OppLoans Personal Loan Review
NMLS#1136
Read more about how we rated OppLoans.OppLoans are small, personal installment loans with short repayment terms provided by the fintech platform Opportunity Financial (OppFi).
- High APRs: OppLoans charges high annual percentage rates (APRs) — from 160.00% to 179.00%. Finance experts generally consider 36% as the maximum affordable APR.
- Same-day funding: OppLoans can disburse funds the same day you’re approved for a loan.
- No origination fee: Unlike many other lenders, OppLoans doesn’t charge customers an origination fee — a one-time administrative fee typically taken out of your loan amount.
- Small loan amounts: This lender only offers up to $4,000, so those looking for large personal loans may need to consider other lenders.
- Short repayment terms: OppLoans customers only have between 9 to 18 months to repay their loans. Comparatively, personal loan lenders typically offer loan terms ranging from 24 to 60 months, though they can stretch longer.
- Credit bureau reporting: OppLoans reports payments to all three credit bureaus, which can help borrowers build credit as they pay off their loan.
- Best for consumers with bad credit: If you have bad credit, you may consider OppLoans as a last resort since they don’t have a minimum credit score requirement. However, be sure to exhaust all other options, including other bad credit loans with lower APRs, to make sure you get the best deal.
OppLoans pros and cons
OppLoans has several positive points in its favor — however, its drawbacks may give many consumers pause.
| Pros | Cons |
|---|---|
Reports to all three credit bureaus Doesn’t charge origination fees Same-day funding | High APRs (160.00% to 179.00%) Small loan amounts (under $4,000) Short repayment terms (9 to 18 months) |
OppLoans customers can get their loan funds the same day they are approved. Borrowers also won’t have to worry about an origination fee coming out of their loan funds. Plus, OppLoans reports payments to all three credit bureaus, which can help increase your credit score as long as you aren’t late with your payments.
However, OppLoans’s starting APR is 179.00% — far above the 36% that finance experts recommend as affordable. OppLoans also has short repayment terms. This could make it difficult for some borrowers to meet the minimum monthly payments, since the shorter the term, the higher the minimum payments tend to be. You can use a personal loan calculator to estimate your monthly payments.
OppFi lawsuits
In April 2022, the California Department of Financial Protection and Innovation (DFPI) filed a lawsuit against Opportunity Financial (OppFi). The lawsuit claims that OppFi engages in deceptive and predatory lending by charging interest rates above the 36% limit for consumer loans in California.
OppFi sued the DFPI in March of 2022, stating that their rates are legal because interest rates charged by banks are exempt from the California rate cap so long as the rates are below limits set in the bank’s home state. Since OppFi’s loans are backed by Utah-based banks, OppFi claims they are exempt from the rate limit in California.
The lawsuits are ongoing as of June 2024.
OppLoans requirements
To get an OppLoans personal loan, you’ll need to be at least 18 years old and meet the following criteria.
| Minimum credit score | No minimum |
| Other requirements |
|
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
Apply for a loan
To get an OppLoans personal loan, you’ll first need to visit the lender’s website to complete the online application process. You’ll have to provide your personal information like your name, address, contact information, date of birth and Social Security number.
When you apply for a loan, OppLoans will do a credit check and review your credit report — using Clarity Services, a financial services specialty bureau owned by Experian — without any impact to your credit score. This means you can see what kind of rates, terms and amounts you may qualify for without damaging your credit.
Verify your information
Before you’re officially approved for a loan, OppLoans may require that you verify your information — particularly your identity, income and employment. During this process, OppLoans may request that you provide the following documentation:
- Social Security card
- Most recent W-2 with full Social Security number
- Most recent 1099 with full Social Security number
- State-issued identification
- Driver’s license
- Permanent resident card
- U.S. passport
- Most recent pay stub
- Most recent benefit/award letter
Close on your loan
OppLoans provides funds as soon as the same day you’re approved and signed for your loan. You’ll want to make sure that you keep up with your monthly payments as OppLoans reports to all three credit bureaus. Missing a payment can severely bring down your credit score.
It’s best to avoid lenders with APRs above 36%, but if you’re unable to qualify with more affordable lenders, it may be tempting to accept a loan from OppLoans. Instead, consider working to boost your odds to qualify for a loan with lower rates. For instance, you can check your credit reports for any errors and make sure you pay all of your bills on time.
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.
| OppLoans | OneMain Financial | Upstart | |
|---|---|---|---|
| LendingTree’s rating | 3.4/5 | 3.8/5 | 4.5/5 |
| Minimum credit score | None | Not specified | 300 |
| APRs | 160.00% to 179.00% | 18.00% to 35.99% | 7.80% to 35.99% |
| Loan amounts | $500 to $4,000 | $1,500 to $20,000 | $1,000 to $50,000 |
| Repayment terms | 9 to 18 months | 24 to 60 months | 36 or 60 months |
| Origination fee | None | Flat rate: $25 to $100 Percentage: 1.00% - 10.00% | 0.00% - 12.00% |
| Funding timeline | Receive funds as soon as the same business day | Receive funds within one business day of approval | Receive funds within one business day of approval |
| Bottom line | While OppLoans doesn’t charge origination fees, its high APRs and short repayment terms may make it difficult for borrowers to repay their loans. | Although it does charge a one-time origination fee, OneMain Financial offers much lower interest rates, larger loans and longer repayment terms than OppLoans on a similar timeline. | Like OneMain Financial, Upstart also offers much lower rates and longer repayment terms than OppLoans. Borrowers looking for large loans should consider Upstart, since it offers up to $50,000 — well above the $4,000 maximum from OppLoans. |
How we rated OppLoans
To come up with our star rating for personal loan companies, LendingTree considered 22 data points across three categories:
- Accessibility: We paid attention to whether lenders offered loans to nontraditional borrowers, as well as those without excellent credit scores. We also checked if lenders offered soft credit pulls, and whether they were transparent about eligibility criteria other than credit scores.
- Rates and terms: We wanted to know if lender rates, terms, amounts and fees were not only transparent, but also competitive.
- Repayment experience: We based this category on lenders’ reputations, customer support availability and unique benefits.
The data points reflect every step of the process to shop and apply for, borrow and repay personal loans. A five-star lender, for instance, has flexible eligibility requirements, offers you the chance to prequalify without commitment and supports you in zeroing your balance.
The 22 data points, culled from the lenders themselves, determine the overall rating. We score lenders consistently, sometimes awarding partial points, so that you can make apples-to-apples comparisons when shopping around.
LendingTree isn’t paid for conducting these reviews, and lenders don’t have control over their content. With our reviews and ratings, we aim to give our users the objective and exhaustive information they need to make the best possible decisions.
Frequently asked questions
OppLoans are offered by OppFi and its lending partners in most U.S. states. OppLoans’s rate cap, however, may exceed rate caps set in states with robust consumer protection laws.
OppLoans doesn’t require a certain credit score in order to qualify for an installment loan. As credit scores can help determine creditworthiness in the eyes of lenders, however, OppLoans charges high APRs in order to offset the risk of borrowers not repaying.
OppLoans reports payments to all three credit bureaus: Equifax, Experian and TransUnion. The credit bureaus add your repayment history to your credit reports, which can help your credit score go up over time.
You can borrow between $500 to $4,000 from OppLoans. Personal loan lenders typically offer between $1,000 to $50,000, though these amounts can get as high as $200,000.