OppLoans Review

Rating: 4 / 5.0

Good for: Fast Cash, Easy Approval, Personal Loans, Building Credit, Small Loans

OppLoans Overview

OppLoans has been providing personal loans for nearly a decade. OppLoans has built their lending service on three pillars; 1) fast funding, 2) low interest, & 3) personal service though there should be four with accessibility rounding out the list.

We’ve all heard the tired old clichéd saying about the “company that cares”, but OppLoans personifies the statement. They’ve helped hundreds of thousands of people get the money they need at an affordable interest rate so they can get back on their feet, fund a trip, or pay for an emergency bill.

Services Provided

OppLoans has kept their service offering small and restricted to personal loans and debt consolidation loans.

Personal Installment Loans
If you have money problems, personal loans give you an opportunity to take back control of your finances rather than letting them continue to control you. Nearly 38% of Americans live paycheck to paycheck because of poor spending habits or living beyond their means. Getting a personal loans lets you take care of what’s keep you down so you can start living worry free again.

One of the greatest parts of personal loans is that they’re unsecured loans which means that you don’t have to put up collateral to qualify nor do they require you to have above average credit. Whether or not you qualify for OppLoans’ affordable personal loans completely depends on whether or not you can pay the loan back instead of an arbitrary number. This lets you get the money when you need it.

Debt Consolidation Loans
OppLoans offers debt consolidation loans to help borrowers get out of debt, specifically payday loan debt. Payday loans are incredibly predatory and stack the odds against you with short terms and egregiously high interest rates. This forces many people to take out multiple payday loans just to stay afloat, but this pushes them deeper into its vicious cycle.

OppLoans’ debt consolidation loans help you get out from under whatever debt you’re in by combining multiple debts (and their interest rates) into a single debt to be paid off. This is especially effective for debts with high interest rates like payday loans as they can quickly spiral out of control if you aren’t careful. All you have to do is focus on paying a single loan rather than several and you’ll be out of debt before you know it!

OppLoans Loan Details and Statistics

Loan Amount$500 - $5,000
Loan Durationup to 36 months
Collateral Needed?No
Interest Rates59 - 199%
Minimum Credit Score500
Approval Time"in seconds" - 1 business day
Loan Deposit Time~1 business day
Late FeesUp to $10
Insufficient Funds FeesN/A

Area of Operation

OppLoans does not have any brick and mortar, physical locations, but they provide personal loans to residents of 16 states through their network of money lenders. OppLoans is authorized to operate in AK, AZ, CA, DE, FL, IN, KY, MI, MN, NE, NV, OH, OK, OR, TX, and WY.

Loan Process

OppLoans loan process is a 5 step application that 1) requires you to make an account, 2) input personal information, 3) input your professional information, 4) input your financial information, and 5) read and electronically sign disclosure agreements to take part in their services. Once the form is completed, you should receive an approval decision within seconds, but it may take up to 1 business day if your application requires special consideration. From there, you should have your loan deposited straight into your account within one business day, provided that you’re approved of course.

Opploans Loan Requirements

  • Government Issued ID
  • Social Security Card
  • Proof of Residence
  • Proof of Income (Most recent pay stubs)
  • Active Checking Account
  • Have to be 18+ years of age

Opploans Loan Details

  • Loan Amount: $500 - $5,000
  • Loan Duration: up to 36 months
  • Collateral Needed: No
  • Interest Rates: 59% - 199%
  • Minimum Credit Score: 500
  • Approval Time: ~1 Business Day
  • Loan Deposit Time: ~1 Business Day
  • Late Fees: Yes
  • Insufficient Funds Fees: Yes
  • Average Loan Offer: $1,000 @ 99% APR for 8 months ($81 biweekly payments)

How to Apply

As OppLoans doesn’t have any physical locations, the only ways to apply are 1) via their online form (here), or 2) by calling their toll free number,  (800) 990-9130. The great thing about applying through OppLoans is that it will have zero effect on your FICO credit score.

OppLoans Review

OppLoans has, without a doubt, one of the highest customer review ratings we’ve seen for a loan provider and it’s not from a one or two reviews. They have an A+ rating with the BBB and a 4.85 out of 5 star rating from over 4,000 customer reviews across three websites which is astoundingly high regardless of what industry you’re in. Especially in the money lending business where the average reviewer is a disgruntled ex-customer venting their frustration, warranted or otherwise. It’s unheard of.

While their loan amounts are on the lower end of the spectrum, $5,000 is still a really good amount of money to help get your finances back on track. On top of that, they have very competitive interest rates and the lowest listed minimum credit rating to qualify (500). It’s lower than other lenders that say they specialize in bad credit loans. This lets more people that need money get it when they need it rather than it just being out of reach or being forced to pay higher interest rates because of a mistake they made years ago.

OppLoans also has a lightning fast turnaround time. Your loan can be approved in moments after submitting your application and then the loan itself can be deposited within one business day. Many lenders string this process across a few business days which can put you in an even tighter bind if you need money fast.

Is Opploans Good For You?

Like we said in our review, OppLoans has one of the highest customer review scores we’ve seen which should be a huge vote of confidence in your search for a money lender. They have a low barrier to entry so you don’t have to worry about whether or not you have a good credit rating. They have a fast approval and deposit time so you can get money quickly rather than having to wait a week for it. OppLoans is one of the better lenders we’ve reviewed. If you’re looking for a semi-small personal loan to consolidate debts or get control of your finances again, OppLoans is a great choice. They get a solid recommendation from us.


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