OppLoans Review 2019

By: Heather Hanks Mar. 03, 2019

OppLoans can get you an installment loan quickly with an affordable payment. The personal loan lender is ideal for emergencies when you’ve got nowhere else to turn. The company is known for providing short-term loans without a credit check. They refer to themselves as a low-cost alternative to typical payday loans.

While the rates at OppLoans are lower than most payday lenders, they are still expensive. This is because they will work with you when you have bad credit. Interest rates tend to be high. For this reason, you may want to only consider using their services when you need cash and have no other options. Here is everything you need to know about OppLoans and whether or not they are right for you.


What is OppLoans?

OppLoans is also known as Opportunity Financial, LLC. They go by the name OppLoans for short. The company has been in business since 2009.  They focus on providing loans to people with bad credit. Because of this, their interest rates tend to be high. But they offer incentives to help borrowers improve their credit. This can potentially help them get access to better interest rates in the future.

The company offers short-term installment loans without a credit check first. Other lenders pull a hard credit check on you before extending an offer. This negatively affects your credit score. OppLoans is best when saved as a last minute option. They provide quick funding despite bad credit, which means you'll have to pay higher interest rates than other lenders.

OppLoans helps its borrowers improve their credit by offering incentives. They also offer educational tools to help improve your financial activity. The rates at OppLoans are extremely high, but there is a reason for this. Having bad credit and little money in the bank means that not many lenders will provide you with a loan. Because they have no other options, many people take out a payday loan to cover emergency finances. But these have interest rates of around 400%. Taking out a personal loan from OppLoans is a much better idea because it saves you money.

OppLoans offers a collection of free educational classes that teach you the basics of managing your finances. This includes how to spend, save, and budget your money. It also teaches you about credit and debt. The program is called OppU. In addition to offering this service for free, OppLoans will also report your activity to the three major credit bureaus. This is a great way to improve your credit if you make timely payments. For these reasons, it may be beneficial for someone with bad credit to take out a loan from OppLoans as opposed to another lender.

Here are some general details about the loans that OppLoans offers:

Terms range from 6 to 36 months

APRs range from 99% to 199%

Funding amounts range from $500 to $5,000

You can get your funds in as soon as the next business day after you're approved

OppLoans will only do a soft pull and your credit, which does not affect your credit score

There are no origination or prepayment fees

You are allowed a 15-day grace period before being charged a $15 late fee

There is a $15 fee associated with writing a bad check. If you are in California and write a bad check, you will have to pay an administrative fee of $75.

To qualify, you must make at least $1,500 per month and have proof of this. You must also be employed or have benefits. You cannot be self-employed. You must also have a bank account in your name to qualify. There needs to be 40 days of activity on your account to prove your eligibility. Other qualification requirements include living in one of the states that the company services and getting your paychecks delivered through direct deposit into your bank account.

It's a good idea to check with OppLoans in regards to your interest rate because these may vary by state. The good news is that you do not have to have good credit to qualify. There is no minimum credit score required.

● Alabama
● Alaska
● Arizona
● California
● Delaware
● District of Columbia
● Florida
● Georgia
● Hawaii
● Idaho

● Illinois
● Indiana
● Kansas
● Kentucky
● Louisiana
● Michigan
● Minnesota
● Mississippi
● Missouri
● Montana

● Nebraska
● Nevada
● New Mexico
● North Dakota
● Ohio
● Oklahoma
● Oregon
● South Carolina
● South Dakota
● Tennessee

● Texas ● Utah ● Virginia ● Wisconsin ● Washington ● Wyoming

OppLoans offers several flexibility options. After a history of making on-time payments, you can refinance your loan with them. You can also change your payment date online to best suit your needs. OppLoans offers financial education and reports your activity to the three major credit reporting business bureaus. This is a good way to help you build credit. On the other hand, making late payments will negatively affect your credit. You will want to keep this in mind when choosing up loans as your lender. If you do not think you can make payments on time every month, then you may want to go with a lender who does not report your activity.

