OppLoans Personal Loans Review: What You Need to Know
OppLoans makes personal loans accessible to those with lower credit scores, and applicants won’t have to worry about a hard credit pull. However, APRs can range from 99% to 195% and loan amounts are from $500 to $5,000. Those with solid credit profiles can usually find lower rates elsewhere and better terms.
Key Takeaways
OppLoans helps borrowers with low or thin credit get personal loans between $500 and $5,000, with no hard credit pull and same-day funding available in many cases.
Payments are reported to all three credit bureaus, which may help you build credit over time if you pay on time.
The trade-off is cost. Interest rates run 99% to 195% APR, far higher than options like Upstart (6.2% to 35.99%) or OneMain Financial (18% to 35.99%).
Shop around first. If your credit is in the fair range or higher, you'll likely qualify for a much lower rate elsewhere.
Consider OppLoans only as a step above a payday loan, not as a first choice, since even its lowest advertised rate costs roughly double what you borrow.
Summary generated by AI, verified by MoneyLion editors
At a Glance
APRs are triple digits, ranging from 99% to 195%.
No origination, application, late or prepayment fees.
No minimum credit score published on OppLoans' website.
Loan amounts run from $500 to $5,000.
No hard inquiry shows up on your credit report from the application itself.
Feature | OppLoans |
|---|---|
APR range | 99% to 195% |
Loan amounts | $500 to $5,000 |
Repayment terms | 9 to 18 months |
Origination, late or application fee | None |
Minimum credit score | Not disclosed |
Credit check | No hard inquiry |
Credit bureau reporting | Yes |
What Are OppLoans Personal Loans?
OppLoans is an online lending platform for consumers with lower credit scores or thin credit files. It works with community banks to offer a range of personal loan options to borrowers who may not qualify through traditional lenders.
The platform's parent company, Opportunity Financial (OppFi), started operating in Chicago, Illinois, in 2009, with a stated mission of expanding credit access for everyday Americans.
What Are the Pros and Cons of OppLoans?
Pros | Cons |
|---|---|
Accessible to borrowers with low credit scores | Maximum loan amount is only $5,000 |
Funding available as soon as the same business day | High APRs even at the lower end of the range |
No hard credit pull required for the application | Not available in every state |
No minimum credit score requirement | Short repayment terms of nine to 18 months |
What Are OppLoans' Rates, Amounts and Terms?
Here's a quick rundown of what OppLoans offers:
Rate: APRs range from 99% to 195% (depending on the state), and your exact rate depends on your state and creditworthiness.
Fees: No origination, application, late or prepayment fees.
Amount: Loan amounts run from $500 to $5,000.
Repayment terms: You get nine to 18 months to repay the loan.
How Much Does an OppLoans Loan Actually Cost?
Loan amount | APR | Term | Monthly payment | Total repaid |
|---|---|---|---|---|
$1,000 | 160% | 9 months | $197 | $1,776 |
$2,000 | 160% | 12 months | $343 | $4,117 |
$3,000 | 180% | 18 months | $490 | $8,812 |
$5,000 | 195% | 18 months | $870 | $15,667 |
Even at the low end of OppLoans' APR range, you'll pay close to double the amount you borrowed by the time the loan is paid off.
What Are the Costs and Fees?
OppLoans doesn’t have any fees associated with the loan:
No origination fee
No late fee
No prepayment penalty fee
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.
Does OppLoans Require a Hard Credit Check?
OppLoans stands out for not requiring a hard credit pull, which can otherwise cause a temporary dip to your score. OppLoans' bank partners run a soft credit check instead, which doesn't affect your FICO score.
Your loan is approved or denied based on that soft check along with other factors, including your employment status, income details, bank account information and financial history. The soft pull isn't reported to the credit bureaus, though your account activity is reported once the loan is funded.
What Do You Need To Qualify?
To qualify for an OppLoans loan, you generally need to:
Be 18 years or older.
Have an open bank account.
Reside in a state where OppLoans operates.
Have a regular source of income.
Receive income through direct deposit.
Credit Scores and OppLoans
OppLoans doesn't publish a minimum credit score requirement and doesn't perform a hard pull. That doesn't necessarily mean it's the right fit for your situation. Here's how OppLoans lines up against FICO score tiers.
FICO score | Rating | Is OppLoans a good fit? |
|---|---|---|
300 to 579 | Poor | Possibly, when other mainstream options aren't available |
580 to 669 | Fair | Likely not. You may qualify for loans with APRs capped around 36% |
670 to 739 | Good | Likely not. Mainstream lenders may offer far better terms |
740 to 799 | Very good | Likely not. Prime lenders can typically fund your loan at a fraction of the cost |
800 to 850 | Exceptional | Likely not. You may qualify for single-digit APRs |
If you're not sure where your credit stands, checking your credit score before applying anywhere can help you see which lenders are realistically in reach.
Which States Offer OppLoans?
OppLoans is currently offered in Alabama, Alaska, Arizona, Arkansas, California, Delaware, Florida, Hawaii, Idaho, Illinois, Indiana, Kansas, Kentucky, Louisiana, Maine, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, North Carolina, North Dakota, Ohio, Oklahoma, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, Wisconsin and Wyoming.
Availability can change, so confirm your state directly on OppLoans' website before applying.
How Do You Apply for an OppLoans Loan?
Here's how to get a loan through OppLoans:
Head to the OppLoans website and select "Apply Now."
Fill out the application with your personal and financial details.
Specify how much you want to borrow and the purpose of the loan.
