment or benefits like Social Security
  • Have a bank account in your name
  • Have an option for direct deposit
  • Live in one of the states that OppLoans serves

There are no penalties for paying off your loan early, and you can have your money in two to three business days.

OppLoans offers installment loans in 13 states and has partners that originate and fund loans in 24 additional states.

How does OppLoans work?

OppLoans offers installment loans without a credit score requirement. Eligibility for a loan depends mainly on your income level, and OppLoans requires borrowers to make at least $1,500 a month. To apply for a loan:

  1. Fill out the online application. This can be completed in fewer than five minutes.
  2. Connect your bank account to verify income.
  3. Review and accept the terms and conditions of the loan.
  4. Wait for a decision. You’re typically notified by the next business day.

Interest rates, term lengths and loan conditions vary by state, but most OppLoans loans must be repaid within nine to 18 months. In states like Arizona, Delaware, and Georgia loan terms max out at 18 months, while in states like Georgia loan terms are 12 to 24 months. In Texas, you have up to 179 days to repay your loan.

You’ll have lower monthly payments with a longer term length, but you’ll also pay more in APR over the life of the loan. Customers can borrow up to $4,000, and you can get your funds the same day if your loan is approved before 7:30 p.m. ET on Monday through Friday.

OppLoans interest rates

OppLoans’ APRs range from 55% in Georgia up to 199% in South Carolina. The typical APR is 160%. There are no origination fees.

If you were to qualify for a one-year loan from OppLoans for $3,000 with a 160% APR, your monthly payments would be around $514.60, and you’d pay back a total of roughly $6,175.20. OppLoans does not charge fees for paying back the loan early, which helps reduce the amount you pay in interests and fees.

It is important to ask about other fees and charges associated with your loan based on your state. For example, in Mississippi there is a 10% late fee if your loan payment is 16 calendar days past due. In most states, you can not borrow less than $500.

OppLoans FAQ

Is OppLoans safe?
OppLoans is safe, but it is not the right financial solution for everyone. The high APRs can lead to paying back significantly more than you borrowed.
Is OppLoans good?
OppLoans can be a last resort option for people who need a medium-size loan they can pay back quickly, especially those who have bad credit and don’t qualify for a traditional loan.
What credit score is needed for OppLoans?
There is no minimum credit score required.
Is OppLoans for bad credit?
Yes. OppLoans works with people with less than ideal credit and does not require a minimum credit score. Eligibility is based mainly on income.
Can you pay off OppLoans early?
Yes. There are no prepayment penalties.

Is OppLoans legit?

OppLoans is a legitimate lender that specializes in installment loans for those with bad credit. The company is transparent in its terms and conditions, but those who can find loans with lower APRs would pay less over time by doing so. For people with less than ideal credit who need funds quickly and can pay the amount back in a short period of time, OppLoans may be a good lender to use.

OppLoans Reviews

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How do I know I can trust these reviews about OppLoans?
How do I know I can trust these reviews about OppLoans?
  • 2,553,743 reviews on ConsumerAffairs are verified.
  • We require contact information to ensure our reviewers are real.
  • We use intelligent software that helps us maintain the integrity of reviews.
  • Our moderators read all reviews to verify quality and helpfulness.

For more information about reviews on ConsumerAffairs.com please visit our FAQ.

Page 1 Reviews 0 - 10
Rated with 1 star
profile pic of the author
Verified Reviewer
Original review: April 18, 2020

This company is a complete joke! I took out a loan in August 2019 for $1300. My loan is to be paid off in May with a total of $972.80 in interest (which is insane). With everything going on right now after receiving the stimulus check I called today to pay off the rest of my loan which should have been $284. They tell me I owe $443.23 now. Apparently I missed a payment at the end of September that nobody notified me of until now. The manager I spoke with said they sent out 1 email no phone call, letter, or anything!

While they had me on hold for a long time I looked up my bank statements. I have made every payment on time except for that one week because my account got hacked and my money stolen so the bank froze everything until it was corrected 3 days later. They are charging me $159.13 in fees for 1 missed payment that I knew nothing about until today! Buyers beware, this company is a fraud and will take your hard-earned money unfairly with no hesitation! DO NOT GET A LOAN THROUGH THIS COMPANY!!!!

12 people found this review helpful

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    Rated with 1 star
    Verified Reviewer
    Original review: Feb. 25, 2020

    I called today to find out my balance and I was told $1385.67 and that's until Sept 2020. Now that's at $130 biweekly. So when I asked for my pay off balance if I was to pay off earlier they said it would be $1385.67. So if I was to pay off early there would be no break in my extremely high interest. I don't know how these companies can legally charge such high interest in these loans but yet they state they are helping people with bad credit and yet they wonder why we can't fix it or get ahead. I've already paid off my loan and then some but still owe another almost $1400.

