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OppLoans Reviews

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By: Rachael Monson
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Edited by: Jon Bortin

About OppLoans

OppLoans is a fintech (financial tech) company that says it wants to help Americans better their financial lives, focusing especially on those who lack access to traditional funding options. To help its customers, OppLoans offers unsecured installment loans to borrowers in need, including those with bad or no credit, entirely online.

Pros
  • Same-day funding in some situations
  • Secure website with 100% online process
  • No hard credit inquiry
Cons
  • High APRs
  • Not available in every state

Featured Reviews

Chicago, IL
Verified purchase
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 requestin...

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Tampa, FL
Verified purchase
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...

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What is OppLoans?

OppLoans is an online loan platform that specializes in installment loans with quick funding. While OppLoans does not perform a hard credit check, it does have basic requirements borrowers must meet to be approved for a loan. You must:

  • Be at least 18 years old
  • Reside in one of the states OppLoans services (not available in Colorado, Connecticut, Georgia, Iowa, Maryland, Massachusetts and South Dakota)
  • Have a regular source of income
  • Have a checking or savings account
  • Receive paychecks through direct deposit

It's possible to get loan funds on the same business day you apply using OppLoans. Once you have your loan, you can pay it off early without a prepayment penalty.

» LEARN: Personal loan vs. personal line of credit

How does OppLoans work?

OppLoans connects people to installment loans without a credit score requirement. Eligibility for a loan depends mainly on your income level. OppLoans requires borrowers to prove their income. 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 all OppLoans loans must be repaid within nine to 18 months.

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 apply to borrow funds from $500 to $4,000, and you may get money in your account the same day if your loan is approved by 12 p.m. Central on a business day.

OppLoans rates

OppLoans’ annual percentage rates (APRs) are 160% to 195% in all states where loans are available. 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 interest and fees.

OppLoans FAQs

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 on several factors, including state of residence, current employment and direct deposit enrollment. However, it does report to all three major credit bureaus, so failure to pay could result in a lowered credit score.

Can you pay off OppLoans early?

Yes. There are no prepayment penalties.

Is OppLoans a monthly payment?

Yes, OppLoans offers monthly and bi-weekly payments. However, the payment schedule is based on how often you get paid.

How quickly can I get money from OppLoans?

You can receive money from OppLoans as quickly as the same business day.

Is OppLoans legit?

Yes, OppLoans is a legitimate online loan platform that specializes in installment loans for those with bad credit. It’s 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, 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 by Opportunity Financial, LLC (OppFi)?
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    2 featured reviews
    How do I know I can trust these reviews about OppLoans by Opportunity Financial, LLC (OppFi)?
    • 4,697,285 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.
    Review featured by OppLoans
    Customer ServiceStaff

    Reviewed 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.

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    Review featured by OppLoans
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    Staff

    Reviewed 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.

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    Page 1 Reviews 0 - 10
    Customer Service

    Reviewed Jan. 29, 2025

    Horrible company all the way around! Do not get a loan from this company! Put you so much further in debt! Horrible customer service and make you pay triple! They need to be shut down. They lie about late payments and will take continue to add on fees without explanation! I borrowed 1500 and end up paying over 5,000 back to them. RUN!

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      Verified purchase

      Reviewed Oct. 22, 2024

      My experience with OppLoans was good and the lending process was hassle-free. There were some requirements. It made easy on their part and the agreement was good. But the APR was high.

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      Staff

      Reviewed July 13, 2024

      I was looking for some immediate help and my experience, overall, with OppLoans was professional. My credit isn't the best. It’s something that happened, but I'm stuck with it. OppLoans made me an offer. Everybody else was turning me down. So, I went with them. They were friendly and they went by their principles concerning their company. The whole process didn't take long. It took about three days to get my information in to them, and then they emailed me and told me I had the loan and how much it would be. I didn't get what I put in for, but I did get some relief from what I had applied for with the amount they gave me. It's just I was led to think from the internet site that I could get a bit closer to what I needed. I think that should be more specific.

      I could only get a small amount from them, but a little bit more would have helped a lot. I was doing this because I had seen where they help people with low credit scores, and nobody trusted me with the amount that I asked. If I ever do get that one person who does feel sorry for me and let me have the money, then they won't regret it. I'll stick with them and make sure it's paid back just like I'm gonna do with OppLoans. As far as customer service, I talked to somebody asking them about the deal. I have no complaints against them. Even with the internet, they were very nice.

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      PriceStaff

      Reviewed July 3, 2024

      I sent in an application to OppLoans. It took a couple of days. I got the money right away. They direct deposited it into my bank. They saved me. I made a move from Tennessee to Delaware and moves could be a little expensive. So, when they approved my loan, it helped me. It came in handy. Getting a loan wasn't the easiest thing in the world. That's why I appreciate OppLoans so much because, yes, the interest is high, but that would be anywhere. They were professional, friendly, and understanding. I would recommend them to a friend provided that they didn't have the financial difficulties that I have.

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      Reviewed June 29, 2024

      They bait prospective clients in with the illusion of getting a loan by saying no credit/bad credit, no problem, guaranteed approval for all credit rating. Siphon your info and then deny. Don't try to apply. They are nothing but worthless liars.

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      Verified purchase

      Reviewed April 16, 2024

      I did the process with OppLoans online and it was completed in a couple of days. The website was good and easy.

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      Verified purchase
      Customer Service

      Reviewed March 19, 2024

      The process with OppLoans was very easy. They requested information, and I was able to upload and transfer information. It's all done electronically now. They can see what goes into my account. Once they were able to verify those things and see on a monthly basis how much goes in and out, they were able to give me what I needed in order to take care of some business that I needed to take care of. Now, I pay them back monthly. What I was alarmed about was they had me sign everything as though it was approved, but then they would go to work to see if I would be approved. I uploaded my banking information thinking I was approved then I got an email saying it was being processed meaning that they could have denied it. But it worked itself out and I was very satisfied with it.

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      Customer Service

      Reviewed March 12, 2024

      I have received 2 loans from this company. They never will do same deposit and I have been employed with the same company for 15 years and they always want a pay stub. They say it takes 24 hours to get approval. They lie, I received 1600.00 from my previous loans and paid them off early. Now I asked for $600.00 and that was 2 days ago with no email as of yet. (Day 3). When I did my bank verification with them, I received a call from my bank stating that someone from CA was trying to charge my account $430.00 that I did not authorize. Use Uprova. They do what they promise. Same day deposits and no hassle.

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      PriceOnline & AppStaff

      Reviewed Feb. 1, 2024

      The lending process with OppLoans was quick and easy. The site is very user-friendly. The login process was easy. If I needed to speak to customer service, I called the 1800 number. Their agent was very knowledgeable. The interest rate was very high, but it was a great experience that I had. I was able to get the loan I needed. The process is easy and convenient, and everything is online.

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      PriceStaff

      Reviewed Jan. 16, 2024

      This place is here for the people. You get a loan and the next day just say that you got a hardship and they don’t charge no interest then! It’s just like that and you can do it’s more than on time even. Share the blessing.

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      OppLoans Company Information

      Company Name:
      OppLoans by Opportunity Financial, LLC (OppFi)
      Company Type:
      Private
      Address:
      130 E Randolph St, Suite 3400
      City:
      Chicago
      State/Province:
      IL
      Postal Code:
      60601
      Website:
      www.opploans.com
      OppLoans
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