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OppLoans Personal Loans: 2023 Review

Updated on May 16, 2023
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At a glance

Rating: 4.3 stars out of 5
Bankrate Score
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Rating: 4.3 stars out of 5
Rating: 4.3 stars out of 5
Customer Experience
Rating: 4.3 stars out of 5

About Bankrate Score

If you have bad credit, it can be tough to get approved for a personal loan. However, OppLoans is an online lending platform 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.

Loan amount $500 – $4,000
APR from 59.00% - 160.00%
Clock Wait
Term lengths 9 to 18 months
This lender is best for people who may not be able to get a loan elsewhere.

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.

OppLoans pros and cons


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    Funding in as little as one business day

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    No application or origination fees

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    No prepayment penalties


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    High APRs

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    Small loan amounts from $500 - $4,000

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    Short repayment periods in select states

Do you qualify?

  • Credit score requirements: OppLoans does not have a minimum credit score requirement. However, it does consider factors from your banking history and alternate credit bureaus to make lending decisions.
  • Income requirements: $18,000 per year
  • Co-signers and co-borrowers: Borrowers must apply on their own as co-signers or co-borrowers aren’t allowed.

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
  • Not be a covered borrower under the Military Lending Act


What OppLoans doesn't allow loan funds to be used for

OppLoans does not impose usage restrictions on its personal loans. 


OppLoans versus NetCredit

NetCredit gives you more borrowing power if you have less than perfect credit with loan amounts as high as $10,000. Its maximum APR is also slightly lower at 155 percent, and you’ll get up to 60 months to repay the balance. Still, it may not be the best option as the extended loan term means the loan will be far more costly as you’ll pay a fortune in interest. Plus, you could be subject to an origination fee if you live in select states.

OppLoans versus OneMain Financial

OneMain Financial is another option for consumers with fair to poor credit seeking personal loans. Its personal loans also let you access more cash as they range from $1,500 to $20,000 with maximum APRs of 35.99 percent and loan terms of up to 60 months, possibly making OneMain Financial the better choice. But there are a few costs to consider. You’ll pay a loan origination fee of $25 to $500 or 1 percent to 10 percent of the loan amount in some states. Plus, there are late payment fees between $5 and $30 per occurrence. And if you’re offered a secured loan, collateral will be required to get approved and funded.

OppLoans: in the details

What we like and what we don’t like

What we like

  • Funding in as little as one business day. You could receive the loan proceeds the same business day you’re approved if the loan is finalized before 12:00 PM CT.
  • No application or origination fees: OppLoans doesn’t believe in hidden fees or surprises, and you won’t pay to apply or have your loan application processed.
  • No prepayment penalties: If you decide to pay the loan off early, there are no early repayment fees.

What we don't like

  • High APRs: OppLoans aims to make loans more accessible for credit-challenged borrowers, hence the higher APRs to help offset risk.
  • Small loan amounts from $500-$4,000: The loan amount you’re approved for may not be viable if you’re looking to make a big ticket purchase.
  • Short repayment periods: You’ll only get up to 18 months to repay the loan, which is far less than you’ll find with many other online lenders and could also mean a steep monthly payment.

How to contact OppLoans

Customer support is available by phone or email. Call 800-990-9130 to speak with a representative between the hours of 7:00 PM and 11:00 PM CT Monday through Friday or 9:00 AM and 5:00 PM CT Saturday and Sunday. You can also email or use the chat feature to get answers to frequently asked questions. 

How to apply for a personal 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.

Features and additional perks

You can join OppLoans’ Turn Up Program and possibly get a better deal on financing. When you apply, simply opt-in and your information will be presented to 15 near-prime lenders to determine if one has a better offer than what OppLoans is offering. If so, it’ll be presented to you and you can get a loan elsewhere.

Fees and penalties

OppLoans does not charge origination fees, late payment fees or early repayment fees if you decide to pay the loan off early.

OppLoans frequently asked questions

How Bankrate rates OppLoans

Overall Score 4.3
Availability 4.3 Low minimum loan amount of $500-$4,000, approval within minutes and next-day funding
Affordability 4.3 Very high APRs compared to other personal loan lenders
Customer Experience 4.3 Online application and access and 7-day customer service

Editorial disclosure: All reviews are prepared by 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.


To select the top personal loan lenders, Bankrate considers 15 factors. These factors include credit requirements, APR ranges, fees, loan amounts and flexibility to account for a wide range of credit profiles and budgets. Bankrate reviewed 41 lenders and gave each a Bankrate rating, which consists of three categories:

  • Availability: What the minimum loan amounts are, its eligibility requirements and loan turnaround are considered in this category.
  • Affordability: The interest rates, penalties, and fees are measured in this section of the score. Lower rates and fees and fewer potential penalties result in a higher score. 
  • Customer experience: This category covers customer service hours, if online applications are available, online account access and mobile apps.