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OppLoans Personal Loan Review

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been reviewed, commissioned or otherwise endorsed by any of our network partners.

An OppLoans personal loan may be funded as quickly as the next business day. OppLoans stands out from competitors with its free financial literacy courses, which can help borrowers online learn about budgeting and managing money. OppLoans personal loans aren’t available everywhere, and you may want to compare its rates with those of other lenders. However, OppLoans offers quick access to funds and provides customer service support seven days a week. Read on to see if an OppLoans personal loan is a fit for your financial needs.

OppLoans personal loan highlights

  • Fast funding: If approved, expect to receive your funds by the next business day
  • Late fee applies: No late fees
  • Administration fee: None
  • Personal service: Customer service support available online 7 days a week
  • Free financial literacy courses: Offers online courses on budgeting and money management called OppU

OppLoans at a glance

  • APR range: 59.00% – 160.00%
  • Minimum credit score: None
  • Terms: Up to 9 to 18 months
  • Origination fee: None

By clicking “See Offers,” you may or may not be matched with any lender mentioned in this article. Based on your creditworthiness, you may be matched with up to five different lenders in our partner network.

Terms Fees and penalties
  • Terms: Up to 9 to 18 months   
  • APR: 59.00% – 160.00%
  • Loan amounts: $500 to $4,000
  • Time to funding: Next business day
  • Credit check:Soft Pull
  • Origination fee: None
  • Prepayment fee: None
  • Late payment fee: No late fees
  • Other fees: None.

Eligibility requirements

  • Minimum credit score: None
  • Minimum credit history: Not specified
  • Maximum debt-to-income ratio: Not specified

To be eligible for a personal loan from OppLoans, you must be a U.S. citizen or permanent resident and at least 18 years of age (at least 19 if you live in Alabama and Nebraska). You must also live in an area where OppLoans operates, which include the following:

North Carolina
North Dakota
Rhode Island
South Carolina

Other criteria include:

  • Having a regular source of income
  • Working for your employer for at least 3 months
  • Using direct deposit for your paychecks.

You cannot be a covered borrower as defined by the Military Lending Act to be considered eligible for financing from OppLoans.

What borrowers are saying about OppLoans

OppLoans has a 96% approval rating on LendingTree, with a score of 4.8 out of 5. Many borrowers praise the lending company for providing “great customer service” that is also “fast,” and for having an easy and simple process. Specifically, borrowers recommend OppLoans for those who have poor credit and need a loan that is safe, fast and for which they can apply online.

A reviewer named Bruce from Ft. Lauderdale, Fla., said, “I got behind on my bills and needed help to see me through [the] short term. While other companies tried to take advantage of my situation with ridiculous rates and terms, Opp gave me a solution that made sense helping me get through it without making me feel like I’d been played for a fool.”

Another reviewer named Brigit from Rochester, Minn., wrote, “Even though the interest rates are high they are the lowest rates for anyone with bad credit that cannot get a loan anywhere else. What I liked the best is the ability to refinance without the payments skyrocketing. Also the timeliness of getting the loan is within 3-4 hours of being approved and within 24 hours of having the money deposited into my bank. A very trustworthy site indeed!!”

However, there are a few unfavorable reviews on the site from potential borrowers complaining either about unreasonably high fees or being denied a loan despite having been preapproved and receiving no further explanation.

Applying for a personal loan from OppLoans

The application process for a personal loan from OppLoans is based online. If you wish to apply, you will have to open an account and provide your name, address, date of birth and verifying documents like your driver’s license. Your credit score will be checked through a credit reporting agency called Clarity Services, rather than with the three major credit bureaus.

The rates and terms for which you will be eligible may vary depending on your credit score and the rules of your state of residence. If you apply for your loan before 7:30 p.m. EST on a weekday and are approved for it, you may receive your funds as early as the next business day.

Pros Cons
  • Fast access to funds: The loan could be received as quickly as the next business day.
  • Competitive terms for borrowers with poor credit: Lower rates and higher amounts of financing than those offered by competitors, such as payday loans and title loans.
  • Easy application process: Apply quickly and safely online.
  • High interest rates and other fees: This may depend on the state where you reside.
  • Not available in all states: Financing is only available in the states in which OppLoans operates.
  • Only a short-term solution: High-interest loans may be too expensive to use as long-term debt.

