OppLoans Personal Loans Review

OppLoans offers borrowers with bad credit an alternative to a payday loan

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overall rating

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. 

OppLoans have an APR from 59% to 199%, depending on where you live. Loan amounts range from $500 to $5,000, with repayment terms from nine to 36 months. As a no-credit-check loan, Opploans doesn’t have a credit score requirement so you won’t be subject to a hard credit inquiry. There are other requirements, though. You must have a minimum monthly income, receive paychecks via direct deposit, and have a U.S. bank account with at least 90 days of history.

  • Product Specifications
  • Pros and Cons
  • Fees
Product Specifications
  • APR Range 59% to 199%
  • Loan Amounts $500 to $5,000
  • Loan Terms 9 to 36 months
  • Recommended Minimum Credit Score no minimum
Pros and Cons
  • 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

  • Origination: none
  • Late payment: varies by state
  • Prepayment fee: none

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 hard credit check required – OppLoans will conduct a soft credit check, so it won't hurt your credit score. It will also use other factors, such as your income, in addition to your score, so those with poor credit are more likely to qualify.

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.

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. 

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 8:00 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 can 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 may be able to 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 just 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.
However, you may find lower APRs elsewhere. Even with a less-than-perfect credit score, you may see competitors offering APRs capped at 30%, which could save you a lot of money. For example, if you take out a $500 loan with OppLoans for 12 months at a 59% APR, you will pay a total of $173.77 in interest, whereas a 30% APR may cost you $84.92.

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.

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  1. Consumer Financial Protection Bureau. "What is a payday loan?" Accessed April 4, 2021.