OppLoans Personal Loan Lender Review

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ByChristopher Boston
Edited byRae Osborn
ByChristopher Boston
Edited byRae Osborn

Updated: February 14, 2024

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OppLoans stands out as a personal loan lender for those with less-than-perfect credit, offering no minimum credit score requirement and a quick online application process. Its loans range from $500 to $4,000, with decisions often made within a day. While their high APR of 160% and short repayment terms might be a drawback for some, OppLoans may be ideal for borrowers needing fast financial assistance and those looking to improve their financial literacy through resources like OppU.

  • OppLoans

    • 160%APR Range
    • NoneMinimum Credit Score
    • $500 to $4,000Loan Amount Range
    • 9 to 18 monthsRepayment Terms
    • Same DayTime to Receive Funds

    OppLoans understands that not everyone has a perfect credit history, which is why it doesn't require a minimum credit score for loan approval. This opens the door for many borrowers who might struggle to secure loans from other lenders and may help them build or repair their credit standing.

    Another aspect where OppLoans shines is in its quick and efficient process. From the moment you submit your online application to the potential of receiving funds on the same day, it ensures that your financial needs are met promptly. Its crucial for anyone needing urgent financial assistance, providing relief when it matters most.

    Moreover, OppLoans' commitment to customer satisfaction is evident in their strong Trustpilot rating and A+ BBB score. Its personalized customer support ensures that borrowers aren’t only getting a loan but also the help and guidance they need throughout the process. Coupled with financial literacy resources through OppU, OppLoans doesn't just lend money — it invests in customers' financial well-being.

    While it has a high APR and shorter repayment terms, the combination of accessibility, rapid service and dedicated support makes OppLoans a compelling choice for personal loans, especially for those who value quick access to funds and supportive customer service.


    • No minimum credit score required
    • Quick online application process
    • Personalized customer support
    • Rapid decision and same-day funding possible
    • Offers financial literacy resources through OppU


    • High APR rate
    • Short repayment terms
    • Limited loan amounts
    • Limited to certain U.S. states
    • Potential additional fees (late, NSF)

Features of OppLoans Personal Loans

OppLoans stands out with its digital-first approach, offering a streamlined online experience that may differ from traditional lenders. With OppLoans, you can access funds for various needs, such as debt consolidation or unexpected bills. While both traditional and digital lenders provide online services, Opploan focuses on making the process quicker and more flexible. It's essential to understand its fees, loan terms and any repayment assistance offered. Combined with their responsive customer service and easy-to-use online tools, Opploan can be a solid choice as a personal loan lender.

What Can You Use Your Funds For?

Understanding how to use your loan is key when choosing a personal loan lender. Some restrict how you spend your money, but knowing OppLoans' flexibility helps you plan better. Here's what you can do with a personal loan from OppLoans:

    carColored icon

    Car Repairs

    Ideal for sudden car breakdowns. OppLoans funds can help you handle costly repairs quickly, ensuring you're not left without transportation for work or daily errands.

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    Home Repairs

    Address urgent issues like plumbing leaks or electrical faults. Using OppLoans, you can finance these repairs, maintaining or even increasing your home's value and safety without the stress of upfront costs.

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    Surprise Medical Expenses

    Tackle health-related costs not covered by your health insurance plan. Whether it's an unexpected surgery or dental work, OppLoans loans can relieve the financial burden, allowing you to focus on recovery.

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    Fund your dream vacation or essential travel for family events. OppLoans provides the means to cover flights, accommodations and other travel expenses, making memorable experiences more accessible.

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    Debt Consolidation

    Streamline your finances by consolidating various high-interest debts into one manageable loan with OppLoans. It can lead to easier monthly payments and lower overall interest costs.

OppLoans personal loans offer the flexibility to meet diverse financial needs, from emergencies to life-enhancing opportunities. Its approach allows you to manage your finances with confidence, whatever your situation may be.

Loan Terms for an OppLoans Personal Loan

When considering a personal loan from OppLoans, understanding your loan’s terms is crucial because these affect how much you borrow, what you pay back and over what period. Being informed helps you make a choice that fits your financial situation. Here are the essential details of an OppLoans personal loan:

  • APR Range: OppLoans’ rate is considerably higher than many other personal loan lenders. One reason might be that OppLoans caters to borrowers with less-than-perfect credit, offering more accessible loans but at a higher cost. It’s essential to compare it with other lenders, as a lower APR means less cost over the life of the loan.

  • Loan Amount Range: With OppLoans, you can borrow between $500 to $4,000 in most states. However, in Hawaii, the minimum loan amount is $1,600. The range gives you the flexibility to choose an amount that suits your specific need, whether it's a small emergency expense or a larger project.

  • Repayment Terms: The repayment period ranges from 9 to 18 months. A shorter term means higher monthly payments but less interest overall. A longer one reduces your monthly payments but increases the total interest paid.

A good grasp of these terms can help you decide if an OppLoans personal loan aligns with your financial goals and capabilities. Remember, it’s a responsibility, and choosing terms that match your ability to repay is key to maintaining financial health.

