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- Pros & Cons
No minimum credit score requirement
Reviews applicants based on more than credit score
Fast funding available
High annual percentage rates
Low available loan amounts
Limited loan terms
- No minimum credit score requirement: OppLoans does not require applicants to have a minimum credit score to qualify. This makes it an accessible option for prospective borrowers with poor credit or limited credit history.
- Reviews applicants based on more than credit score: Instead of relying solely on traditional factors like a FICO Score, OppLoans reviews alternative financial data offered through Clarity Services and Experian. This means there’s no traditional credit check, and the applicant’s score isn’t affected.
- Fast funding available: Borrowers may receive their loan funds as early as the next business day after application verification and approval.
- High annual percentage rates: OppLoans is meant for borrowers who don’t qualify for more competitive rates from other lenders. Borrowers face annual percentage rates (APRs) between 59% and 160%.
- Low available loan amounts: The maximum loan amount from OppLoans is $4,000, which is much lower than the maximum loan amounts available through other lenders.
- Limited loan terms: Loans serviced by OppLoans are only available for 9- to 18-month terms. Other lenders may offer more flexible loan terms.
OppLoans specializes in online personal loans for borrowers with bad credit or limited credit. Loan amounts range from just $500 to $4,000, and they vary based on the applicant’s income, ability to make payments, and creditworthiness. Standard loan amounts also vary by state; for example, Alabama borrowers must borrow a minimum of $2,000, and Georgia residents must borrow at least $3,001.
OppLoans personal loan terms extend between nine and 18 months, while its APRs range from 59% to 160%. This makes OppLoans an expensive borrowing option compared to other lenders.
While its loan terms are limited and its APRs are high, OppLoans does not charge origination fees or prepayment penalties. It also bases lending decisions on factors beyond FICO Score and credit history. While this could make it easier for borrowers to qualify for a loan, other online lenders also offer accessible personal loans with more competitive rates.
OppLoans was founded in 2012 and is headquartered in Chicago, Illinois. The lending platform offers personal loans and installment loans aimed at helping borrowers with poor credit. Its loans are originated by Opportunity Financial LLC or one of its lending partners, but even loans originated by partners are serviced by OppLoans.
That said, installment loans are only available in Alabama, Georgia, Nevada, and Wisconsin. Applicants can also access loans originated and funded by OppLoans’ lending partners in 31 states in the South and Midwest.
Types of Personal Loans Offered by OppLoans
OppLoans and its lending partners offer online personal loans to borrowers with poor credit or limited credit history. Personal loans typically can be used for a wide range of purposes, and OppLoans’ financial products are no different.
While OppLoans doesn’t identify prohibited loan uses on its website, many lenders prohibit borrowers from using funds to pay for post-secondary education or illegal activities.
In general, OppLoans funds can be used for the following purposes:
- Car repairs
- Home repairs and renovations
- Credit card and debt consolidation
- Medical debt payoff
OppLoans does not impose a minimum FICO Score or Vantage Score requirement on applicants. Rather, the company evaluates each applicant based on information from alternate credit bureaus and bank data.
To qualify for a loan, applicants must also have a bank account, a regular source of income, and receive paychecks through direct deposit (with the exception of New Mexico residents who are exempt from the final requirement).
Time to Receive Funds
LoanOpps borrowers may receive their loan funds as soon as the next business day after approval. For this to happen, the application must be verified and approved Monday through Thursday, before 8:00 p.m. CT. If an application is approved on a Friday before 8 p.m. CT, the funds will be received the following Monday. Likewise, applications approved after 8 p.m. Friday through Sunday are funded the following Tuesday.
As with other lenders, the bank’s transaction processing time can also impact the timeframe for loan disbursement.
OppLoans Personal Loan Features
Holistic Qualification Requirements
OppLoans does not have a minimum FICO Score or Vantage credit score requirement for personal loan applicants. Rather, the lending platform evaluates factors from Clarity Services and Experian credit reports. Clarity Services is an Experian company that specializes in alternative financial services data.
This means the OppLoans application process does not require a credit check, and it makes it easier for applicants with a low credit score—or limited credit history—to qualify for a personal loan.
Through its TurnUp Program, OppLoans reviews the offerings of 15 near-prime lending partners to see if applicants qualify for a better, lower-interest loan.
FICO Score Increases
OppLoans doesn’t rely solely on a borrower’s FICO score when making lending decisions, but it does report to all three of the major credit bureaus—Experian, Equifax, and Transunion—each month. This makes it possible for OppLoans borrowers to increase their credit scores by taking out a loan and then making consistent, on-time payments.
Keep in mind, however, that the high APRs available through OppLoans make it an expensive way to improve credit. There are more affordable ways that could help improve your credit, such as secured credit cards and credit-builder loans.
