MoneyGeek’s Take: OppLoans Personal Loan Review

If you have bad or no credit and have limited options during a financial emergency, OppLoans might be your best option. OppLoans offer loan amounts ranging from $500 to $4,000, which you can pay within 24 months. This is great for people with smaller loan needs.

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Last Updated: 11/1/2022
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Borrowers with a bad credit history who choose OppLoans will be able to get back on track as long as they make timely payments. OppLoans conducts bank verification and requires that you get paid through direct deposit in order to get approved.

At a Glance: OppLoans Personal Loans

  • OppLoans

    • 59% to 160%APR Range
    • NoneMinimum Credit Score
    • $500 to $4,000Loan Amount Range
    • 0 to 24 monthsRepayment Terms
    • Next DayTime to Receive Funds

MoneyGeek Breakdown - OppLoans Personal Loan Details and Requirements

  • APR

    The annual percentage rate (APR) for personal loans from OppLoans ranges between 59%–160%.

  • Credit Score Requirements

    OppLoans does not have a minimum credit score requirement.

  • Income Requirements

    You will need a minimum income amount of $18,000 to receive a loan from OppLoans.

  • Loan Amounts

    OppLoans offers personal loans of $500–$4,000.

  • Loan Terms

    Personal loans from OppLoans need to be repaid within 24 months.

  • Permitted Uses

    You can use borrowed funds for car repairs, home repairs, rent, surprise medical expenses and travel.

  • Prohibited Uses

    OppLoans does not have restrictions on the use of funds.

  • Time to Receive Funds

    Once your loan is approved, you can receive the funds the next day. However, sometimes the process can take up to three days.

  • Origination Fees

    Borrowers do not pay origination fees with OppLoans.

  • Late Fees

    OppLoans does not charge a late payment fee.

  • Prepayment Penalty Fees

    There are no prepayment penalties with OppLoan.

  • Co-signers and Co-applicants

    OppLoans does not allow co-signers.

  • Perks

    OppLoans has a Turn Up Program that checks if your loan application would qualify for a loan at a cheaper interest rate from another lender.

  • Mobile Application

    This lender does not offer a mobile app.

Is OppLoans Right for You?

As a borrower, there are various factors that you need to consider before taking out a loan. Some of these include the maximum amount you can borrow and whether you can afford to make payments on a monthly basis. MoneyGeek’s OppLoans personal loan review can help you determine whether it is the right lender for your financial needs.

Who OppLoans Is Perfect For

OppLoans personal loan products are perfect for borrowers with poor credit history who want to rebuild it. Since it reports to all three credit bureaus, you’ll be able to improve your credit history as long as you make timely payments on your loan.

If you need a small amount of cash quickly, OppLoans is a better option than taking out a payday loan. It is able to provide quick access to your funds as soon as the next business day.

You can also apply for a personal loan to refinance an existing loan.

Who Should Not Choose OppLoans

If you’re considering taking out a personal loan from OppLoans, understand that it comes with incredibly high interest rates when compared to most other lenders. Even if it markets its products as a good alternative to payday loans, the APR is high. As a result, borrowers are better off finding a different option elsewhere, especially if they have good credit.

OppLoans is also not a great option for people who need to borrow more than $4,000.

How to Apply for an OppLoans Personal Loan

MoneyGeek outlines the most important steps you need to complete in order to apply for an OppLoans personal loan.



To be eligible for OppLoans, borrowers must be 18 years or older, have a checking or savings account, have a regular source of income and receive paycheck through direct deposit.


Fill Out Application Form

The application process is completed online through OppLoans website. You will need to upload documents using the OppLoans customer portal, including proof of income. You will also need to provide 30 days worth of bank statements as part of OppLoans bank verification. Once you fill out your application, you can submit it.


Wait for Approval

You will receive an email notification when your application is approved.


Review Loan Agreement

Take a close look at the loan agreement and read the fine print once your loan is approved. In particular, you want to review the potential charges, including origination fees, prepayment and late payment fees.


Sign Loan Agreement

Once you are okay with the terms and conditions as outlined in your loan package, you can sign the loan agreement.


Receive or Direct Funds

You can receive OppLoans funds directly in your account within the next business day.


Make Payments

There are several ways to make payments. You can choose an electronic fund transfer and set up automatic debit at least two days before your due date. You can also make one-time payments each month using your debit card. Additionally, you can send a paper check payable to OppLoans.

What to Do if You Are Rejected From OppLoans

Lending companies like OppLoans look at various factors to determine the risk of approving your personal loan application. A high debt to income ratio and insufficient income are some of the common reasons why loan applications are denied.

Don’t be discouraged if this happens to you. The best thing to do is contact your lender and ask for the reasons your loan application was rejected. OppLoans in particular send a Notice of Adverse Action outlining the reason for your denial. Try to improve on these factors before applying again.

While you are eligible to apply for an OppLoan personal loan at any time, the lender recommends that you wait 30 days before applying again. Understanding the reasons behind your rejection also increases your chance of getting approved for a personal loan elsewhere, especially if you improve any issues that caused your application to get denied.

Frequently Asked Questions About OppLoans Personal Loans

MoneyGeek answered some frequently asked questions about OppLoans that might help you decide whether to apply for a personal loan from this lender.

Read More on Personal Loans


The content on this page is accurate as of the posting/last updated date; however, some of the rates mentioned may have changed. We recommend visiting the lender's website for the most up-to-date information available.

Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, lender or other entity.