OppLoans review: No minimum credit score required, but you'll pay a high interest rate

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  • OppLoans personal loans come with high APRs, but are likely a better option than payday lenders. 
  • You can get an OppLoans loan for between $500 and $4,000 depending on your needs and your state.
  • OppLoans’ APR range is 59% to 160%, which is significantly higher than what competitors charge. 
  • See Insider’s picks for the best personal loans »

Should you use OppLoans?

You may like OppLoans if you … You may not like OppLoans if you … 
  • Have a low credit score
  • Want to avoid any fees
  • Need a smaller loan amount (as little as $500)
  • Want your money quickly
  • Need a loan amount higher than $4,000
  • Want to use a mobile app to manage your loan
  • Qualify for a lower interest rate with another lender
  • Live in a state not in the company’s coverage area

The bottom line: OppLoans is a decent lender if you have a low credit score. But with its high interest rates and low loan amounts, you may be better off getting a loan elsewhere or looking for a credit card.  

How OppLoans works

OppLoans offers unsecured personal loans through either FinWise Bank (Member FDIC) or Opportunity Financial LLC, depending on where the loan originates from. An unsecured personal loan doesn’t need any collateral, such as a house or car. You can use a personal loan for a variety of purposes.

OppLoans loan amounts range from $500 to $4,000. OppLoans only offers loans to customers in 37 states and DC. Loan terms range from nine months to 24 months, depending on the state you live in. 

Depending on your credit score, where you live, and other financial factors, your APR will range from 59% to 160%. This is much higher than similar companies’ APR ranges. For example, Avant’s APR range is 9.95% to 35.99%, and LendingClub’s range is 8.05% to 35.89%.

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Still, if you’re in need of money fast and are looking for a shorter loan term, OppLoans is likely a better option than a payday loan. Many payday loans have APRs as high as 400%.

You may want to see if you qualify for personal loans with lower APRs at other companies, as OppLoans rates are significantly higher than many competitors. You could also look into credit cards for people with bad credit, as you may be eligible for a lower APR and better terms with a credit card. Weighing the pros and cons of your choice will help you get the best deal possible. 

Most loans from OppLoans are approved within one day, and you will likely get your funds the next business day — contingent on when your application is approved. 

You won’t pay any fees with an OppLoans loan, including an origination fee, late fee, or prepayment penalty.

Depending on what you need help with, you can email one of five customer support accounts, which you can find here. You can also call 800-990-9130 Monday through Friday, 7:00 a.m. to 11:30 p.m. CT, or on Saturday and Sunday from 9:00 a.m. to 5:00 p.m. CT. If neither of those options works for you, you can send mail to either the Chicago or Nevada branch of the company at the addresses listed here. 

OppLoans has a detailed frequently asked questions section, sorted by topic.

OppLoans doesn’t ask you to detail the reason you want a loan on the application, but lists common reasons as medical bills, home improvement, car repairs, or debt consolidation.

You’ll need to meet the following requirements to apply:

  • Be at least 18 years old (or 19 in Alabama and Nebraska)
  • Have a regular source of income
  • Have a checking or savings account
  • Receive paychecks through direct deposit (unless you live in Nevada)

If you live in one of the following states, you are not eligible to take out a personal loan from OppLoans:

  • Colorado
  • Connecticut
  • Illinois
  • Iowa
  • Maryland
  • Massachusetts
  • New Hampshire
  • New Jersey
  • New York
  • North Carolina
  • Pennsylvania
  • Vermont
  • West Virginia

What credit score do you need to qualify for an OppLoans loan?

There is no minimum credit score required to qualify for an OppLoans personal loan, which is different from other personal loan companies. But keep in mind that the lower your credit score, the higher your interest rate will be.

You won’t impact your credit score if you check your loan rates with OppLoans, because the company only produces a soft credit inquiry when pulling your credit report. A soft credit inquiry isn’t visible to third parties and won’t damage your score. At no point in the loan approval process will OppLoans perform a hard credit inquiry. 

OppLoans may be a good choice for you if you have poor credit. There is no minimum credit requirement, and the company specializes in providing loans to those who aren’t normally eligible with other financial institutions. On the other hand, you should recognize that the lower your credit score, the higher your APR could be — and OppLoans rates top out as high as 160%. 

Unless you need money fast, you may have time to improve your credit score before applying for a personal loan. Paying your bills on time and keeping low credit card balances could result in a lower interest rate. That said, if your credit score increases, you’ll still get a better rate at a lender other than OppLoans.

Is OppLoans trustworthy?

