Last Updated on May 1, 2025 by Amrita Das
Borrowing money can be a daunting process, especially when trying to determine which lending platforms are trustworthy. If you’re considering OppLoans for your financial needs, you’re probably asking, “Is OppLoans legit?”
In this blog post, I will share the details of OppLoans, giving you a clear picture of the company, its legitimacy, and whether it’s the right lending option for you. From customer reviews to interest rates and eligibility requirements, I am here to discuss everything you need to know.
What Is OppLoans?
OppLoans is a fintech company that provides unsecured installment loans entirely online. Unlike traditional lenders, OppLoans is geared toward individuals with bad or no credit, making it an appealing option for those struggling to secure financing elsewhere.
With quick applications, same-day funding in some cases, and no hard credit inquiry, OppLoans focuses on making borrowing both accessible and convenient. However, this accessibility often comes at a cost, as OppLoans loans typically carry high annual percentage rates (APRs).
Key Features of OppLoans
Before deciding if OppLoans is the right fit for you, it’s essential to understand the platform’s key features and how it’s designed to cater to borrowers with limited financial options.
- Unsecured Installment Loans: OppLoans specializes in unsecured instalment loans, which means you don’t need to provide any collateral, such as a car or home, to qualify. Borrowers receive a lump sum loan upfront and then make fixed payments over time.
- No Hard Credit Check: Unlike traditional lenders, OppLoans does not perform a hard credit inquiry on potential borrowers. Instead, they consider other factors like your employment status, income, and banking history to assess your ability to repay the loan.
- Quick Funding Options: One of the standout features of OppLoans is its fast funding. Depending on the time and day you apply, you may be able to receive your loan funds on the same business day.
- No Prepayment Penalties: If you find yourself in a better financial position and wish to pay off your loan early, OppLoans allows you to do so without incurring any penalties or additional charges.
- Online Application Process: The entire process, from loan application to funding, is completed online. This convenience allows borrowers to manage their loans without visiting a physical branch or submitting piles of paperwork.
Additional Reading: How Many Avant Loans Can You Have?
Who needs OppLoans?
OppLoans is an ideal choice for individuals who have a poor or bad credit history. This lender offers loans of up to $4,000, making it a suitable option for those who require smaller loan amounts. Additionally, OppLoans prides itself on providing quick loan funding, making it a great option for borrowers in urgent need of financial assistance.
Whether you have low credit or are looking for fast loan approval and funding, OppLoans has got you covered.
How to Qualify for an OppLoans Loan
While OppLoans does not use a traditional credit check, there are still requirements you must meet to be eligible for a loan. Here’s what you need to qualify with OppLoans:
- Your age needs to be at least 18 years old.
- You need to live in one of the states where OppLoans is available.
- You must have a regular source of income and find paychecks through direct deposit.
- A checking or savings account is required for loan disbursement and payment.
- Meeting these basic eligibility requirements can help you secure a loan through OppLoans if you’re in need.
How the OppLoans Process Works?
Step 1: Apply Online
The process starts with a simple online application. OppLoans’ user-friendly platform allows you to complete the form in just a few minutes. Here’s what you’ll need to provide:
- Personal information (your name, contact info, birth date, etc.).
- Employment and income details.
- Bank account information to verify financial activity.
- Once submitted, OppLoans processes your application quickly, often providing same-day responses.
Step 2: Risk Assessment and Credit Check
Many traditional lenders rely solely on FICO credit scores for their decisions, but OppLoans takes a different approach. They use a combination of data to assess your financial capability, including:
- Job stability
- Regular income levels
- Bank account activity
Note that OppLoans typically performs a soft credit inquiry, so applying won’t impact your credit score negatively.
Step 3: Approval Decision
If your application is approved, OppLoans will send a loan offer with pre-determined terms. These offers include:
- The loan amount
- Annual percentage rate (APR)
- Repayment schedule
Step 4: Loan Disbursement
Once you accept the loan offer, OppLoans transfers the funds directly to your checking account. Many customers report receiving their money within one business day, making it ideal for urgent expenses.
Step 5: Repayment Schedule
One of the unique advantages of OppLoans is its structured and manageable payment plans. Unlike payday loans that require full repayment by the next payday, OppLoans spreads payments out over multiple months, ensuring affordability.
