OppLoans is an online platform for last-resort emergency assistance. It comes with several distinctive features, such as the abandonment of hard credit checks and prompt funding within the same or next day. OppLoans can serve as a legit alternative to predatory payday loans. It may work for bad credit score borrowers who are in a tight financial spot. However, the company should be approached cautiously due to its very high APRs of up to 160% and alleged acts of loan term misrepresentation.
- Any credit is accepted;
- Almost instant approval decisions;
- Same-day or next-day funding;
- Payments are reported to three major credit bureaus;
- No origination, prepayment, or late fees.
- Extremely high APRs;
- Short repayment terms;
- Limited loan amounts;
- Was suspected of misrepresentation.
Full OppLoans Personal Loans Review
OppLoans is an online lending company, also known as Opportunity Financial LLC or OppFi. The service is focused on offering small loans to borrowers with credit issues. Here’s a look at OppLoans personal loan features. Before applying, make sure they correlate with your situation and that you are satisfied with the conditions.
Borrowers who get approved before noon on weekdays can get loan funds by the end of the same day. Those who get approvals after 12 p.m. or on weekends will receive the money as soon as the next business day.
No Extra Fees
The company charges no origination, late, or prepayment fees. This means that the amount you get on hand will always be predictable. Also, you won’t have to pay extra costs if you decide to pay off the loan early or accidentally miss the due date of your monthly payment.
No Minimum Credit Score Requirements
Borrowers don’t have to meet any minimum credit score requirements to qualify for OppLoans’ products. The company’s loans can suit even applicants who can’t qualify for traditional personal loans or get financing from other competitors.
TurnUp Program Is Available
OppLoans’ “TurnUp” program says the platform will analyze all the offers you can qualify for and connect you with a lender with the lowest interest rates. Thus, you’re most likely to get the best possible loan offer for your parameters.
Approval Decisions Are Made in Minutes
The service performs a soft credit inquiry to determine your creditworthiness. As this form of inquiry doesn’t involve reviewing your credit reports, it takes much less time to complete. The service claims that you will get an approval decision almost immediately.
Loans That Don’t Affect Your Credit Score
As we’ve already mentioned, the company performs no hard credit history checks through major credit bureaus, be it a pre-qualifying or final approval. Therefore, your credit scores won’t be affected as long as you make your monthly payments on time.
Territorial Restrictions Are Applied
OppLoans is not available in all states. Residents of Colorado, Connecticut, Illinois, Iowa, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, South Dakota, Vermont, and West Virginia can apply for the company’s personal loans.
Very High Interest Rates
The company’s personal loans come with an annual percentage rate of 59% to 160%. For comparison, most competitors set interest rates between 5.99% and 35.99%. However, their loan options may not be available to borrowers with low credit scores.
Low Loan Maximums
With OppLoans, you can only borrow up to $4,000. This amount may be enough if you need to overcome emergencies or cover urgent needs, but it is quite low for major projects or life events.
Short Repayment Terms
There are only three repayment options you can choose from. OppLoans personal loans can be repaid in 9, 12, or 18 months. Thus, they can’t meet your long-term needs and can be difficult to handle if you already have financial difficulties.
No Joint or Secured Loans
OppFi doesn’t allow a co-signer or co-borrower. Additionally, the service doesn’t offer secured loans. This means that bad credit borrowers have no options to get a lower interest rate by providing a co-applicant or collateral.
Can Help Rebuild Credit
Making on-time loan payments can help you build credit as the company reports them to three major credit bureaus. You can use an OppLoans loan to improve your credit history and get access to better loan terms and lower rates in the future.
Lawsuit Against OppFi
According to a November 2021 indictment by Washington, D.C.’s attorney general, OppLoans violated state interest rate caps and misrepresented lending terms by claiming that its loans helped borrowers rebuild their credit. As a result, OppFi paid out $1.5 million in refunds to district customers and no longer provides loans in Washington, D.C.
Whom OppLoans Personal Loans Are Best for?
OppLoans personal loans can be an optimal last-resort option for borrowers with damaged credit scores. As these loans provide credit-building opportunities, they can become a bridge to better loans on more favorable terms.
