• LOAN AMOUNT RANGE: $500-$4,000
  • APR RANGE: 99%-199%
  • FUNDING TIME: 24 hours
  • LOAN TERMS: 9-24 months
  • FEES: Late payment penalty

2022's Detailed OppLoans Review

  • LOAN AMOUNT RANGE: $500-$4,000
  • APR RANGE: 99%-199%
  • FUNDING TIME: 24 hours
  • LOAN TERMS: 9-24 months
  • FEES: Late payment penalty

Best For

Middle Income Individuals


  • Fast funding time
  • Quick and easy application process
  • Doesn’t require a minimum credit score
  • No prepayment penalty fee or introductory fee
  • High loan approval rates
  • Excellent OppLoans customer service available via email, chatbot, or phone


  • High APR rates
  • Only available in 13 states

OppLoans is a loaning company that helps the credit-challenged, middle-income individual to get approved for installment loans. Here’s what makes it stand out:

  • Almost 20 years in the industry
  • Customer-centered approach
  • OppLoans has helped over 500,000 Americans with bad credit to get a quick loan
  • Minimal qualification requirements
  • Offers fast funding

In this OppLoans review, we take a closer look at how this service really works and if it provides a guaranteed loan to its clients. We will consider the following factors:

  • Product Overview and Features
  • Criteria and Personal Loan Eligibility
  • OppLoans Requirements
  • Pricing and Costs
  • Pros and Cons
  • Alternatives and Competitors
  • www.OppLoans.com Reviews and Testimonials
  • FAQ

Product Overview and Features

OppLoans was founded in 2009 and it offers its clients a choice between three personal loan products: bad credit loans, no credit check loans, and installment loans. They provide the ultimate solution for middle-income individuals with bad credit scores that need a personal loan.

The great news is that this company doesn’t have a required minimum credit score and applying doesn’t affect your FICO score at all. This is because OppLoans doesn’t run credit checks through the three major credit bureaus. Instead, they do a soft credit check through Clarity Services, Inc.

Let’s take a closer look at what OppLoans offers:

Expected Loan Amount

Reviews on OppLoans from clients with bad credit scores show that many of them have received up to $4,000 in loans. The expected loan amount ranges between $500 and $4,000.


The estimated annual percentage rate (APR) ranges between 99% and 199% and is fixed upon agreement. APR percentages depend on which state you live in. South Carolina has the highest APR rates at 199% compared to Georgia with an APR rate of 55%. That said, these OppLoan rates are extremely high compared to its competitors.

Loan Term

Loan terms vary from 9 to 24 months.

Fees and Penalties

OppLoans doesn’t charge any prepayment fees or have a prepayment penalty. Clients can pay off their loans at any time. Surprisingly, OppLoans wants its clients to pay off their personal loans faster to avoid interest.

When your payment is more than 16 calendar days late, you can expect to pay a penalty of up to 10% of your loan amount.


Opploans only publishes typical interest rates on its website. Potential clients should phone customer care for more information on their specific state’s rates. Interest rates will largely depend on the loan terms you are offered. Visit the company’s website for OppLoans monthly payments, interest rates, and terms.

Receiving Funds

Clients can receive their funds in person at one of the company’s branches or through direct deposit. OppLoans customer reviews show that funds are normally approved and deposited into the clients’ accounts within 24 hours.

Personal Loans Features 

Once your loan is approved, you can sign into your online account and view your transaction history as well as your OppLoans payments schedule. OppLoans offers advice to all their clients on how to get out of debt with no money. Customers get excellent financial guidance, as well as great customer care.

OppLoans offers a refinance option to individuals in need of more flexibility. To find out whether you are eligible for refinancing, you should apply through the ‘Refinance Now’ button in your profile.

All installment loans are closed-end and unsecured personal loans so that you don’t have to provide any collateral.

Approval and Funding Time

Approval and funding can take less than 24 hours. Depending on what time of the day you apply, your request can be approved and paid out by the end of the day. OppLoans reviews from applicants who got approved on a Friday before 9 p.m. CT state that they had to wait until the following Monday to receive funds.

Funds are directly deposited into your bank account.

Making Payments

Payments are made through ACH transfers on the customer portal or through a debit card. Alternatively, clients can contact agents via phone at 855-641-8053.

Unfortunately, OppLoans doesn’t provide any coronavirus relief programs and agents should be contacted if repayment schedules can’t be followed due to the outbreak of COVID-19.