Apply for a OppLoans Personal Loan
OppLoans offers online loan applications, but the lending platform does not provide a prequalification process like some top online lenders. However, instead of being subject to a hard credit inquiry during the application process, OppLoans borrowers are reviewed based on information from a credit bureau that does not impact their credit score. Follow these steps to apply for an OppLoans loan:
- Start an online application. To begin the online application process, navigate to “Apply Now” on the OppLoans homepage. Then, make sure you have all of the necessary information, including personal details, income amount, method, and frequency, and banking account information.
- Provide additional documentation. In some cases, it may be necessary to submit proof of income so OppLoans can verify your income and employment. This may be necessary if you receive alimony, receive disability or social security benefits, or live in Illinois or Nevada (where a paystub is required).
- Await approval. Once you submit all of the necessary documentation, OppLoans will begin processing your application. You can check the status of your application by signing into your online account or by contacting OppLoans via phone or email. If your application is rejected, OppLoans will send a Notice of Adverse Action with details about why the loan was denied.
Note that OppLoans personal loan applications cannot be submitted via phone and must be submitted online. OppLoans also doesn’t allow co-signers, so applicants must qualify for a loan based solely on their own creditworthiness.
Can You Refinance a Personal Loan With OppLoans?
OppLoans lets its borrowers refinance existing loans by reborrowing part of what they’ve paid on the existing loan. This requires borrowers to apply for refinancing, but it may result in a new loan amount that is higher than the original. In addition to refinancing existing personal loans, OppLoans lets borrowers use loan funds to consolidate third-party debt.
Current and prospective OppLoans borrowers can contact the Opportunity Financial Customer Support Team by phone or email. The team is available Monday through Friday, from 7 a.m. to 11:30 p.m. CT, and Saturday and Sunday from 9 a.m. to 5 p.m. CT. OppLoans also advertises that its OppLoans Resolutions Team aims to respond to customer questions within 10 business days.
In addition to its customer support team, OppLoans provides current and prospective customers access to OppU. This platform includes financial literacy courses and articles to help borrowers better understand their finances and the implications of borrowing.
OppLoans’ customer reviews are largely positive, and it has a 4.7 out of 5-star rating across over 2,600 Trustpilot reviews. Many borrowers praise the platform’s easy application process and fast funding times. Borrowers also appreciate OppLoans’ customer support team and the fact that this lender helps people access cash when they’re struggling financially.
That said, some negative reviews highlight OppLoans’ high-interest rates and monthly payments. Other customers report issues with the application process and failing to qualify for a loan despite receiving a pre-approval notice.
OppLoans borrowers can access and manage their accounts online by navigating to “Log In” on the company’s homepage. The online portal lets borrowers view their loan agreement, check their loan balance, and view their payment history and upcoming payment schedule. Customers can also contact an OppLoans Advocate through the platform for loan assistance.
How OppLoans Compares to Other Personal Loan Companies
OppLoans and Upgrade are online lending platforms that help borrowers with poor credit access funds quickly. While neither lender charges prepayment penalties, Upgrade charges borrowers origination fees between 2.9% and 8% of the total loan amount. That said, Upgrade’s APRs start at just 5.94% and are more competitive than those offered through OppLoans.
Still, there are a few key differences between the two online lending platforms:
- Neither platform identifies a minimum credit score on its website, but Upgrade reports that applicants have a weighted average FICO score of 715.
- OppLoans loan amounts range from $500 to $4,000, while Upgrade offers loans between $1,000 and $50,000.
- Both lenders may offer loan funds as soon as one business day after loan approval and verification. As with all lenders, though, this timeline varies depending on the borrower’s banking institution.
- Upgrade’s loan terms range from two to seven years, while OppLoans only offers repayment terms between six and 18 months.
Both lenders offer loans for borrowers with poor credit. However, Upgrade’s APRs are significantly lower than those offered by OppLoans, making it the better option for most borrowers. Upgrade’s extensive repayment terms and higher loan amounts also make it a more flexible choice for qualifying borrowers.
Read our full review of Upgrade here.
OppLoans may be a suitable personal loan option for borrowers with poor credit or limited credit history. This is because the platform bases lending decisions on alternative factors beyond the applicant’s FICO Score.
That said, OppLoans personal loans are extremely expensive because of the high APRs. The lender also offers limited repayment terms and low maximum loan amounts. Before choosing a personal loan through OppLoans, make sure you understand the financial implications of such an expensive borrowing option.
Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of personal loan lenders. To rate providers, we collected over 25 data points across more than 50 lenders, including interest rates, fees, loan amounts, and repayment terms to ensure that our reviews help users make informed decisions for their borrowing needs.
Our full personal loans methodology, including our data collection process and weighted data points, is available for review.