OppLoans personal loans review: No minimum credit score required, but you’ll pay a high interest rate

OppLoans personal loans review: No minimum credit score required, but you’ll pay a high interest rate

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OppLoans could be a good lender if you have a low credit score.

The bottom line: OppLoans Personal Loans is a decent lender if you have a low credit score. But with its high interest rates and low loan amounts, you may be better off getting a loan elsewhere or looking for a credit card.  

OppLoans personal loan amounts and interest rates

OppLoans loan amounts range from $500 to $4,000. OppLoans only offers loans to customers in 37 states and DC.

Depending on your credit score, where you live, and other financial factors, your APR will range from OppLoans Personal Loans. This is much higher than similar companies’ APR ranges. For example, Avant’s APR range is Avant Personal Loans, and LendingClub’s range is Personal Loans.

Pros and cons of OppLoans personal loans


Minimal additional fees. OppLoans doesn’t charge an origination fee, late fee, or prepayment penalty. Quick access to funds. Depending on when your loan is approved, you will likely get your money as soon as the next business day. Easier to qualify with poor credit. Many other personal loan companies and financial institutions will turn away people with poor credit, but OppLoans offers options for those who have bad credit standing.  


High minimum and maximum APR. OppLoans’ APR range of 59% to 160% is substantially higher than most other personal loan companies. For instance, Avant’s APR range is 9.95% to 35.99% and LendingClub’s range is 8.05% to 35.89%.Low maximum loan amount. You’ll only be able to take out a loan for up to $4,000, though the highest amount of money you’re qualified to borrow depends on your state, creditworthiness, income, and ability to repay. Not available in all states. OppLoans is only available in 37 states and Washington, DC. If you don’t live in one of those states, you won’t be able to take out a loan with the company. 

How OppLoans personal loans work

OppLoans Personal Loans offers unsecured personal loans through either FinWise Bank (Member FDIC) or Opportunity Financial LLC, depending on where the loan originates from. An unsecured personal loan doesn’t need any collateral, such as a house or car. You can use a personal loan for a variety of purposes.

 Loan terms range from nine months to 24 months, depending on the state you live in. 

Still, if you’re in need of money fast and are looking for a shorter loan term, OppLoans is likely a better option than a payday loan. Many payday loans have APRs as high as 400%.

You may want to see if you qualify for personal loans with lower APRs at other companies, as OppLoans rates are significantly higher than many competitors. You could also look into credit cards for people with bad credit, as you may be eligible for a lower APR and better terms with a credit card. Weighing the pros and cons of your choice will help you get the best deal possible. 

Most loans from OppLoans Personal Loans are approved within one day, and you will likely get your funds the next business day — contingent on when your application is approved. 

You won’t pay any fees with an OppLoans loan, including an origination fee, late fee, or prepayment penalty.

Depending on what you need help with, you can email one of five customer support accounts, which you can find here. You can also call  Monday through Friday, 7:00 a.m. to 11:30 p.m. CT, or on Saturday and Sunday from 9:00 a.m. to 5:00 p.m. CT. If neither of those options works for you, you can send mail to either the Chicago or Nevada branch of the company at the addresses listed here

OppLoans has a detailed frequently asked questions section, sorted by topic.

OppLoans Personal Loans doesn’t ask you to detail the reason you want a loan on the application, but lists common reasons as medical bills, home improvement, car repairs, or debt consolidation.

You’ll need to meet the following requirements to apply:

Be at least 18 years old (or 19 in Alabama and Nebraska)Have a regular source of incomeHave a checking or savings accountReceive paychecks through direct deposit (unless you live in Nevada)

If you live in one of the following states, you are not eligible to take out a personal loan from OppLoans:

ColoradoConnecticutIllinoisIowaMarylandMassachusettsNew HampshireNew JerseyNew YorkNorth CarolinaPennsylvaniaVermontWest Virginia

What credit score do you need?

There is no minimum credit score required to qualify for an OppLoans Personal Loans personal loan, which is different from other personal loan companies. But keep in mind that the lower your credit score, the higher your interest rate will be.

You won’t impact your credit score if you check your loan rates with OppLoans, because the company only produces a soft credit inquiry when pulling your credit report. A soft credit inquiry isn’t visible to third parties and won’t damage your score. At no point in the loan approval process will OppLoans perform a hard credit inquiry

OppLoans may be a good choice for you if you have poor credit. There is no minimum credit requirement, and the company specializes in providing loans to those who aren’t normally eligible with other financial institutions. On the other hand, you should recognize that the lower your credit score, the higher your APR could be — and OppLoans rates top out as high as 160%. 

Unless you need money fast, you may have time to improve your credit score before applying for a personal loan. Paying your bills on time and keeping low credit card balances could result in a lower interest rate. That said, if your credit score increases, you’ll still get a better rate at a lender other than OppLoans.

Is OppLoans trustworthy?

OppLoans Personal Loans is a Better Business Bureau-accredited company, and Opploans is currently not rated by the BBB, as the company does not have enough information for the BBB to give it a rating. The BBB is a non-profit organization focused on consumer protection and trust. The BBB measures companies by evaluating business’ replies to customer complaints, truthfulness in advertising, and transparency about business practices. 

Keep in mind that BBB ratings don’t necessarily mean you’ll have a great relationship with OppLoans,  so ensure you also read reviews and ask friends and family about their experiences with the company.

OppLoans does not have any recent controversies. As a result of its clean history, you might choose to use OppLoans as your personal loan company.  

How OppLoans personal loans compare

Although rates will depend on your unique situation, OppLoans Personal Loans’ interest rates are higher than those offered by comparable lenders — even companies that offer loans to people with poor credit. Here’s how OppLoans compares to similar companies:

LendingClub Logo

Min. credit score


Min. credit score


Min. credit score



OppLoans Personal Loans


Personal Loans


Avant Personal Loans

Origination fee?


Origination fee?


Origination fee?


OppLoans Personal Loans

Personal Loans

Avant Personal Loans

OppLoans won’t charge you any fees, but this comes at the cost of a significantly higher APR than with LendingClub

With LendingClub, you’ll pay an origination fee between 1% to 6% of your total loan amount, and this fee will be baked into your overall loan APR. The company may also penalize you if your payment is more than 15 days past due. 

You’ll likely get your funds faster with OppLoans than with LendingClub. OppLoans will usually send you your funds within one business day of approval, while LendingClub can take between two to four business days. 

OppLoans has a maximum loan term of 24 months, while LendingClub has a minimum loan term of 36 months. If you’re looking to spread out your costs over a shorter period, LendingClub might be a better choice for you. 

OppLoans has no official minimum credit score requirements, while most of Avant’s customers have a credit score between 600 and 700.

Avant offers loans to all 50 states and Washington, DC, while OppLoans only provides loans to customers in 37 states and DC. If you live outside of OppLoans coverage area, Avant is the better choice. 

OppLoans doesn’t have a mobile app, while Avant does. So if managing your personal loans on the go is important to you, you may want to go with Avant. 

Read the original article on Business Insider

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