- Borrowers can make early payments without penalties, which can save on interest costs.
- Repayment history is also reported to major credit bureaus, giving you an opportunity to improve your credit score over time.
Read More: How Many Upstart Loans Can I Have?
OppLoans Rates, Fees and Terms Overview
The annual percentage rate (APR) is one of the most critical factors in evaluating any loan, as it combines interest and fees into one consolidated percentage. OppLoans’ APRs are much higher compared to conventional personal loan lenders.
Here’s a closer look:
- APR Range: 160.00% to 195.00%
- Loan Amounts: $500 to $4,000
- Repayment Terms: 9 to 18 months
How Much Will Borrowing Cost Me?
To put things in perspective, borrowing $2,000 with a 160% APR over a 12-month term means you’ll pay an additional $3,200 in interest, for a total repayment amount of $5,200. Given these costs, OppLoans should primarily serve as a last-resort option when no other financing alternatives are available.
OppLoans’ Fees
OppLoans prides itself on being transparent, meaning there are no hidden fees or surprise charges along the way. The platform does not impose:
- Origination Fees (fees charged up front to process the loan).
- Prepayment Penalties (charges for paying off a loan earlier than planned).
- Late Fees (however, missed payments may be reported to credit bureaus).
This lack of additional fees can make OppLoans relatively hassle-free compared to some competitors.
Repayment Terms
OppLoans offers fixed repayment terms of 9 to 18 months, which are shorter than those provided by many traditional lenders. While this allows borrowers to quickly pay off their debt and reduce the overall interest paid, it also means monthly payments may be higher.
It’s critical to calculate whether the monthly payments fit your budget before committing.
Is OppLoans Legitimate?
The straightforward answer is yes, OppLoans is legitimate. OppLoans is not a scam and operates as a bona fide business in the lending space.
Recognitions and Accreditations: OppLoans has garnered trust and recognition within the financial industry, including:
BBB Accreditation with an A+ (plus) rating. This reflects high standards in resolving customer inquiries and complaints timely.
Achievements:
- Included in the Inc. 500 Fastest Growing Companies list.
- Named one of Built in Chicago’s Top 100 Digital Companies.
- Cited as a leader in the lending industry by the Center for Financial Services Innovation.
OppLoans has remained transparent about its operations and is highly rated on platforms like Trustpilot and LendingTree for its unmatched customer service.
OppLoans positive Customer Experience
OppLoans has earned high praise from its customers for its hassle-free borrowing process. With an average rating of 4.5 stars on Trustpilot, it’s clear that the lender is delivering exceptional service to its clients.
Many customers have noted the ease and convenience of the online application system, but also commend the helpfulness and kindness of OppLoans’ customer service representatives. The combination of efficient technology and personalized support makes for a top-notch customer experience.
Top Alternatives to OppLoans
1. LendingClub
Why It’s a Good Alternative:
LendingClub is ideal for borrowers with fair to good credit scores who want a lower APR and longer repayment period.
- APR Range: 7.90% – 35.99%
- Loan Amounts: $1,000 – $40,000
- Repayment Term: 24 to 72 months
LendingClub charges an origination fee of 3% to 8%, but the overall costs tend to be much lower than OppLoans. Borrowers also enjoy a streamlined online loan application process and the ability to consolidate debt efficiently.
2. Avant
Why It’s a Good Alternative:
Avant is tailored to borrowers with low-to-moderate credit scores and offers competitive APR rates compared to OppLoans.
- APR Range: 9.95% – 35.99%
- Loan Amounts: $2,000 – $35,000
- Repayment Term: 24 to 60 months
Though Avant charges an administration fee of up to 9.99%, their APRs are still significantly lower than OppLoans. They also provide fast funding and flexible repayment plans designed for varied borrower needs.
3. Alliant Credit Union
Why It’s a Good Alternative:
If you’re open to working with a credit union, Alliant is worth considering because it offers some of the lowest APR rates available.
- APR Range: Starting at 8.99%
- Loan Amounts: Up to $100,000
- Repayment Term: 12 to 60 months
With lower interest rates, higher loan limits, and excellent member support, Alliant is a reliable choice. Becoming a member is easy, and their customer-first approach ensures a hassle-free borrowing experience.