Also, OppLoans products can help individuals in urgent need of cash due to their fast approval and funding times. If you have fair or good credit and don’t need money right away, you may find cheaper options with more flexible loan amounts and repayment periods.
OppLoans Personal Loan Example
Suppose that you’re going to borrow $1,000 for 12 months. With an annual percentage rate of 160%, your monthly loan payment will be $171.53. You’d pay $1,058.39 in interest, so your total loan cost will be twice more than you initially borrowed.
This example is provided based on the estimated interest rate and is for informational purposes only. Your exact APR will be determined based on your credit and financial background.
Who Can Qualify for an OppLoans Personal Loan?
Here’s what you need to qualify for an OppFi loan:
- Be at least 18 years old;
- Minimum monthly gross income of at least $1,500;
- Have a valid bank account;
- Have a regular source of steady income.
- Receive your paychecks through direct deposit.
How to Apply for a Personal Loan with OppLoans?
The absence of hard credit checks and the online loan process make it easy to apply for a personal loan with OppLoans. Here are a few steps to follow:
- Click on the “Apply Now” button on the OppLoans website.
- Complete a simple application form. You need to provide some basic information, such as your name, address, Social Security number, bank account details, and income confirmation.
- Get a loan decision. The service will use the information you provide to see if it can find you a match. You will get a response in a matter of minutes.
- Get the funds. If approved, sign the loan agreement. Lenders typically make money transfers right away, so you can receive funds on the same or next day, depending on the approval time.
How OppLoans Compares with Other Lenders
See how OppLoans stack up with other lending companies.
|Minimum credit score
|59% – 160%
|58.90% – 299.00%
|34.00% – 99.99%
|5.99% – 29.99%
|1% to 5%
|Monthly fee of $19.99
|$500 – $4,000
|$300 – $5,000
|$1,000 – $10,000
|$10 – $500
|9, 12, or 18 months
|7 to 36 months
|6 and 60 months
|On your next expected direct deposit date
|Same or next day
|Within 24 business hours
|On the next business day of approval
|Same day to 5 business days
|OppLoans borrowing options can work for people with bad and poor credit who need fast cash or want to rebuild credit. Just be aware of their high interest rate and a past law violation.
|Rise loans can potentially be even more expensive than OppLoans options. However, they offer longer repayment terms and higher loan amounts.
|NetCredit loans can be a reasonable alternative to OppLoans products due to their lower interest rates and higher amounts. However, you will be charged an origination fee of up to 5%
|MoneLion offers the lowest interest rates out of the four services. However, it requires a monthly membership fee and only allows you to borrow up to $500
BadCredify starts reviewing companies by analyzing the following parameters:
- Interest rates;
- Extra costs (such as origination fees, late fees, or prepayment penalties);
- Loans accessibility;
- Eligibility requirements;
- Repayment terms;
- Customer experience and reviews;
- Application process;
- Funding times.
When reviewing OppLoans, we conducted a thorough website research and contacted the company’s representatives to examine its customer service. Our team of professionals went through a pre-qualification process to get a better understanding of estimated loan terms and APRs. All these helped us independently assess the accuracy of the information provided.
OppLoans is a legit online lending company that works in accordance with federal and state laws. However, it was suspected of loan term misrepresentation.
There’s no 100% guarantee that everyone who applied with OppFi will get approved for a loan. Although the acceptance rate is very high, and the service looks far beyond your credit score, there’s still a chance of being denied if you don’t meet other lender’s requirements.
There’s no minimum credit score requirement set by the service. Borrowers with any credit can qualify as long as they can demonstrate their ability to repay the funds.
Unfortunately, there are territorial restrictions. OppLoans is not available in Colorado, Connecticut, Illinois, Iowa, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, South Dakota, Vermont and West Virginia.
The service has no prohibited loan uses. You can spend the money at your discretion to cover various personal needs. Some popular loan purposes include car or home repairs, debt consolidation, medical bills, and other emergency expenses.
You can contact OppLoans customer service via telephone, email or secure online messaging. Email them at email@example.com or call their office at 800-990-9130 (Chicago) or 618-433-3475 (Nevada). OppLoans customer service takes phone calls Monday through Friday from 8 a.m. to 12:30 a.m. Eastern Time, or Saturday and Sunday from 10 a.m. to 6 p.m. ET.