Fees and Discounts for an OppLoans Personal Loan

Different lenders have various fees, impacting the total cost of your loan. With OppLoans, knowing what you're not charged for is as important as knowing what you are.

OppLoans and its bank partners do not charge origination or prepayment fees. That means you won't pay extra for processing your loan or for paying it off early, which is a benefit compared to some other lenders.

However, other fees may apply, such as:

  • Late Payment Fees: Check if OppLoans charges fees for late payments and find out what the amount is.

  • Non-Sufficient Funds (NSF) Fees: Understand the charges if your account doesn't have enough funds for a payment.

Knowing these helps you plan your finances better and prevents you from being caught unaware during the loan term. Remember, understanding all costs associated with your loan is essential for managing your financial health effectively.

OppLoans Personal Loan Repayment Assistance

When choosing a personal loan lender, it's important to consider what kind of repayment assistance it offers. Life can be unpredictable, and knowing that your lender, like OppLoans, will work with you during tough times can be a big relief.

OppLoans understands that everyone's financial situation is unique. It emphasizes personalized support for borrowers facing difficulties. If you're worried about missing a payment or defaulting on your loan, contacting OppLoans is a proactive step. Its Advocates are there to help, ready to discuss your situation and explore solutions tailored to your needs.

This approach shows their commitment goes beyond lending customers money— OppLoans also supports borrowers through the entire loan journey. This kind of assistance can make managing your loan less stressful, especially during unexpected financial challenges.

OppLoans Customer Service

Good customer service is essential when choosing a personal loan lender. It ensures you have support for any questions or concerns about your loan. Here's how you can reach OppLoans:

  • Phone Support: Call (800) 990-9130 for help with active applications, current loans or general inquiries. Their hours of operations are as follows:

Weekdays: 7 a.m. to 11:30 p.m. Weekends: 9 a.m. to 5 p.m. Central Time.

  • Email for New Customers: Questions about pre-application, application or refinancing? Email info@OppLoans.com.

  • Email for Existing Customers: For existing account queries, including payments, email payments@OppLoans.com.

Its commitment to customer service is reflected in its Trustpilot rating of 4.5 out of 5. That’s based on 4,039 reviews, with 83% giving 5 stars. It indicates a high level of satisfaction among customers, showcasing OppLoans' dedication to addressing borrowers needs and concerns effectively. Whether you're just starting or already have one, its team is ready to assist, providing assurance and guidance when needed.

OppLoans Personal Loan Online Resources

Any additional resources a personal loan lender may provide are as important as the loan itself. These can guide your financial journey, helping you make sounder decisions.

OppLoans offers OppU, a platform with resources, tools and courses designed to boost your financial literacy. Whether it's learning about building an emergency fund or managing debt, OppU guides you toward financial wellness. The courses cover practical topics like spending, budgeting and saving, aligning with national financial education standards. Best of all, they're free!

The OppU Blog is a treasure trove of information. It offers educational and entertaining content on a wide range of financial topics, including loans, credit, budgeting and saving. This kind of support from OppLoans lets you navigate your finances with confidence and knowledge.

Qualifying for an OppLoans Personal Loan

Understanding the eligibility criteria for an OppLoans personal loan is crucial before applying. Knowing these things can help you gauge your chances of approval and allow you to prepare the necessary information. Let's dive into what makes you eligible for an OppLoans loan:

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    Credit Score

    OppLoans doesn't require a minimum credit score (whether FICO or Vantage). They consider various factors, including alternate credit bureau data and your bank information, to determine eligibility.

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    Age and Bank Account

    You must be 18 or older and have a checking or savings account.

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    Reside in a state where OppLoans operates.

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    Income Source

    Have a regular income from employment or benefits like Social Security or Disability, received through direct deposit.

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    Proof of Income

    It may be required, especially if your income includes alimony, disability or social security benefits. You can use a benefit letter, pay stub, 1099 or W-2 form to comply with this requirement.

OppLoans focuses on serving middle-income consumers, often those with bad credit or no credit, providing an alternative for those who might struggle to qualify with traditional lenders.

Is a OppLoans Personal Loan Right For You?

Deciding if an OppLoans personal loan is right for you is crucial since it helps ensure that it meets your needs and fits your financial situation. You can determine if OppLoans aligns with your goals and capabilities by considering factors like loan terms, fees and eligibility criteria. Remember, your choice affects your immediate financial needs and has long-term implications for your financial health. Taking the time to evaluate if OppLoans is the best fit for you is part of responsibly managing your finances.

Who Can Benefit from a Personal Loan from OppLoans?

Individuals with less-than-perfect or minimal credit history may see OppLoans as a beacon of hope. Since it doesn't require a minimum credit score, it opens up avenues for those who might face rejection from other lenders, making it beneficial for those looking to build or repair their credit.

