OppLoans features

Here's a breakdown of some of the benefits and drawbacks of OppLoans personal loans.


  • Funding in as little as one business day
  • No application or origination fees
  • No prepayment penalties


  • High APRs
  • Small loan amounts from $500 - $4,000
  • Short repayment periods in select states

If you have bad credit, it can be tough to get approved for a personal loan. However, OppLoans is an online lender that specializes in working with credit-challenged consumers. It is headquartered in Chicago, Illinois and provides a viable alternative to predatory short-term loans. Plus, borrowers get access to free money management courses to get their finances back on track.

That said, the lender charges APRs starting at 59 percent on their unsecured installment loan products. So you’ll want to think twice about whether you need the funds and check to see if cheaper alternatives are available before you apply for a bad-credit loan.

Get pre-qualified

Answer a few questions to see which personal loans you pre-qualify for. The process is quick and easy, and it will not impact your credit score.

OppLoans snapshot

Loan amount $500 – $4,000
APR 59% – 160%
Minimum credit score Not specified
Time to receive funds As soon as the next business day

OppLoans is best for people who may not be able to get a loan elsewhere

Personal loans from OppLoans are designed for people who may not be able to get a loan elsewhere, but as a result, its APRs are sky-high. So, they should only be used if you have a financial emergency and no other funding is available.

However, OppLoans loans are not a good option for people who have fair to excellent credit or are looking to build credit. They’re also not ideal if you need to fund a small emergency expense.

Lending terms

OppLoans personal loans range from $500 to $4,000 and are designed for borrowers with bad credit.

If you are a resident of Georgia, you may be eligible for an APR as low as 59%, but note that this is not available in any other state. Terms range from 9 to 18 months, giving you far more time to repay the debt than you’d get with a payday loan or title loan.

The lender doesn’t disclose a minimum credit score or income requirement, but you must live in one of the 37 states where the lender operates. You should also meet these eligibility criteria:

  • Be at least 18 years old (19 in Alabama and Nebraska)
  • Have a checking or savings account in your name
  • Have a steady source of income
  • Receive your paychecks through direct deposit (New Mexico residents are exempt from this requirement)
  • Not be a covered borrower under the Military Lending Act

If you get approved, you’ll receive the loan funds as soon as the next business day.

Fees and penalties

OppLoans doesn’t charge an application fee, an origination fee or a prepayment penalty. With APRs as high as they already are, the lack of fees can be a relief. The lender may, however, charge a late fee or a nonsufficient funds (NSF) fee, depending on the state where you reside.

How to apply for a loan with OppLoans

OppLoans offers online applications only, and you can apply for a personal loan through the lender’s website using your computer, smartphone or tablet.

To start the process, you’ll need to provide basic information about yourself, including your name, address, phone number, date of birth and Social Security number to confirm your identity. You’ll also be asked to create an account with OppLoans with your email address and a password.

Then, you’ll be asked to share information about your employment situation and income, plus bank details so that OppLoans can send your funds if your application gets approved.

After you submit your information, OppLoans will run a credit check, but it won’t affect your credit score because the lender doesn’t check with any of the major credit reporting agencies. Instead, it checks your credit score through Clarity Services, Inc., another credit bureau, whose report doesn’t impact your credit score.

The lender does, however, report your payment activity to the three major credit bureaus — Experian, Equifax and TransUnion — so paying on time can help improve your credit score.

You may also need to provide documentation to verify your income. Residents of Illinois and Nevada must submit a pay stub. Plus, OppLoans could request a bank statement or award letter if you wish to have alimony, disability or Social Security benefits considered when you apply.

Before you accept a loan, though, take a little time to see if you might be able to qualify for more favorable personal loan rates from other top lenders.

Get pre-qualified

Answer a few questions to see which personal loans you pre-qualify for. The process is quick and easy, and it will not impact your credit score.

How Bankrate rates OppLoans

Bankrate Score 4.4 Scoring factors
Availability 4.8 Low minimum loan amount of $500-$4,000, approval within minutes and next-day funding
Affordability 3.3 Very high APRs compared to other personal loan lenders
Customer experience 4.0 Online application and access and 7-day customer service

Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.