    12 people found this review helpful
    Rated with 1 star
    profile pic of the author
    Verified Reviewer
    Original review: Jan. 31, 2020

    I applied for a loan and kept getting an email every five minutes to send the same information over and over again and that’s after receiving emails saying they received it so I said forget it. I would not recommend this company to a dog.

    10 people found this review helpful
    Rated with 2 stars
    profile pic of the author
    Verified Reviewer
    Original review: Jan. 20, 2020

    I had previously given this company a good rating as had 2 loans prior. I paid them off in full and never skipped a payment. I paid a large amount of money to include the 159% interest rate over the life of the loans. My credit and employment has not changed from the time of first loan until now. When I tried to re-apply this month for a smaller amount the previously borrowed in the past I was declined. I called to find out why and was not told a reason. After paying so much money to a company and receiving emails stating I was a VIP customer then to be rejected is poor customer service and would not refer anyone to this loan company.

    16 people found this review helpful
    Rated with 1 star
    profile pic of the author
    Verified Reviewer
    Original review: Dec. 24, 2019

    I applied for a loan on 12/16/19 for a auto repair job. I get asked for increasing documentation each day until Wednesday 12/18/19. I was under the impression it took 24hrs, but on the phone was told it could take up to 72hrs. Ok, I thought, 5 days to get a loan. Friday 12/20/19 I get a email to contact them, I get asked to sign the contract and ill receive a call about some crap called a bank call verification, after already having other amounts of creepy personal information. I get no call Friday so I call Saturday, and they say they only do bank calls on the week day. I call today 12/23/19 to let them know when the bank closes and I've been waiting a week to get this done. 6pm now, the bank is closed, it will now be 12/24/19 Christmas Eve and I'm still waiting to be approved by some crap called a bank call. The rates are good, but if your life depended on this loan, OppLoans would probably let you die. Only apply if you can wait through their goofy process.

    10 people found this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Nov. 11, 2019

    When I need Funds it was available quick, and in one day the funds was in my account the next day great service. I would tell all my friend about your great service! I'm requesting another Loan as we speak. Thanks!

    Be the first one to find this review helpful
    Rated with 5 stars
    profile pic of the author
    Verified Reviewer
    Original review: Oct. 16, 2019

    No hassle loan in minutes...seriously! I wasn't sure about the loan period and was able to call and speak to a representative right away who explained the entire process to me prior to me signing my contract. The entire process took 25-30 minutes. From application to approval. Money in the bank the next morning when I woke up because my bank only processes transactions at midnight. I checked the BBB for negative feedback and the good far outweighed the bad and I spoke with them about the issues I read about and found out some valuable information about how to navigate their system. Thanks for the loan and I'm sure I won't have any problems with this company.

    9 people found this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Aug. 26, 2019

    When in a bind OppLoans is a lifesaver. They are fast, everything done online, and they have the best rates. They give large amounts for not that much per paycheck. Thanks to them they even allowed me to refinance my current loan to get another one.

    Be the first one to find this review helpful
    Rated with 4 stars
    Verified Reviewer
    Original review: July 12, 2019

    My time with OppLoans is pretty good and I can see myself coming to them again in the future. I got my loan pretty and quick and the terms of the agreement were reasonable. However there are some things I would like to see improved. First off, there's a point where it asks you to log in to your bank using your online credentials and answering security questions. I thought it was sketchy at first but it's they are able to access and deposit the funds into the account. If there could be something that explains this during the process, that'd be better.

    Lastly, when I was applying for the loan, I went through LendingTree and LendingTree gave me an offer of $500 but when I went through OppLoans they said I was *eligible* up to $1400 so the system tried to give me $1400 and wouldn't let me choose or change the amount. I had to talk with a representative to get it resolved. Good thing I did, otherwise I'd have too much and would be paying too much per month. If those two things can be fixed and improved upon, I believe the experience would be much better for everyone involved.

    10 people found this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: July 8, 2019

    I honestly think these guys are last of honest companies around. They are very good rates and no hassle. I tell everyone I know that you won't find a better company to get loan. I appreciate them so much and Great Job they do and trust me I looked at all that's out there. No one comes close. Thanks so much OppLoans.

    3 people found this review helpful
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    OppLoans Company Information

    Company Name:
    OppLoans
    Company Type:
    Private
    Address:
    130 E Randolph St, Suite 3400
    City:
    Chicago
    State/Province:
    IL
    Postal Code:
    60601
    Phone:
    (800) 990-9130
    Website:
    www.opploans.com