Research shows that the majority of OppLoans customers use their services for emergencies only. Examples include car repairs, medical expenses, or rent. OppLoans offers affordable and fast loans when compared to title loans or payday loans. They do not deny you credit based on your credit score. The average customer has a credit score of 560 and makes under $45,000 per year. The average borrowed rate is $1,400 with an annual average percentage of 140%. These stats are according to the company's CEO.

Here is a loan example for a person with poor credit.

If your credit is around 560

and you take out a loan of $1,400

with a repayment term of five months

at 140% APR

then your monthly payments would be $385

Your total amount due on the loan would be $1,926 and your total interest paid would be $526.

What Do OppLoans Offer?

OppLoans is an alternative lender for a payday loan. A payday loan can be taken out during an emergency when you need money fast. It often has high-interest rates and requires you to pay the money back by it the next time you get a paycheck. Because of the high-interest rates and quick repayment terms, many people find that taking out an installment loan is a better option.

OppLoans offers several different types of personal or installment loans. They are listed as follows:

Installment loans

These are typically referred to as the safest loans. They are a good option if you live paycheck-to-paycheck or need help in an emergency situation. You can use an installment loan to help save money, pay off debt, purchase a vehicle or pay rent.

Debt consolidation loans

Debt consolidation loans are used to help you get out of debt. When you consolidate your loan into one small monthly payment, it becomes easier to pay off. A debt consolidation loan can help you make these monthly payments.

No credit check loans

Lenders do not pull your credit score when you take out a no credit check loan. Because of this, be prepared to pay higher than normal fees. This is a good option for someone who has not yet developed credit or whose credit is too low for a loan otherwise.

Title loans

A title loan is a type of loan that you secure with your vehicle as collateral. This means that if you cannot repay the loan, your lender will repossess your vehicle. This is a dangerous type of loan because you put your personal transportation on the line.

Bad credit loans

A bad credit loan is a good option if your credit is around 500 and you need money now. You may be subject to paying higher fees because of your bad credit, but you can use a bad credit loan the practice making monthly payments.

Cash advances

A cash advance might seem like a good idea until you need to repay it. Then you can expect higher than normal interest rates and fees.

Payday loans

Payday loans are known for high-interest rates because they are meant to take the place of your paycheck. If your paycheck is not enough to pay your bills, then taking out a payday loan can help. You can pay your rent or other bills. Be prepared to pay this money back by your next paycheck. If you cannot repay your money, then your credit score will be affected and you may go into debt. Installment loans are a better option because you can pay them back over longer periods and your interest rate is lower.

If you're unsure about what type of loan you need, then schedule an appointment to talk to somebody at OppLoans. They pride themselves on having excellent customer service and are available to help you with your financial decisions. When you sign up for a loan at OppLoans, you are eligible to receive a free financial class to help teach you about your finances. The company recommends taking out an installment loan instead of a payday loan to help keep your interest rates down and extend your repayment terms. Making smaller payments over a longer time can help make sure that you stay on track and don't fall behind.

OppLoans does not consider themselves a credit repair service, but they can help you build your credit. This is because installment loans are lower than other loans and have longer repayment terms. Taking out a small loan of $1,000 or less and making small payments on it can help build your credit. OppLoans will report your financial activity to the three major business reporting bureaus. Be sure to make on-time monthly payments to help increase your credit score and build a better financial future.

How Does OppLoans Work?

To apply for a loan, visit the OppLoans website. They will ask you a few basic questions. Applying for a loan will not negatively affect your credit score because OppLoans does not do a hard pull on your credit. Instead, the company uses other means to clarify your data, such as a clarification service. The service will help determine your financial standing by reviewing other information that is not related to your credit score.

To fill out an application, you'll need to enter your full name, street address, date of birth, phone number, and social security number. The company will also want to know how you heard about them. Then you'll need to create an account. Select a username and password. This will be the information needed to log into your account the next time you log in. You can also fill out an application like calling their toll free number and speaking to a customer representative.

