OppLoans Reviews

OppLoans Reviews

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Overall Rating
3.8 out of 5
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About OppLoans

OppLoans is a fintech 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 & Cons


  • Same-day funding in some situations
  • Secure website
  • No hard credit inquiry


  • High APRs
  • Not available in every state

Bottom Line

OppLoans offers installment loans from $500 to $4000 with no hard credit inquiry. The vast majority of customers receive an APR of 160%, and loan terms typically range from nine to 18 months. The company is ideal for borrowers who need money for emergencies.

Featured Reviews

Chicago, IL

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

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
  • 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 penalty.

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 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 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% in all states where loans are available. 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.

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.

Can you pay off OppLoans early?

Yes. There are no prepayment penalties.

Is OppLoans legit

OppLoans is a legitimate online loan platform 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

ConsumerAffairs has collected 192 reviews and 133 ratings.

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Page 1 Reviews 0 - 10

Reviewed April 28, 2021

Opploans is a scam. They will steal your money in more ways than one (hidden fees, hidden penalties, and ridiculous interest rates). They claim there is no early pay-off penalty. However, that is not the case. They will charge you the same amount regardless of whether or not you pay off the loan early or continue with the scheduled payments.

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    Reviewed Dec. 3, 2020

    Please be warned not to take this loan. This company is stealing your hard earning money. I thought I was paid off on a 1300 loan paying 1551 current and thought should be through by now. This company has added another $1000 to pay back on top of this. I was not aware this. Don't believe the people praising this cause probably like me and didn't know what they were getting into.

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    Reviewed 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!!!!

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    Reviewed 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.

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    Reviewed 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.

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    Reviewed 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.

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    Reviewed 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.

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    Reviewed 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!

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    Reviewed 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.

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    Reviewed 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.

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    OppLoans Company Information

    Company Name:
    OppLoans by Opportunity Financial, LLC (OppFi)
    Company Type:
    130 E Randolph St, Suite 3400
    Postal Code: