OppLoans Personal Loans Review (2026): What You Need to Know

Quick Take: OppLoans makes personal loans accessible to those with lower credit scores, and applicants won’t have to worry about a hard credit pull. But those with solid credit profiles can usually find lower rates elsewhere.

MoneyLion offers a service to help you find personal loan offers. Based on the information you provide, you can get matched with offers for up to $100,000 from our top providers. You can compare rates, terms, and fees from different lenders and choose the best offer for you.

Pros & Cons 

Pros 

• Accessible to customers with low credit scores

• Loan funding available as soon as the same business day

• Applying won’t affect your credit, since no hard pull is required

• Loan payments are reported to the three credit bureaus, which can help improve your credit score

• No origination fee

Cons 

• Maximum loan amount of $5,000 

• Very high interest rates, even at the low end of the range

• Not available in every state

Company Overview 

OppLoans is an online lending platform catering to consumers with lower credit scores or thin credit profiles. It works with community banks to offer customers a variety of personal loans.

The platform’s parent company, OppFi, was founded in Chicago, Illinois, in 2012, with a mission to facilitate credit access to everyday Americans.

Key Features 

Interest Rates 

OppLoans’ target customers have lower credit scores that may disqualify them from getting loans through other lenders. In exchange for more flexible qualification requirements, the platform charges significantly higher interest rates, with a current range of 129% to 195% APR.

Lenders determine a borrowers’ interest rate by looking at their financial information, including their credit score, income and debt-to-income ratio, among other factors. If you have a good, or even fair, credit score, you should explore other options; you’ll likely qualify for a lower APR than OppLoans can offer, since even at the low end you’ll pay 129% APR.

Loan Amounts 

OppLoans customers can borrow between $500 and $5,000. You’ll find larger loans available through other lenders, but this smaller range is typical for lenders catering to borrowers with lower credit scores. 

Repayment Terms 

OppLoans repayment terms range from 9 to 18 months. This time range reflects the amount of money you can borrow through the platform; longer repayment terms are generally for lenders offering loans in the tens of thousands of dollars. 

Funding Speed 

Once your loan application is approved, you can receive funding as soon as the same day, if you’re applying on a business day.

No Hard Credit Check Required

OppLoans stands out for offering loans that don’t require a hard credit pull, which can cause a temporary dip to your score. 

OppLoans’ bank partners perform a soft credit check instead, which doesn’t affect applicants’ FICO scores. Your loan will be approved or denied based on this soft check, as well as other factors including your employment status, income details, bank account information and financial history. 

Costs & Fees

OppLoans doesn’t charge an origination fee or a prepayment penalty. There’s no late payment fee, either, though you’ll continue to accrue interest on your unpaid amount.

Eligibility Criteria

There’s no minimum credit score requirement to borrow through OppLoans. To be eligible, you’ll need to meet the following requirements:

• Be at least 18 years old

• Reside in one of the 40 states where OppLoans does business

• Have a regular source of income

• Have a checking or savings account

• Receive paychecks through direct deposit

How To Apply 

Follow these steps to apply for an OppLoans personal loan:

1. Head to the OppLoans website and click “Apply Now.”

2. Fill out the application with your profile details, including personal and financial information. 

3. Specify how much you’re looking to borrow and the purpose of the loan.

4. After submitting your application, OppLoans will give you an offer with the specific terms for borrowing and repaying.

5. Accept the terms if you agree, and then wait to receive funds.

Comparable Options 

We compared OppLoans to two other lenders that work with lower-credit borrowers: Upstart and OneMain Financial*. Here’s how they stack up:

Upstart

Upstart is an online lender that uses an AI-powered underwriting model that can benefit applicants with lower credit scores. In addition to looking at credit profiles, the model looks at employment and income stability, education and professional background, spending and savings habits and other signs of healthy financial behaviors to inform its decision to approve or deny borrowers. 

If you have a lower credit score, Upstart is worth a look, because even at the high end, its interest range is much lower than OppLoans’. The APR range is 6.5% to 35.99%, compared to 129% to 195% with OppLoans. You may have to pay an origination fee, but you may still save significant money in the long run.

OneMain Financial

OneMain is another lender that caters to lower-credit borrowers, and its interest rate range is higher than Upstart’s, though significantly lower than OppLoans’. Unlike the other two lenders, OneMain Financial has brick-and-mortar locations, so you can apply in-branch as well as submitting an application online.

When Upstart might be better: You want to pay lower interest rates, even though you might be charged an origination fee; you need to borrow more than $5,000

When OneMain Financial might be better: You want maximum repayment flexibility, you need to borrow up to $20,000

Who It’s Best For 

OppLoans are best for borrowers without an established credit history. The platform could be a lower-cost alternative to a payday loan, but its APR range is still quite high. You’ll want to explore your rate options with other lenders before committing, because even with a lower score you might find a better offer.

Anyone with a credit score in the fair range or higher should look elsewhere, since they’re likely to qualify for a significantly lower interest rate. 

Final Take 

If you’re having trouble getting approved for a personal loan due to your credit score and want to steer clear of payday loans with even higher interest rates, OppLoans is worth considering. It doesn’t charge an origination fee and it offers fast funding, but you may find a lower rate, even with a low credit score, through one of its competitors. 

FAQs 

Is OppLoans legit or fake?

OppLoans is a legit online lender. It’s accredited by the Better Business Bureau and works with a handful of banks to offer loans to customers in most states throughout the U.S. 

How hard is it to get approved for OppLoans?

It’s generally relatively easy to get approved for a loan through OppLoans, since the platform looks at your overall financial picture, rather than just your credit score, to make lending decisions.

How much can I borrow from OppLoans?

You can borrow between $500 to $5,000 through OppLoans.

Sources

• https://www.opploans.com/ - Official OppLoans website

• https://www.upstart.com/ - Official Upstart website

• https://www.onemainfinancial.com/ - Official OneMain Financial website