OppLoans Personal Loan Review

OppLoans offers small, short-term installment loans for people who don’t qualify for loans from traditional banks and online lenders. Here’s what you need to know.

• Expensive rates: Traditional lenders generally cap their rates at just under 36% APR, but OppLoans’ APRs are more than four times as high (160.00% to 195.00%). Your monthly payments and total loan cost will be significantly higher than they would with the best bad credit loans.
• Same-day funding: If you need a quick loan, you’re in luck — you could get your money from OppLoans as soon as the same day. 
• No origination fee: OppLoans’ rates are expensive, but they do skip one common personal loan fee called an origination fee. This is a one-time administrative fee that lenders typically take from your loan money before sending it to you.
• No credit check: Unlike most lenders, OppLoans doesn’t do a hard credit check when you apply for a loan. Instead, they’ll do a soft credit check, which will let them peek at your credit without the damage to your score that comes with a hard pull.
• Smaller loans only: Consider other personal loan lenders if you need to borrow more than $5,000, which is OppLoans’ limit.
• Short repayment terms: You’ll only have 9 to 18 months to repay a loan from OppLoans, which is short compared to the typical personal loan term of 24 to 60 months. Short-term loans come with higher monthly payments.
• Build credit with on-time payments: Since OppLoans reports payments to all three credit bureaus, you could build credit as you pay off your loan.
• Best for people with bad credit who don’t qualify elsewhere: OppLoans could give you money when other lenders won’t, but you’ll make steep monthly payments in exchange. If you get a loan from OppLoans, pay it off early to avoid overpaying on interest.

OppLoans pros and cons

OppLoans offers fast installment loans for bad credit, but these loans are expensive and come with limitations that could make them difficult to pay back. 

When you have bad credit and are strapped for cash, it makes sense that you’d turn to a lender like OppLoans. OppLoans offers fast, small installment loans to borrowers who don’t qualify with traditional personal lenders. 

But before you sign your loan agreement, use a personal loan calculator to estimate your monthly payments and total cost of interest. OppLoans charges expensive rates, and its short repayment terms will make your monthly payments even higher.

Whenever possible, we recommend avoiding loans with APRs above 36%. But if you do get a loan from OppLoans, create an aggressive budget to pay off your debt to save money on interest. You can also take some financial power back by improving your credit score. This will help you qualify for cheaper loans in the future. 

OppLoans requirements

To get an OppLoans installment loan, you’ll need to be at least 18 years old and meet the following criteria:

If OppLoans’s loan options won’t work for your borrowing needs, be sure to shop around for a lender that helps you meet your financial goals and can offer you the best-fitting rates, terms and amounts.

How to get a personal loan with OppLoans

Prequalify

The first step to get a loan from OppLoans is to prequalify. This just means checking your rates with no impact to your credit. Click “Apply Now” on the OppLoans website and provide personal info like your name, address, contact information, date of birth and Social Security number.

Verify your information

OppLoans may ask you to send the following documents to verify your identity, income and employment:

• Social Security card, W-2, 1099 or 1095-C
• Government-issued identification, like a driver’s license, passport, state ID or permanent resident card
• Proof of income, like your most recent pay stub or most recent benefit/award letter

Close on your loan

OppLoans will send you an offer with your rates and terms if you qualify. At this point, you can decide whether to move forward with the loan. If you do want to take out the loan, you’ll sign the loan agreement and OppLoans will send you your money as soon as the same day.

How OppLoans compares to other personal loan companies

Even if you believe OppLoans aligns with what you’re looking for in a loan, it never hurts to shop around and compare other lenders. Here’s how OppLoans stacks up against similar lenders.

How we rated OppLoans

We evaluate personal loan lenders on more than just interest rates. Our goal is to show how accessible, affordable, transparent and supportive each lender really is.

Our categories

Every lender is scored out of 5 stars, with 5 stars being the highest rating. LendingTree loan experts determine this score using dozens of underlying data points across four weighted categories covering the full borrowing journey.

Our process

We gather data directly from lenders through their websites, disclosures and direct communication with company representatives. Our editorial team verifies and updates information regularly. We value transparency and award less favorable scores when lenders obscure or omit details.

In some cases, our editors may apply a small adjustment (no more than 4% of the overall score) to account for factors not captured by the methodology. This could include J.D. Power customer satisfaction surveys, recent regulatory actions or features that stand out in ways our rubric doesn’t measure directly.

Our editorial team applies the same scoring model and standards to every lender. Lenders cannot pay to influence our ratings.