OppLoans Personal Loans Reviews

Overall, OppLoans is best for borrowers with poor credit or no credit history who are looking to cover small expenses. Since loan amounts range from just $500 to $4,000, OppLoans isn’t the best lender if you need a large loan.

As well, OppLoans charges very high interest rates — not uncommon for a lender targeting borrowers with low or no credit scores. If your score is in the good range or higher, you can likely get better rates elsewhere.

That said, if these loan amounts match your financial need, you live in a state it services, and you’re working on building your credit, OppLoans may be worth considering.

OppLoans offers online personal loans that are unsecured, meaning you don’t need to offer collateral. These loans allow you to cover just about any expense, from travel plans to home repairs to medical expenses.

Since OppLoans reports your loan payments to all three credit bureaus, a loan from OppLoans could help to build your credit history, provided you make all your payments on time.

When it comes to personal loan rates, OppLoans can cause quite the sticker shock. Here is the APR range in all the states where OppLoans offers personal loans:

• 160-195%: AK, AZ, FL, ID, IL, IN, ME, MI, MT, NC, NJ, ND, NE, NM, NV, OH, OK, PA, TN, TX, UT, WA, WI and WY
• 160%: CA, AL, AR, DE, OR, KS, KY, LA, MO, MS, RI, SC and VA

To find out what personal loan rates OppLoans offers in your state, visit the rates and terms page on the OppLoans website and select the state you reside in.

Despite its dramatically high APRs, OppLoans specifically says that it doesn’t charge origination fees or prepayment penalties. Additionally, OppLoans doesn’t advertise any other fees on its website.

Because OppLoans serves borrowers with bad credit or no credit history, there is no minimum credit score requirement. Instead, OppLoans takes alternative factors, like your banking data, into account when making a decision on your application.

However, you do need to live in a state where OppLoans offers loans. OppLoans personal loans are only available in the following 35 states:

• 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
• Washington
• Wisconsin
• Wyoming

If you’re eligible, OppLoans has a straightforward, four-step application process. When applying for a personal loan, you can expect the following:

1. Online application: OppLoans allows you to apply using a simple online application, where you’ll need to provide personal information about yourself and your finances.
2. Income verification: To verify your income, you must connect your bank account electronically. OppLoans will walk you through this process.
3. Receive your decision: OppLoans makes quick loan decisions, aiming to accept or deny applications within 24 hours. That said, it can take up to five days if you need to provide additional information and documentation.
4. Same-day funding: If you’re approved, OppLoans will start the loan disbursement process. This can happen as quickly as the same day, but the timing will depend on when your bank processes transactions and the time of day your application was approved.

Unfortunately, OppLoans doesn’t allow co-signers or co-applicants on personal loans. Since there’s no minimum credit score requirement, these joint applications aren’t necessary.

Although OppLoans may be a good choice for borrowers with few other lending options, its high interest rates and limited availability don’t stack up well compared to other personal loan lenders — even some of those that also use alternative credit data.

For example, here’s how it compares to OneMain Financial, which is another lender that considers factors beyond your credit score:

Although OppLoans has its upsides — like the possibility of same-day funding and low minimum loan amounts — it’s hard to look past the downsides. While OppLoans is legally legitimate, if you’re interested in OppLoans, you should carefully consider how its high APRs will impact your ability to pay back the loan.