OppLoans is a Better Business Bureau-accredited company, and the BBB gives OppLoans an A+ in trustworthiness. The BBB measures trustworthiness by evaluating business’ replies to customer complaints, truthfulness in advertising, and transparency about business practices. 

Keep in mind that a great BBB rating doesn’t necessarily mean you’ll have a great relationship with OppLoans,  so ensure you also read reviews and ask friends and family about their experiences with the company.

OppLoans does not have any recent controversies. As a result of its clean history and top-notch BBB rating, you might choose to use OppLoans as your personal loan company.  

The pros and cons of OppLoans personal loans 

Pros

  • Minimal additional fees. OppLoans doesn’t charge an origination fee, late fee, or prepayment penalty. 
  • Quick access to funds. Depending on when your loan is approved, you will likely get your money as soon as the next business day. 
  • Easier to qualify with poor credit. Many other personal loan companies and financial institutions will turn away people with poor credit, but OppLoans offers options for those who have bad credit standing.  

Cons

  • High minimum and maximum APR. OppLoans’ APR range of 59% to 160% is substantially higher than most other personal loan companies. For instance, Avant’s APR range is 9.95% to 35.99% and LendingClub’s range is 8.05% to 35.89%.
  • Low maximum loan amount. You’ll only be able to take out a loan for up to $4,000, though the highest amount of money you’re qualified to borrow depends on your state, creditworthiness, income, and ability to repay. 
  • Not available in all states. OppLoans is only available in 37 states and Washington, DC. If you don’t live in one of those states, you won’t be able to take out a loan with the company. 

How to get an OppLoans personal loan

The application is only available online and can be completed in several minutes. You’ll need basic information for the initial application, including:

  • Name
  • Contact information including your address, phone number, and email
  • Date of birth
  • Social Security number 
  • Individual monthly income
  • Income type
  • Payment method
  • Payment frequency
  • Banking details

OppLoans will ask you to undergo a bank verification process. You will provide the company with a read-only snapshot of your recent banking transactions. This step helps OppLoans verify your identity and financial information, allowing the personal loan provider to give you a loan decision as quickly as possible. 

Your funds will be received based on the time when your application is approved. OppLoans lays out the likely delivery times as follows:

  • If your loan is approved before 8:00 p.m. CT from Monday through Thursday, you can expect your money the next business day.
  • If it’s approved before 8:00 p.m. CT on Friday, you’ll likely get your cash on Monday.
  • If it’s approved after 8:00 p.m. CT on Friday, Saturday, or Sunday, you can plan to receive your funds on Tuesday. If your approval day or deposit day aligns with a bank holiday, you’ll need to wait one extra business day for processing.

How does OppLoans compare to other personal loan lenders? 

Although rates will depend on your unique situation, OppLoans’ interest rates are higher than those offered by comparable lenders — even companies that offer loans to people with poor credit. Here’s how OppLoans compares to similar companies:

OppLoans
LendingClub LogoLendingClub
Avant

Min. credit score

None

Min. credit score

Unspecified

Min. credit score

600

APR

59% to 160%

APR

8.05% to 35.89%

APR

9.95% to 35.99%

Origination fee?

No

Origination fee?

Yes

Origination fee?

No

OppLoans Personal Loans

LendingClub

Apply for a loan

OppLoans review vs. LendingClub review

OppLoans won’t charge you any fees, but this comes at the cost of a significantly higher APR than with LendingClub. 

With LendingClub, you’ll pay an origination fee between 1% to 6% of your total loan amount, and this fee will be baked into your overall loan APR. The company may also penalize you if your payment is more than 15 days past due. 

You’ll likely get your funds faster with OppLoans than with LendingClub. OppLoans will usually send you your funds within one business day of approval, while LendingClub can take between two to four business days. 

OppLoans has a maximum loan term of 24 months, while LendingClub has a minimum loan term of 36 months. If you’re looking to spread out your costs over a shorter period, LendingClub might be a better choice for you. 

OppLoans review vs. Avant review

OppLoans has no official minimum credit score requirements, while most of Avant’s customers have a credit score between 600 and 700.

Avant offers loans to all 50 states and Washington, DC, while OppLoans only provides loans to customers in 37 states and DC. If you live outside of OppLoans coverage area, Avant is the better choice. 

OppLoans doesn’t have a mobile app, while Avant does. So if managing your personal loans on the go is important to you, you may want to go with Avant. 

Ryan Wangman is a reviews fellow at Personal Finance Insider reporting on mortgages, refinancing, bank accounts, and bank reviews. In his past experience writing about personal finance, he has written about credit scores, financial literacy, and homeownership.

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