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OppLoans Personal Loans: 2023 Review

Updated on June 27, 2023
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At a glance

Rating: 4.3 stars out of 5
Bankrate Score
Caret Down
Rating: 5 stars out of 5
Rating: 2.9 stars out of 5
Customer Experience
Rating: 5 stars out of 5
Rating: 4.2 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 people who have lower credit. The company is headquartered in Chicago, Illinois and provides an  alternative to predatory payday loans. Plus, borrowers get access to free money management courses that can help them improve their credit and financial standing.

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 extremely 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.

  • Checkmark

    No application or origination fees.

  • Checkmark

    No prepayment penalties.


  • Close X

    High APRs.

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    Small loan amounts.

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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. It considers factors from your banking history and alternate credit bureaus to make lending decisions.
  • 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 36 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.

How this lender compares

Rating: 4.3 stars out of 5
Bankrate Score
APR from
59.00% - 160.00%
Loan Amount
$500 – $4,000
Term Length
9 to 18 months
Min Credit Score
Not disclosed
Rating: 4.2 stars out of 5
Bankrate Score
APR from
34.00% – 155.00%
Loan Amount
$1,000 – $10,000
Term Length
6 to 60 months
Min Credit Score
Not disclosed
Rating: 4.4 stars out of 5
Bankrate Score
APR from
18.00% – 35.99%
Loan Amount
$1,500 – $20,000
Term Length
24-60 months
Min Credit Score

OppLoans vs. 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 — while still high — is also slightly lower at 155 percent, and you’ll get up to 60 months to repay the balance. But 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.

Read a full comparison of OppLoans vs. NetCredit

OppLoans vs. OneMain Financial

OneMain Financial is another option for borrowers 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, possibly making OneMain Financial the better choice. 

But you’ll pay a loan origination fee of $25 to $500 or 1 percent to 10 percent of the loan amount in some states. 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 p.m. CT.
  • No application or origination fees: OppLoans doesn’t have 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: The loan amount you’re approved for may not be viable if you’re looking to expense a large amount.
  • Short repayment periods: You’ll only get up to 18 months to repay the loan, which likely means a steep monthly repayment.

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 a.m. and 11:30 p.m. CT Monday through Friday and from 9 a.m. to 5 p.m. CT on 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. 

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 Explanation
Availability 5.0 Low minimum loan amount of $500-$4,000, approval within minutes and next-day funding.
Affordability 2.9 Very high APRs compared to other personal loan lenders.
Customer Experience 5.0 Online application and access and seven-day customer service.
Transparency 4.2 OppLoans outlines some rates and fees.


To select the top personal loan lenders, Bankrate considers 20 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 over 30 lenders and gave each a Bankrate rating, which consists of four 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.
  • Transparency: This category is measured by how accessible credit requirements, rates and fees are on the lender's page. We also took into account whether prequalification was available, as all these factors are key for consumers to make an informed decision.

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.