4. Oportun
Why It’s a Good Alternative:
Oportun specializes in offering loans to borrowers with poor or limited credit histories.
- APR Range: 32.93% – 35.95%.
- Loan Amounts: $300 – $10,000
- Repayment Term: Varies by loan
Although Oportun’s APRs are relatively higher than mainstream lenders, they are substantially lower than OppLoans. Oportun also offers educational resources to help borrowers develop healthier financial habits.
The Pros of OppLoans
Minimal Fees
OppLoans understands that unexpected costs can frustrate borrowers. That’s why they don’t charge any of the following fees:
- Origination fees: No upfront fees deducted from your loan amount.
- Late fees: Missed a payment? OppLoans won’t penalize you with extra charges (though late payments may still be reported to credit bureaus).
- Prepayment penalties: If you want to repay your loan early to save on interest, you’re free to do so without any financial penalties.
Fast Funding
Need money in a hurry? OppLoans offers quick access to funds. Once your loan is approved, you can receive the money as soon as the next business day. This speed makes OppLoans particularly appealing in emergencies, such as medical bills or urgent home repairs.
Accessible for Poor Credit Borrowers
Unlike traditional lenders that often turn away individuals with credit scores below 600, OppLoans is designed for people with poor credit or limited credit histories. By reviewing alternative credit data and bank account activity, OppLoans makes loans accessible to a wider pool of borrowers.
If you’re unable to secure a loan elsewhere, OppLoans might be one of the few viable options available to you.
The Cons of OppLoans
Extremely High APRs
OppLoans might provide a lifeline for borrowers with poor credit, but this accessibility comes at a steep cost. Their APRs range from 160% to 195%, far exceeding typical personal loan rates.
For context:
- LendingClub APRs range from 7.90% to 35.99%.
- Avant APRs range from 9.95% to 35.99%.
While their APRs are lower than payday loans, they’re still prohibitively expensive for many borrowers. This makes OppLoans a less attractive option if you have access to alternatives like credit cards with promotional rates or traditional personal loans.
Small Loan Amounts
OppLoans only offers loan amounts between $500 and $4,000. While this may work for borrowers seeking to cover smaller expenses, it’s not ideal for those requiring larger loans. Additionally, your maximum approved loan amount depends on factors like state regulations, income, and creditworthiness, making it even more restrictive.
Limited Availability
OppLoans is not available nationwide. It only operates in 40 states and excludes areas like New York, Massachusetts, Connecticut, and Vermont. If you’re located in one of these regions, you’ll need to explore alternative lenders.
Additional Review: Asset Depletion Mortgage Loan
Is OppLoans Legit? FAQs
Is OppLoans a secure option for obtaining a loan?
A: Yes, OppLoans prioritizes the security of your information by implementing industry-standard protections through its partners. Additionally, they do not have access to view your login credentials, ensuring an extra layer of security for their customers.
How long does OppLoans take to accept a loan?
A: Typically, OppLoans will make a decision regarding your loan application within 24 hours. However, it may sometimes take up to two business days or more.
Once approved, the funds will be deposited into your bank account within one day. The timing for accessing these funds will vary depending on your specific bank’s policies and procedures.
Does OppLoans provide fast funding for approved loans?
A: According to OppLoans, you may receive your loan funds on the same business day of approval. However, this timeline is not guaranteed, and verification procedures may take up to 2-5 business days.
Can I Still Qualify for an OppLoans Loan Without a Credit History?
A: Yes, you can still be eligible for an OppLoans loan even if you have no credit history. The only requirements are having a bank account and regular income through direct deposit.
Additional Reading: Oportun Loan Reviews: Is It Right For You?
Is OppLoans Legit? Final Thoughts
So, by reading the above content, you may be clear that OppLoans is a legit and reputable lender that makes personal loans accessible to individuals with poor credit. Their quick approvals, flexible repayment terms, and no-hidden fees appeal to those needing financial assistance.
However, potential borrowers should weigh the high APR carefully and explore alternatives whenever possible. If you decide OppLoans is the right choice for you, ensure you borrow responsibly and stay informed about your financial commitments.