To qualify, you will need to prove that you have a steady source of income. Your income needs to be from employment, and you need to have been with your employer for at least three months. You also need to have an active bank account that is at least three months old. You need to have proof that your paychecks are delivered to your bank account through direct deposit. New Mexico citizens are the only borrowers who are exempt from the direct deposit requirement. If you live in Alabama, you need to be 19 years old to qualify. All other states only require you to be 18 be considered for a loan.

Be sure to have your information ready when you apply. You will not need to enter your credit information, but you'll need to have your bank account statements handy. You also need proof of your income and proof that you work for your current employer. You know you'll also need basic identification such as your driver's license or state ID. If you qualify for a loan, you should expect to see your funds in your bank account within the next business day.

Pros and Cons of OppLoans

Keep in mind that there are cheaper and better alternatives to getting money fast if you need it. You should only consider using OppLoans if a payday loan is your next best bet. An installment loan from OppLoans can help save you money and interest and provide more extended repayment dates. If you qualify, then you can expect to see your funds within your bank account the next business day. The company will also work with you no matter what your credit score is.

Here are some pros and cons of OppLoans:

PROS of the OppLoans

  • The company has an A+ rating with the BBB
  • You can get approved for a loan within one business day
  • You do not need good credit to qualify
  • Loan terms range from 500 to $5,000 and can be paid back over 6 to 36 months
  • You get a 15-day grace period before being charged a late payment
  • The company reports your activity to the three major credit reporting agencies. This is a good way to increase your credit
  • The company offers a free educational class to teach you about finances
  • After several months of making on-time payments, you can refinance your loans were qualify for more money
  • The company does not pull a hard credit check on you when you apply, but they may use other resources such as a clarity service to determine your financial status
  • Installment loans are a good option for people who want an alternative to payday loans and can't afford a traditional loan
  • Payment flexibility- you can change your repayment date online or even refinance your loan from a different lender
  • There are incentives for making on-time monthly payments
  • Free educational classes are offered to teach you about your finances

CONS of the OppLoans

  • Interest rates can be extremely high it may range from 99% to 199%
  • The company does not provide services in all 50 states
  • Loan terms may vary depending on your state
  • You need to make at least $1,500 per month to be eligible for a loan
  • You need to have a working bank account and direct deposit to be eligible
  • You must have direct deposit to be eligible for a loan
  • Although installment loans are a better option than a payday loan, there still may be better ways to get cash fast if you need it

OppLoans vs Other Lenders

The biggest catch is that OppLoans has higher than normal interest rates. However, they do not do a credit check on you if you take out a loan. You will need to decide whether high-interest rates are worth not having a credit check done. If you have good credit, then it is a better idea to go with a different wonder where you can get better rates and terms

Here is how OppLoans compared to other lenders:



99% to 199%

Loan amount

From $500 to $5,000



20% to 67%

Loan amount

From $300 to $9,000



36% to 299%

Loan amount

From $500 to $5,000



30% to 1,356%

Loan amount

From $100 to $1,000

Payday loans


400% or more

Loan amount

Around $1,000

As you can see, an investment loan with OppLoans is a much better option than a payday loan. But it's not as good as some of the APR rates and repayment terms of other companies. We recommend shopping around and doing your homework before securing a loan with OppLoans.

If you have a credit score of 600 or higher, then you may want to check out other companies. OppLoans caters to those with lower credit scores and cannot get a loan with other lenders. If it is important to you not to have your credit score pulled at the time of your application, then OppLoans can help. But be prepared to pay more money over a longer time to make up for it.

Conclusion about OppLoans

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CreditNervana promises to keep our information as accurate and up-to-date as possible. However, you should always consult a financial advisor for specific questions about personal or business finances and investment opportunities, especially if you are looking in your area. Working with a trained professional who is familiar with your case is a safe and guaranteed way to make the best investment decision possible. Please review our terms and conditions before making any decision based on the information we provide. Financial institutions are constantly changing. Because of this, it’s a good idea to cross check the information you read here with any company you are considering working with.


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