Those in need of quick financial assistance may also find OppLoans appealing. Its rapid decision-making process and the potential for same-day funding can be a lifesaver in urgent financial situations. The quick turnaround is a standout feature for anyone needing immediate access to funds.

OppLoans may be an excellent choice for people aiming to boost their financial literacy. With resources like OppU, borrowers have access to valuable educational tools. Its commitment to empowering customers with knowledge goes beyond the typical lender-borrower relationship, making OppLoans ideal for those keen on understanding and managing their finances better.

Who Shouldn’t Secure a Personal Loan from OppLoans?

Individuals who can qualify for lower APR rates might find OppLoans less appealing. With an APR of 160%, OppLoans is on the higher end compared to other lenders. If you have a good credit score or a strong financial history, exploring lenders that offer lower interest rates could save you a significant amount in the long run.

It might not be the best fit for those seeking long-term financial solutions. Its loan terms only range from 9 to 18 months, which is relatively short. Borrowers needing extended repayment periods might find this restrictive and benefit more from lenders offering longer loan terms.

OppLoans might not also suit individuals who require large loan amounts. The most you can borrow is $4,000, which may not be sufficient for those needing substantial financial assistance. In such cases, considering lenders that can provide higher loan amounts would be more practical.

How To Apply for a OppLoans Personal Loan

OppLoans’s personal loan application process is straightforward, but knowing the steps in advance can make it even smoother. Being prepared speeds things up, helping you get the funds you need without unnecessary delays.

Here are the various steps to expect when applying for a personal loan with OppLoans:

Start the Application

Begin by filling out the online loan application on OppLoans' website. This involves providing some basic personal information about yourself. It's fast and easy, setting the stage for the rest of the process.

Verify Your Income

The next step is to connect your bank account securely. It allows OppLoans to verify your income, an essential part of assessing your loan application.

Await the Decision

After submitting your application and income information, OppLoans reviews your details. It strives for a quick decision, typically within 24 hours. However, if they need additional information or documentation, it may take two to five days.

Notification of Approval

Keep an eye on your email. OppLoans uses this channel to update you regarding your application’s status. Make sure your email address is accurate to receive these important updates.

Receiving Your Funds

You could receive the money in your account as soon as the same day, depending on the approval time. The cutoff for same-day funding is 12:00 pm CT on a business day. Approvals after this may result in receiving the funds the next business day.

This step-by-step guide simplifies the application process. It's designed to be quick and efficient, ensuring you get the financial support you need with minimal hassle.

What to Do if You’re Denied

[Receiving a denial on your loan application may bring disappointment. However, it doesn’t automatically translate to the end of your financial journey. There are several steps you can take to move forward:

  • Understand the Reasons for Denial: If OppLoans denies your application, it'll send you a Notice of Adverse Action. The notice explains why you were denied, providing valuable insights. Understanding these reasons can guide you in improving your chances for future applications.

  • Boost Your Financial Profile: Work on improving factors that lenders consider, like your credit score, income stability and debt-to-income ratio. Paying bills on time, reducing debts and correcting any errors on your credit report can enhance your financial standing.

  • Look for Alternative Financing Options: Explore other financing options if you can't reapply with OppLoans immediately (a 30-day waiting period is required). It might include other personal loan lenders with different criteria, a secured loan or even financial assistance programs. Remember, each lender has unique requirements, so find one that matches your current profile.

  • Seek Professional Financial Advice: Consulting with a financial advisor can provide personalized guidance. They can help you understand your financial situation and recommend strategies to improve your creditworthiness.

While being denied a loan can be a setback, it's also an opportunity to reassess and strengthen your financial health. Use this time to make improvements where necessary, and remember, there are always other avenues to explore for financial support.

Frequently Asked Questions About OppLoans as a Personal Loan Lender

For those considering OppLoans as their personal loan lender, having the right information is key to making an informed decision. We covered some of the most common questions about OppLoans personal loans, providing deeper insights into what it offers and how its loans work.

Does OppLoans have restrictions on how you can use your funds from a personal loan?
What is the minimum credit score requirement for an OppLoans personal loan?
How long does OppLoans take to approve a personal loan?
Does OppLoans have a mobile app?
Is an OppLoans personal loan secured or unsecured?
How much can I borrow using an OppLoans personal loan?
What fees will I encounter with an OppLoans personal loan?
How does applying for an OppLoans personal loan affect my credit score?
Does OppLoans offer an autopay discount for personal loans?
Can you have co-signers on an OppLoans personal loan?

About Christopher Boston

Christopher Boston headshot

Christopher (Croix) Boston was the Head of Loans content at MoneyGeek, with over five years of experience researching higher education, mortgage and personal loans.

Boston has a bachelor's degree from the Seattle Pacific University. They pride themselves in using their skills and experience to create quality content that helps people save and spend efficiently.

  • Better Business Bureau. "OppLoans." Accessed December 4, 2023.
  • OppLoans. "OppU." Accessed December 4, 2023.
  • TrustPilot. "OppLoans." Accessed December 6, 2023.
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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. Learn more about our editorial policies and expert editorial team.