November 2, 2019

OppLoans Review

Read more about OppLoans
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OppLoans is a short-term lender that offers installment loans in as little as a few business days. Learn how OppLoans works and whether it's worth it.

OppLoans Promotions
Personal Loans

Overall Score






Interest Rates

5-point scale (the higher, the better)

Pros and Cons

  • Online application
  • Lower APRs
  • Longer prepayment periods
  • Not available in every state
  • Max loan amount of $4k for some states
  • APR can be as high as 199%

Bottom Line

Offers emergency loans to "poor credit" borrowers and safer than payday loans

Is OppLoans for Bad Credit?

OppLoans offers emergency loans to consumers with poor credit. Though they complete a "soft pull" of your credit when you apply, the company has no minimum credit score requirement.

OppLoans also offers more attractive terms than other short-term lenders, including longer repayment periods and lower APRs.

Is OppLoans legit?
Yes, OppLoans is a national lender and direct loan provider. The company positions itself as a more affordable alternative to payday loans.

How OppLoans Works

The OppLoans process is simple. After applying for a loan online by providing basic personal information, OppLoans processes your application and gives you an answer via email in a matter of minutes.

In some cases, OppLoans may need documentation before they can provide a decision. If you collect Social Security, disability, or alimony, you may have to submit proof prior to approval. This may include:

  • Award letter
  • Court order
  • Bank statements
  • Pay stub (if you reside in Illinois or Nevada)

If you apply and are approved for the loan before 9:00 PM CT Monday–Thursday, OppLoans will deposit the funds directly into the checking account that you provided.

If approval is given on a Friday before 9:00 PM CT, you can expect the funds in your account by Monday. Any loans applied for and approved over the weekend will be deposited by Tuesday.

Why does OppLoans ask for bank login?
OppLoans may use your login and password for Bank Verification during the application process. This serves a few purposes, according to their website:

  • To prove you own and can access the account
  • To verify the financial information from your application

OppLoan does not save or store your username or password. The information is collected by third party providers and encrypted to prevent theft.

Are You Eligible for a Loan?

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Eligibility requirements include:

  • Residence in an eligible state

  • Must be at least 18 years old (19 years old in Nevada or Nebraska)

  • Must have consistent income

  • 3-month income history if your income is from an employer

  • Active bank account in your name for at least 90 days

  • Must receive paychecks via direct deposit (residents of New Mexico are exempt)

What credit score is needed for OppLoans?
Unlike traditional lenders, OppLoans doesn't have a minimum credit score. In fact, the company only performs a soft credit check, along with a request for basic personal information like employment and banking history. The typical applicant has a credit score ranging from 350-600.

OppLoans is available in the following states:

  • Alaska
  • Alabama
  • Arizona
  • California
  • Delaware
  • District of Columbia
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Mexico
  • Ohio
  • Oklahoma
  • Oregon
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Virginia
  • Washington
  • Wisconsin
  • Wyoming

Contacting Customer Service
You can contact OppLoans via phone at (800) 990-9130 Mon–Fri, 7 AM to 11:30 PM CT, or Sat–Sun, 9 AM to 5 PM CT. You can also email OppLoans at

OppLoans Costs

OppLoans doesn't charge prepayment penalties for any state in which they operate. You are free to make extra payments or pay your loan back in full whenever you are able.

However, even if you make an extra payment, you are still required to make your regularly scheduled payments until the loan is paid in full.

OppLoans charges different fees in order to abide by each state's laws. For example, OppLoans charges an administration fee in California. Line of credit products in Kansas incur a 2% origination fee. Most states charge a late fee after your payment is more than 15 days past due.

As with any loan, always read the fine print on your terms agreement before taking the loan.

OppLoans Monthly Payment
Most borrowers make their monthly repayments through ACH transfers directly from their bank. You can do so by signing into your account online—OppLoans even has a recurring payment option.

For one-time payments, borrowers can also use debit cards. This can be handled online through the site or by calling 855-408-5000.

OppLoans Pros & Cons


  • Applying for a loan won't affect your credit score
  • Online application
  • Obtain approval in minutes
  • Receive your funds as fast as the next business day
  • Lower APR than payday loans
  • Longer repayment terms than payday loans
  • Helps rebuild credit by reporting payments to credit bureaus
  • A+ rating from the Better Business Bureau
  • Direct lender


  • APR can be as high as 199%
  • Not available in every state
  • Maximum loan amount of $4,000 depending on where you live

Is OppLoans a payday loan company?
OppLoans doesn't offer payday loans, which are typically due with your next paycheck. Instead, it offers loans with longer repayment terms, sometimes up to a few years. This helps repayment seem more affordable.

But the high APRs and longer terms can add up quickly. These loans should be used only in emergencies and paid back as quickly as possible to avoid accumulating substantial interest.

How It Compares

Rise offers online installment loans from $500 to $5,000 with terms from 4–26 months. APRS can go up to 299%. The company requires a hard credit pull to make a lending decision. However, you may be able to get your funds in as little as one business day.

One Main
One Main offers a traditional bank loan with the speed of a payday loan. One Main's highest APR is 35.99% and they offer loan amounts between $1,500 and $30,000.

You can secure terms between 24 and 60 months. While the application process begins online, you will have to meet with a representative in person before final approval.

You can borrow between $1,500 and $4,500 and receive your funds as soon as the next business day. Elastic offers line of credit accounts that allow you to draw funds as you need them.

However, there is a cash advance fee for every withdrawal and a carried balance fee for each month that you have a balance. You must also meet the minimum payment requirements every month.

Bottom Line

OppLoans is a good option for individuals who need funds fast. It's a better and safer alternative to a payday loan.

However, if you have decent credit, you may be able to secure a more attractive loan from an online or local bank.

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