Founded in 2012, OppLoans markets itself as a more affordable alternative to payday loans. Although repayment terms are longer and interest rates are lower compared with many payday lenders, it still comes with a very high annual percentage rate (APR) starting at 59%.

Even if you have bad credit, shop around before using OppLoans as one of your last resorts. We’ve reviewed important details, such as fees, rates, and repayment terms, to help you decide whether this lender is the right fit for you. 

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  • No prepayment penalties

  • Low minimum loan amount

  • No credit check required

  • Rates extremely high compared with other competitors

  • Not available nationwide

  • Short repayment terms in some states

Pros Explained

  • No prepayment penalties – OppLoans will not charge you any prepayment fees if you want to make additional payments or pay off your loan earlier.
  • Low minimum loan amount – You may be able to borrow as little as $500.
  • No credit check required – OppLoans will not check your credit score. Rather, it’ll use other factors, such as your income.

Cons Explained

  • Rates extremely high compared with other competitors – The starting APR of 59% is much higher than those of many other reputable unsecured personal loan lenders.
  • Not available nationwide – OppLoans is available in only 37 states.
  • Short repayment terms – Many states cap terms at 18 months, while some make that as little as 12 months.

Types of Personal Loans Offered by OppLoans

OppLoans allows you to use your personal loan for a wide variety of reasons, including medical bills, debt consolidation, car repairs, vacation expenses, home improvement projects, and major life events. 

Loan Amounts

Loan amounts range from $500 to $5,000. Your initial offer will depend on factors such as your income and employment details.

Annual Percentage Rate (APR)

OppLoans has loans with rates from 59% to 199% APR. The minimum APR will differ depending on the state in which you reside. For example, Illinois residents will be charged an APR of 99%, whereas people in Maine get a 160% APR.

Loan Terms

Loan terms range from nine to 36 months. In many states, including Arizona, Delaware, and Georgia, loan terms max out at 18 months. Texas, on the other hand, offers personal loans for terms up to 179 days.

Credit Score Requirements

OppLoans doesn’t have a credit score requirement, as it’s considered a no-credit-check loan, so you won’t be subject to a hard credit inquiry to determine your eligibility. This saves your credit score from going even lower than it already is.

However, you’ll need to meet monthly income requirements, be employed or receiving regular benefits, get your paychecks via direct deposit, and have a U.S. bank account with at least 90 days of history.


OppLoans does not charge origination fees or prepayment penalties. That means there are no fees for taking out a loan with it, nor will you be penalized for paying off your loan early or when making extra payments. OppLoans does charge a late fee.

Time to Receive Funds

Borrowers may be able to receive their loan proceeds as soon as the next business day.

OppLoans Personal Loan Features

Same Day Funding Available

OppLoans disburses loan proceeds on the same day you apply as long as your loan application is approved before 7:30 p.m. EST from Monday to Friday. 

OppLoans TurnUp Program

The OppLoans TurnUp program helps applicants find more affordable loan options even if it isn't with the lender itself. When you check your rate through OppLoans' initial application form, you an opt into this program. What happens is the lender will check for rates with around 15 other similar lenders to help you compare options.

No Credit Check

OppLoans doesn’t conduct hard credit inquiries. Instead, it relies on other factors, such as income, employment, and history of banking transactions. This means that even with a bad or limited credit history, you may be able to qualify for an OppLoans personal loan.

No Prepayment Penalties

OppLoans won’t charge extra fees if you pay off the remaining balance of your loan or make extra payments toward it.

Low Loan Amounts

At $500, this minimum loan amount is best for those who don’t need a lot of cash for their borrowing needs.

Apply for a OppLoans Personal Loan

You can only apply for an OppLoans personal loan online. Here’s what the application process looks like: 

  1. Click on the “Apply Now” button on OppLoans’ website. 
  2. Enter personal details, such as your name, address, Social Security number, and phone number.
  3. Create login details by entering your email address and choosing a password. 
  4. Submit income and employment details, such as monthly income, payroll frequency, and last payroll date.  
  5. Enter desired loan amount and bank account information.
  6. Review loan details and submit additional documentation as necessary, such as proof of income.
  7. Consent to terms and conditions and submit your application. 

Once approved, you may receive funds as soon as the next business day. 

Can You Refinance a Personal Loan With OppLoans?

You cannot refinance an OppLoans personal loan.


OppLoans is a much cheaper alternative to a payday loan, as its rates are capped at 199%, while a typical payday loan APR is about 400%. If you have a bad, limited, or nonexistent credit history, you may be a good fit for OppLoans, because it doesn’t use your credit history as a factor for approval. Fast funding times mean that you can get your cash as soon as the next business day.

Where OppLoans fails is in its high APR. Other competitors who cater to applicants with low credit scores tend to be capped at around a 30% APR. As an example, if you take out a $500 loan with OppLoans for 12 months at a 59% APR, you end up paying a total of $173.77 in interest, compared with $84.92 if you were to go with another lender at a 30% APR. 

If you find yourself with no other alternatives, then OppLoans could work, especially as it’s more desirable than a conventional payday loan. However, we recommend you shop around with other lenders to see what you may qualify for first. 


Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of personal loan lenders. We collected over 25 data points across more than 50 lenders — including interest rates, fees, loan amounts, and repayment terms — to ensure that our content helps users make the right borrowing decision for their needs.