OppLoans Personal Loans Review

OppLoans is an online lending platform that specializes in providing personal loans to individuals with bad credit or no credit at all. OppLoans markets itself as a more affordable and attractive alternative to payday loans, with lower rates and more flexible repayment terms. However, due to their triple digit APRs, you should only consider them when you have exhausted all options at conventional lenders.

Loan Options

• OppLoans offer only unsecured personal loans between $500 and $4,000, with some state-specific differences in the lower limit.

• Loan lengths range from 9 to 18 months.

• OppLoans does not currently support joint loan applications or the inclusion of cosigners.

Interest & Fees

• APR: OppLoans rates are generally between 99% and 195%.

• Origination Fees: There are no origination fees.

• Prepayment Penalty: Borrowers do not incur a prepayment penalty if they wish to pay off their loan early.

• Late Payment: There are no late fees.

• Unsuccessful payment: Opploans will not impose a penalty for failed or returned checks or ACH payments, though your bank may do so.

Geographical Availability

OppLoans do not currently accept applications from residents of Washington DC and the following 11 states: Colorado, Connecticut, Georgia, Iowa, Maryland, Massachusetts, New York, Oregon, South Dakota, Vermont and West Virginia.

Loan Eligibility

Opploans has no minimum credit score requirement and will actively consider alternative non-credit data points (e.g. employment history) in the qualification process.

Income Requirements

Potential borrowers must have a regular source of income in excess of $1500 per month. Income can be from employment or from benefits including Social Security, Disability, etc. Note that alimony, child support, or separate maintenance income is optional to include.

Are they legit?

Yes. OppLoans is a product of Opportunity Financial, a public company listed in the New York Stock Exchange. Through their website, OppLoans provides a platform to connect borrowers with loans offered and issued by their lending partners- namely, FinWise Bank, First Electronic Bank and Capital Community Bank (CCBank). OppLoans handles the customer service, application process and loan management, while the actual funds are provided by the bank. For practically all situations, Opploans will be your point of contact for any issues related to your loan.

Reviews & News

At the time of writing, Opploans had approximately 82% 5-star reviews on Trustpilot from a total of just over 5,500.

On their A+ accredited BBB profile, they have an average rating of 3.5/5 from nearly 150 reviews, with a little over 125 complaints closed in the last year.

However, the company has also faced regulatory scrutiny over the cost of its loans. In 2021, Opportunity Financial reached a $2 million settlement with the Attorney General of Washington DC relating to allegations that consumers were charged interest rates far above the district's usury cap.

Do They Report to the Credit Bureaus?

Yes. OppLoans reports monthly snapshots of loan and payment status to the three major credit reporting agencies: Equifax, Experian and Transunion. Regular on-time payments in your credit file will likely increase your credit score and improve your chances of qualifying for credit in the future. However, failure to satisfy your repayment obligations could damage your credit score, making it more difficult to borrow again.

Get in touch

For questions about applications, loans, or general inquiries, you can contact the OppLoans Customer Support Team at (800) 990-9130, which is available 7AM-11.00PM Central (Monday-Friday) and 9AM-5PM Central (Saturday & Sunday). Alternatively, you can email them with your questions—a list of addresses can be found here.

What we like?

No Credit Score Impact: OppLoans allows borrowers to complete the entire application process without a traditional hard credit pull, meaning your FICO credit score will not be impacted when applying. Instead, OppLoans performs an inquiry on your Clarity report, which does not affect your FICO score. If approved, the new loan and repayment history may still influence your credit profile over time.

Alternative Data: Opploans have no minimum credit score requirement and their bespoke decisioning algorithm incorporates non-credit information like income and employment history, likely benefitting candidates with poor credit or limited credit history who are denied elsewhere.

Fast Funding: Approved applications are typically funded the next business day. Applicants who complete an application before midday CT Monday – Friday may receive their funds the same business day. Exact timing will be determined by your banking institution. More information can be found here.

Financial Education: OppLoans offers a series of educational courses and quizzes under their OppU platform. The articles and videos deal with topics like budgeting, credit score and financial planning. Note that you don't need to apply for loan to access this material- it can be freely accessed here.

What we don't like?

Very High Interest Rates: Even the lowest APRs offered by OppLoans are far higher than most personal loan lenders, many of which also offer prequalification with no credit score impact. Due to the triple-digit interest rates, borrowers could ultimately repay far more in interest than the amount originally borrowed. OppLoans also promotes refinancing options that may extend repayment and increase total borrowing costs further.

No joint/cosigned loans: OppLoans does not support loans with multiple applicants, either joint or cosigned applications. A cosigner or joint applicant can sometimes increase your chances of approval or give you better terms, so it might be worth checking out alternative lenders that provide this option.

No Secured Loans: OppLoans do not currently offer collateral backed personal loans. Securing your loan with an asset (e.g. vehicle) is one way to achieve a lower rate.

Summary

OppLoans may provide access to funding for borrowers who cannot qualify elsewhere, particularly those with damaged or limited credit history. However, even its lowest rates are far more expensive than most traditional personal loans, so borrowers should explore cheaper alternatives before proceeding.