OppLoans Eligibility Criteria

OppLoans is among the companies that guarantee approval for loans even if you have a bad credit score as there is no OppLoans minimum credit score requirement. Other personal loan eligibility requirements include:

  • Regular source of income, at least $1,500 per month
  • Proof of employment
  • Need to be over 18 years old (19 years old in Alabama)
  • Have a savings or check account in your name

Currently, OppLoans only offers installment loans in 13 states that include Alabama, Delaware, Georgia, Idaho, Illinois, Mississippi, Nevada, New Mexico, South Carolina, Test, Texas, Utah, and Wisconsin. For people in other states, OppLoans can offer assistance in connecting you with their lending partners.

Applying for a Personal Loan

Many OppLoans reviews state that the application process is quick and easy. Agents usually reply within a few hours. Here is a step-by-step guide on how the application process works:

Step 1 – Click on the ‘Apply Now’ tab on the company’s website

Step 2 – Provide your personal information, income information, and banking details (have your documents ready to upload as proof)

Step 3 – Wait for an agent to send you an email with approval or denial

Step 4 – If you’ve been approved for a personal loan, read through the terms and conditions, carefully considering the fine print, and eSign the documents

Step 5 – Receive funds via direct deposit into your bank account within 1-2 business days. You can use the money for anything from weddings to refurbishing your home. This is also one of the solutions to how you can buy a house with bad credit.

If your application is denied, you can reapply within 30 days.

Pros and Cons

Each lending company has a set of pros and cons, let’s take a look at the benefits and disadvantages of OppLoans:


  • Fast funding time
  • Quick and easy application process
  • Doesn’t require a minimum credit score
  • No prepayment penalty fee or introductory fee
  • High loan approval rates
  • Excellent OppLoans customer service available via email, chatbot, or phone


  • High APR rates
  • Only available in 13 states

OppLoans Customer Reviews and Testimonials

To know what to expect from OppLoans’ services, it’s wise to have a look at clients’ testimonials such as OppLoans BBB reviews. The company proves its credibility and reliability with an A+ BBB rating. OppLoans Glassdoor reviews give the company a 4.3-star rating based on 177 votes. Here are a few other external ratings:

NerdWallet: 3-star rating
ConsumerAffairs: 4.8-star rating
Investopedia: 2.3-star rating
Google: 4.9-star rating
LendingTree: 4.9-star rating

Privacy and Security Policy

Because applicants have to provide confidential information and private documents during the application process, OppLoans has a reliable security and privacy policy. Using 128-bit encryption, the company keeps its clients’ information safe. Read more about their privacy terms here.

Alternatives and Competitors

Upstart and Prosper provide personal loans similar to OppLoans to individuals with bad credit scores. The biggest difference between OppLoans and its competitors is that it has no minimum credit score requirements. Let’s compare the company’s terms and rates to those of its competitors:

OppLoans Upstart Prosper
Loan Term 9-24 months 3-5 years 3-5 years
Estimated APR 99%-199% 6.46%-35.99% 7.95% – 35.99%
Min. Credit Score None 620 640
Loan Amount $500-$4,000 $5,000-$30,000 $2,000-$35,000

Having a credit score above 620 is beneficial – it lets you borrow more money and gives you much lower APR rates. Personal loans provided by Upstart and Prosper can also be paid off over a longer period of time.

That said, OppLoans’ repayment terms are much shorter than Upstart’s and Prosper’s, which allows the client to pay off his loan sooner – avoiding accumulated APR rates.

Wrap Up

Taking into account various bad credit score factors, it can be difficult for some people to get personal loans to help them during emergencies. OppLoans aims to give those with a bad record the possibility of getting quick loans.

While writing this OppLoans review we realized that its APR and interest rates are high, but the fact that there’s no minimum credit score requirement makes up for it. You can also repay your loan sooner than the agreed loaning term and avoid paying extra interest fees.

OppLoans is the perfect solution for anyone in dire need of a cash injection. Or anyone who has been rejected by other lending companies that require a credit score over 620.


How Long Does OppLoans Take to Approve?

An agent will normally reply within a few hours or one working day. Many OppLoans reviews state that clients received almost immediate approval after application. As long as all your documentation is in order, your approval will be quick.

How Long Does OppLoans Take to Deposit Funds?

Depending on the day your personal loan is approved you can receive funds as soon as the next day. If your loan is approved before 9 p.m. Monday – Thursday, you can expect funds the following day. But if your loan is approved on a Friday, you can only expect it on the following Monday.
When you apply for an installment loan over the weekend, you might only receive it the following Tuesday.

Is OppLoans Safe?

Yes, OppLoans is a credible financial lending company that has a strict privacy and security policy to protect your data and personal information.

Is OppLoans Legit?

Yes. In this OppLoans review, it is clear that OppLoans is an accredited BBB company with many positive and trustworthy online reviews.