Review your offer. OppLoans will provide specific terms for borrowing and repaying.
Accept the terms if you agree, then wait to receive your funds.
Is OppLoans Legit and Safe?
OppLoans is a legitimate online lender that has operated since 2009. It's accredited by the Better Business Bureau with an A+ rating and works with several banks to offer loans to customers in most states. Trustpilot shows OppLoans rated 4.4 out of 5 stars based on more than 5,500 reviews, with many reviewers citing fast funding and helpful customer service, alongside recurring complaints about the high interest rates.
That said, high-APR installment lenders like OppLoans do draw regulatory scrutiny. The Consumer Financial Protection Bureau maintains a public complaint database that includes complaints filed against Opportunity Financial, LLC, several of which involve disputes over interest charges or loan terms. If you're considering OppLoans, it's worth reading your loan agreement closely and comparing the total cost against other options first.
How Does OppLoans Compare to Other Lenders?
We compared OppLoans to two other credit union and fintech personal loan options that also work with lower-credit borrowers: Upstart and OneMain Financial.
Feature | OppLoans | Upstart | OneMain Financial |
|---|---|---|---|
APR range | 99% to 195% | 6.2% to 35.99% | 11.99% to 35.99% |
Loan amounts | $500 to $5,000 | $1,000 to $75,000 | $1,500 to $30,000 |
Repayment terms | 9 to 18 months | 3 or 5 years | 24 to 60 months |
Origination fee | None | Up to 12% of loan amount | 1% to 10% of loan amount |
Upstart
Upstart is an online lender that uses an AI-powered underwriting model, which can benefit applicants with lower credit scores. Beyond your credit profile, the model considers employment and income stability, education, spending and savings habits, and other financial behaviors when deciding whether to approve or deny a borrower.
If you have a lower credit score, Upstart is worth a look because even at the high end, its rate range is much lower than OppLoans'. Upstart's APR range is 6.2% to 35.99%, compared with 160% to 195% at OppLoans. You may pay an origination fee of up to 12%, but you could still save significantly over the life of the loan.
OneMain Financial
OneMain Financial also caters to lower-credit borrowers, with an interest rate range higher than Upstart's but well below OppLoans'. Unlike the other two lenders, OneMain has brick-and-mortar locations, so you can apply in person as well as online.
When Upstart might be better: You want lower rates, don't mind a possible origination fee and need to borrow more than $5,000.
When OneMain Financial might be better: You want in-person support, need flexible repayment terms and want to borrow up to $30,000.
Who Should Consider OppLoans?
Consider OppLoans if you:
Have no credit or a thin credit profile and have been routinely declined by other lenders.
Are choosing between OppLoans and a payday loan.
Need fast funding for an emergency expense.
Want on-time payments reported to the credit bureaus.
Consider skipping OppLoans if you:
Have a credit score that could qualify you for lower-rate loans.
Can access loans with APRs capped near 36%.
Need to borrow more than $5,000.
Have another way to cover the expense, such as consolidating existing debt.
Bottom Line
OppLoans can be worth considering if you've been turned down elsewhere due to your credit and want to avoid a payday loan with an even higher rate. It doesn't charge an origination fee and can fund loans the same day, but with APRs of 160% to 195%, it's one of the most expensive personal loan options available.
Before applying, compare offers through MoneyLion's personal loan marketplace to see whether a lower-cost lender, like Upstart or OneMain Financial, might work for your credit profile instead.
MoneyLion does not provide, own, control or guarantee third-party products or services accessible through its marketplace. Third-party products are owned, controlled, or made available by third-party providers, and their terms and privacy policies apply if you choose to open an account. MoneyLion may receive compensation from third parties for referrals.
Key Terms
Annual percentage rate (APR): The yearly cost of borrowing, including interest and certain fees, expressed as a percentage.
Hard inquiry: A credit check tied to a full loan application that can temporarily lower your score. OppLoans doesn't perform one.
Soft credit check: A credit review used to prequalify or assess risk that doesn't affect your FICO score.
Installment loan: A loan repaid through fixed payments over a set term, as opposed to a single lump-sum payday loan.
Origination fee: A one-time charge some lenders deduct from your loan proceeds. OppLoans doesn't charge one.
Credit bureau reporting: When a lender shares your payment activity with Equifax, Experian and TransUnion, which can help or hurt your credit depending on whether you pay on time.
Summary generated by AI, verified by MoneyLion editors
Sources
Summary generated by AI, verified by MoneyLion editors
FAQ
Here are quick answers to common questions about OppLoans personal loans:
Is OppLoans legit or a scam?
OppLoans is a legitimate lending platform operated by Opportunity Financial, LLC. It's accredited by the Better Business Bureau with an A+ rating, and its rates and terms are published on its website.
Is OppLoans a payday loan?
OppLoans isn't technically a payday loan, though its APRs are still very high. Unlike a payday loan, OppLoans gives you fixed monthly payments over a term of nine to 18 months instead of requiring repayment in a single lump sum.
What credit score do you need for OppLoans?
OppLoans doesn't list a minimum credit score on its website. Instead, it looks at factors like your income, bank account information and employment status when deciding whether to approve your application.
Does applying with OppLoans hurt your credit?
OppLoans doesn't perform a hard inquiry, so your score shouldn't dip just from applying. That said, missed or late payments can still affect your credit since OppLoans reports payment activity to the credit bureaus.
Does OppLoans help build your credit?
Consistent, on-time monthly payments can help build credit over time, since OppLoans reports payment activity to Equifax, Experian and TransUnion. Missed payments can have the opposite effect.
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