OppLoans Personal Loans Review for 2024

Pros Explained

• No minimum credit score requirement: OppLoans does not require applicants to have a minimum credit score to qualify. This makes it an accessible option for prospective borrowers with poor credit or limited credit history.
• Strong customer service: Among non-prime lenders, OppLoans stands out for its mostly positive reviews and high BBB rating. The website is also very transparent regarding loan details, and the efforts to educate borrowers and improve their financial health are commendable.
• Fast funding available: Borrowers may receive their loan funds as early as the same day or the next business day after application verification and approval.

Cons Explained

• High annual percentage rates: OppLoans is meant for borrowers who don’t qualify for more competitive personal loan interest rates from other lenders. Borrowers face very high annual percentage rates (APRs) of 160%.
• Low available loan amounts: The maximum loan amount from OppLoans is $4,000, which is much lower than the maximum loan amounts available from other lenders.
• Limited loan terms: Loans serviced by OppLoans are only available for nine- to 18-month terms. Other lenders may offer more flexible loan terms.

Types of Personal Loans Offered by OppLoans

OppLoans and its lending partners offer online personal loans to borrowers with poor credit or limited credit history. Personal loans typically can be used for a wide range of purposes, and OppLoans’ financial products are no different. 

While OppLoans doesn’t identify prohibited loan uses on its website, many lenders prohibit borrowers from using funds to pay for post-secondary education or illegal activities.

In general, OppLoans funds can be used for the following purposes:

• Car repairs
• Home repairs and renovations
• Credit card and debt consolidation
• Medical debt payoff

Time to Receive Personal Loan Funds

OppLoans borrowers may receive their loan funds as soon as the same day, once approved. For this to happen, the application must be verified and approved Monday through Thursday, before 12 p.m. CT.

As with other lenders, your bank’s transaction processing time can also impact the timeframe for loan disbursement.

Borrower Requirements

To qualify for a loan from OppLoans, you must:

• Be at least 18 years old
• Have a checking or savings account
• Reside in one of the 37 states where OppLoans operates
• Offer proof of income, which may include benefits like Social Security, disability, etc.; you also have the option to include alimony, child support, or separate maintenance income
• Receive your income via direct deposit 

OppLoans Personal Loan Features

• Holistic qualification requirements: OppLoans does not have a minimum FICO score or Vantage credit score requirement for personal loan applicants. Rather, the lending platform evaluates factors from alternate credit bureaus as well as your bank data to determine eligibility. This makes it easier for applicants with a low credit score—or limited credit history—to qualify for a personal loan.
• TurnUp program: Through its TurnUp program, OppLoans screens applicants through approximately 15 near-prime lending partners to see if applicants qualify for a better, lower-interest loan, even if it's not offered through OppLoans.
• FICO score increases: OppLoans doesn’t rely solely on a borrower’s FICO score when making lending decisions, but it does report to all three of the major credit bureaus—Experian, Equifax, and Transunion—each month. This makes it possible for OppLoans borrowers to improve their credit scores by taking out a loan and then making consistent, on-time payments.

Co-Signers and Co-Applicants

OppLoans also doesn’t allow co-signers or co-borrowers, so applicants must qualify for a loan based solely on their own creditworthiness.

Can You Refinance a Personal Loan With OppLoans?

OppLoans does allow borrowers to refinance existing loans to receive additional funds. If approved, you can typically borrow the difference between your existing loan and what you’ve already paid toward the principal; some may qualify for a higher loan amount.

Customer Service

Current and prospective OppLoans borrowers can contact the Opportunity Financial Customer Support Team by phone or email. OppLoans also advertises that its OppLoans Resolutions Team aims to respond to customer questions within 10 business days.

In addition to its customer support team, OppLoans provides current and prospective customers access to OppU. This platform includes financial literacy courses and articles to help borrowers better understand their finances and the implications of borrowing.

Customer Satisfaction

OppLoans’ customer reviews are largely positive. The company has an A- BBB rating and an average customer rating of 4.5 out of 5 stars on Trustpilot. Many borrowers praise the platform’s easy application process and fast funding times. Borrowers also appreciate OppLoans’ customer support team and the fact that this lender helps people access cash when they’re struggling financially. 

That said, some negative reviews highlight OppLoans’ high interest rates and monthly payments. 

How to Apply For an OppLoans Personal Loan

1. Start an online application: To begin the online application process, navigate to “Apply Now” on the OppLoans homepage. Make sure you have all of the necessary information, including personal details, income amount, method, and frequency, and banking account information. 
2. Provide additional documentation: In some cases, it may be necessary to submit proof of income so OppLoans can verify your income and employment. This may be necessary if you receive alimony, disability, or Social Security benefits.
3. Await approval: Once you submit all of the necessary documentation, OppLoans will begin processing your application. You can check the status of your application by signing into your online account or by contacting OppLoans via phone or email. If your application is rejected, OppLoans will send a Notice of Adverse Action with details about why the loan was denied.

Note that OppLoans personal loan applications cannot be submitted via phone and must be submitted online.

Other Banking Services and Loans Offered by OppLoans

OppLoans only offers online personal installment loans.

Compare OppLoans With Other Personal Loan Lenders

The Bottom Line

OppLoans may be a suitable personal loan option for borrowers with poor credit or limited credit history. This is because the company bases lending decisions on factors beyond the applicant’s FICO score. Plus, its transparency and educational tools set it apart from some predatory lenders that target credit-challenged borrowers.

That said, OppLoans personal loans are extremely expensive because of the high APRs. The lender also offers limited repayment terms and low maximum loan amounts. Before choosing a personal loan through OppLoans, make sure you understand the financial implications of such an expensive borrowing option.

How Trustworthy Is OppLoans?

OppLoans is one of the more trusted lenders for non-prime consumers, as noted by its A- Better Business Bureau grade and strong reviews on Trustpilot. The company was also included in Inc. 500’s list of fastest-growing companies and Built in Chicago’s top 100 digital companies.

Can OppLoans Be Paid Off Early?

You can pay your OppLoans loan off early if you choose since there are no prepayment penalties.

How Long Does It Take for OppLoans to Approve?

OppLoans aims to make loan decisions within 24 hours, but states that it might take up to five additional days depending on whether additional documentation is needed.

Does OppLoans Check Your Bank Account?

OppLoans uses automated bank verification to access a read-only snapshot of your recent banking transactions. This allows the lender to verify your identity and income.

Methodology

To evaluate and rank personal loan providers we collected hundreds of data points across 70 lenders, including traditional banks, credit unions, fintechs, and special interest finance companies. We researched and evaluated APRs, loan amounts and terms, fees, customer experience, and much more. To rank the lenders in our database and to generate star ratings, we weighted the data we collected, based in part on what consumers told us were the most important features of a personal loan and lender in a survey we conducted. We grouped those factors into four broad areas:

• Loan costs (advertised APR, fees, and six other factors): 29.25%
• Loan terms (loan amount, repayment term, and three other factors): 22.25%
• Borrowing requirements (credit score, membership requirement, and six other factors): 28.5%
• Additional features (online application, pre-qualification, and eight other factors): 20%

Learn more about how we evaluated personal loans in our complete methodology.