OppLoans Personal Loans: 2024 Review

OppLoans is best for borrowers who need better terms than payday loans

If you’re having trouble making ends meet but want to avoid the two-week payoff timeline of a payday loan, OppsLoans may be worth a look. The rates are very high for a personal loan but much lower than you’ll find with a payday loan. The longer repayment terms give you months, instead of only two weeks, to get caught up on your finances.

OppLoans personal loan purposes

Borrowers can use funds from an OppLoans loan for just about anything. However, the high annual percentage rates (APRs) and short terms make them a better choice for emergency car or home repairs, or to finance a medical debt. They are also a good alternative to payday loans. OppLoans allows payoff periods as long as 18 months, compared to the two weeks you have to pay back a payday loan. 

More than one in three OppLoans borrowers on Bankrate used the funds to pay for emergency expenses.

Where OppLoans stands out

• Same day funding possible: If you’re in a financial crisis, you can have funds the same day you apply, making it a good emergency loan choice.
• Cheaper than payday loans: You’ll pay less than half the APR costs that you’d pay with a payday loan. The longer repayment terms also give you more time to pay the balance off. 
• Higher loan maximums than payday lending: You can borrow up to $4,000 with a loan from OppLoans, compared to the $500 cap many states impose on payday loans.
• Seven-day-a-week customer service: Phone support is available every day of the week, with extra support available on the weekends. 

Where OppLoans falls short

• Very high APRs: The lowest APR is more than four times higher than the highest typical bad credit personal loan rate. 
• Shorter terms than regular personal loans: Most bad credit lenders offer terms between 24 and 60 months. These longer terms give you a lower monthly payment than OppLoans’ 18-month maximum term.
• APRs are not disclosed prominently: You’ll have to scroll down to the fine print to get an idea of the APRs OppLoans charges. This may surprise borrowers unfamiliar with this type of loan option. 
• No lower rate refinance options: Although OppLoans mentions refinance options, refinancing with OppLoans only lets you borrow more money. It does not reduce the APR you’re paying to save monthly, which is the typical reason for refinancing a personal loan. 

OppLoans customer experience

Customer support

OppLoans offers phone customer service support Monday through Friday from 7 a.m. to 11:30 p.m. CT and Saturday and Sunday between 9 a.m. and 5 p.m. CT. The company also lists an email address for online support questions. 

Digital experience

Although OppLoans doesn’t offer an app, the website offers financial education lessons though its OppU section. Users can enroll in courses to learn about spending, credit, debt and budgeting. The OppU blog features a number of different articles on a variety of different personal finance topics. 

What people are saying about OppLoans 

A large majority (83 percent) of more than 4,200 Trustpilot reviews gave the company a 5-star rating. Most positive reviews refer to the speed and ease of getting funds. Negative reviews were by people who didn’t appear to know the company charges high APRs. This may be because OppLoans’ APRs are only featured in fine print rather than prominently displayed as they are on many personal loan lenders’ sites.

How this lender compares

OppLoans vs NetCredit

OppLoans is better for smaller loan needs, with a minimum loan amount of $500 compared to NetCredit’s $1,000 minimum. NetCredit also charges an origination fee of up to 10 percent, whereas OppLoans doesn’t have any fees beyond its APR charges. 

NetCredit has much lower APRs, with minimums of 34.99 percent, making it comparable with bad credit personal loan rates. If you need more than OppLoans’ $4,000 loan amount maximum, you can access up to $10,000 at NetCredit, if you qualify.

OppLoans vs. OneMain Financial

OppLoans is a better choice if you want to pay off emergency funds quickly and can’t qualify for a OneMain loan. It offers terms as short as 9 months compared to OneMain Financial’s 24-month minimum. 

You could also shell out up to 10 percent of your loan amount toward fees with a OneMain Financial loan, compared to no fees at OppLoans. However, as OneMain’s maximum rate of 35.99 percent is less than a fourth of OppLoans’ minimum rate, a OneMain loan is cheaper even considering the fee. 

OneMain Financial is a much better choice if you qualify for their lowest minimum APR of 18 percent, compared to the 160 percent minimum you’ll pay at OppLoans. You will also have much more borrowing power at OneMain, with a maximum loan amount of $20,000. That is $16,000 more than you can borrow at OppLoans.

Do you qualify for an OppLoans personal loan? 

OppLoans qualifies you mostly on your income rather than your credit score. To get approved, you’ll need:

1. Proof of your income such as paystub, W2, award letter.
2. Proof of employment such as a contact number for human resources.
3. Proof of your social security number.
4. A state ID, driver's license or other proof of ID.
5. Banking information.

How Bankrate rates OppLoans