Who’s the best fit for an OppLoans personal loan?

The best fit for an OppLoans personal loan is an individual with poor credit who may not have as many options for financing products but doesn’t want to incur the exorbitant costs of taking out a payday loan where APR may be 400% or higher. It’s also a good choice because the application process won’t affect the borrower’s FICO score since none of the three major credit bureaus are used to pull their credit information.

However, the applicant should use it as a short-term solution due to the high associated rates and fees, and ideally to help build their credit score back up to improve their eligibility for better financing offers.

Alternative personal loan options


  • APR: 6.50% – 35.99%
  • Minimum credit score: 300
  • Terms: 36 or 60 months
  • Origination fee: 0.00% - 10.00%

Founded by a team of ex-Google staff, Upstart is a lending platform that relies on artificial intelligence to improve borrowers’ access to affordable credit. It considers not just the applicant’s FICO Score, income and credit history but also education and employment history. Loans of up to $50,000 are available if found eligible to apply.

Compared with OppLoans’ personal loan offer, Upstart offers significantly lower rates. However, you’ll need at least a credit score of at least 300 to be eligible. That means this option is only viable for those with decent credit.

Best Egg

  • APR: 8.99% – 35.99%¹
  • Minimum credit score: 580
  • Terms: 36 to 60 months
  • Origination fee: 0.99% - 8.99%

Best Egg is an online consumer-lending platform that offers a fast, simple application process. Funds could arrive as quickly as the next business day after approval. However, repayment terms are limited to two options, and borrowers will need good credit to qualify.


  • APR: 5.99% – 29.99%
  • Minimum credit score: 600
  • Terms: 36 or 60 months
  • Origination fee: 1.00% - 5.00%

Peerform is a peer-to-peer lending marketplace where borrowers’ loans are funded by investors. Applicants with a FICO Score as low as 600 may be eligible as long as they can show a maximum debt-to-income ratio below 40% and 12 months’ credit history with no delinquencies, recent bankruptcies, judgments, tax liens or nonmedical related collections. Another factor taken into consideration is the type of loan being sought, as applicants with medical debt are considered a lower credit risk.

¹The Annual Percentage Rate (APR) is the cost of credit as a yearly rate and ranges from 5.99% to 29.99%, which may include an origination fee from 0.99% - 6.99% that is deducted from loan proceeds. Any origination fee on a loan term 4-years or longer will be at least 4.99%. The loan term and the APR offered will depend on your credit score, income, debt payment obligations, loan amount, credit usage history and other factors. Additionally, the APR offered is impacted by your loan term and may be higher than our lowest advertised rate. Requests for the highest loan amount may result in an APR higher than our lowest advertised rate. You need a minimum 700 FICO® score and a minimum individual annual income of $100,000 to qualify for our lowest rate.

*Trustpilot TrustScore as of June 2020. Best Egg loans are unsecured personal loans made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC. “Best Egg” is a trademark of Marlette Funding, LLC. All uses of “Best Egg” refer to “the Best Egg personal loan” and/or “Best Egg on behalf of Cross River Bank, as originator of the Best Egg personal loan,” as applicable. The term, amount and APR of any loan we offer to you will depend on your credit score, income, debt payment obligations, loan amount, credit history and other factors. Your loan agreement will contain specific terms and conditions. The timing of available funds upon loan approval may vary depending upon your bank’s policies. Loan amounts range from $2,000–$50,000. Residents of Massachusetts have a minimum loan amount of $6,500 ; New Mexico and Ohio, $5,000; and Georgia, $3,000. For a second Best Egg loan, your total existing Best Egg loan balances cannot exceed $50,000. Annual Percentage Rates (APRs) range from 5.99%–29.99%. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0.99%–6.99% of your loan amount, which will be deducted from any loan proceeds you receive. The origination fee on a loan term 4-years or longer will be at least 4.99%. Your loan term will impact your APR, which may be higher than our lowest advertised rate. You need a minimum 700 FICO® score and a minimum individual annual income of $100,000 to qualify for our lowest APR.

To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you.


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