OppLoans Personal Loans Review: Rates, Fees and Who It's For

OppLoans offers personal loans of $500 to $5,000 to borrowers with low or thin credit, with no minimum credit score published and no hard pull on your standard FICO score.

The tradeoff is steep: APRs run from 99% to 195% in most states, though a handful of states see narrower bands like 129% to 195% based on local rate caps. That's still lower than the typical payday loan, which the CFPB and other sources put near 400% APR, but it belongs firmly in the last-resort category.

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Key Takeaways

• OppLoans serves borrowers with low or thin credit files, with no minimum credit score published and an approval process that leans on income and bank history over your FICO score.

• APRs are extremely high, ranging from 99% to 195% depending on your state, though some states see a narrower 129% to 195% or 160% to 195% band based on local rate caps.

• There's a genuinely useful credit-check nuance: applying triggers a soft pull on your Experian report but a hard pull on your Clarity Services report, an alternative credit bureau, so your FICO score isn't affected either way.

• No origination, late or prepayment fees apply, so the cost of borrowing is concentrated almost entirely in the interest rate.

• Repayment may be biweekly rather than monthly, depending on your loan agreement, which is worth planning around before you accept an offer.

• Payments report to all three major credit bureaus, Equifax, Experian and TransUnion, which can help build credit history if you pay on time.

Summary generated by AI, verified by MoneyLion editors

OppLoans Personal Loans at a Glance

What Is OppLoans and How Does It Work?

OppLoans is the consumer lending brand of Opportunity Financial, LLC (OppFi), an online lender founded in 2012 by Todd Schwartz and based in Chicago. It's built specifically as an alternative to payday loans for borrowers with damaged or thin credit files who've had trouble qualifying elsewhere.

Applications submitted through OppLoans are underwritten and funded by one of OppFi's bank partners rather than by OppLoans directly. In some states, that partner is First Electronic Bank, a Utah industrial bank; in others, it's a different partner bank. The bank-partner structure is common among high-APR installment lenders and is part of how OppLoans can operate at rates above some states' standard caps.

One differentiator worth knowing: OppLoans runs a built-in "TurnUp" style check before finalizing your application, screening whether you qualify for a lower-cost loan under 36% APR through a partner lender first. It's not a guarantee you'll get a better offer, but it's a meaningful step beyond what most triple-digit-APR lenders offer.

How Much Does an OppLoans Loan Really Cost?

The number that matters most: OppLoans' APRs run from 99% to 195% in most states, though a handful of states with lower legal rate ceilings see a narrower band, closer to 129% to 195% or 160% to 195%. For comparison, mainstream personal loan APRs typically fall between 6% and 36%, so OppLoans sits well outside that range in any state.

There's genuinely good news on the fee side: OppLoans charges no origination fee, no late fee and no prepayment penalty. That means your cost comes almost entirely from the interest rate itself, and paying the loan off early directly reduces how much interest you pay.

Here's what that looks like in practice:

Even at the lower end of OppLoans' range, you'll pay close to double what you borrowed by the time the loan is paid off. At the high end, total repayment can run more than triple the original loan amount.

Does OppLoans Check Your Credit?

This is more nuanced than a simple yes or no, and it's a detail most reviews gloss over. When you apply, OppLoans' bank partners pull information from both Experian and Clarity Services, an alternative credit bureau used mainly for subprime lending decisions. That inquiry shows up as a soft pull on your Experian report but a hard pull on your Clarity Services report. Because Clarity isn't one of the three bureaus that feed your FICO score, this process doesn't affect your standard credit score, even though a hard inquiry technically occurs somewhere in the process.

That's a meaningful distinction from lenders that run a true hard inquiry directly against Experian, Equifax or TransUnion. Your loan decision itself depends more heavily on your income, employment status, bank account history and overall ability to repay than on a credit score.

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.

What Do You Need To Qualify for OppLoans?

OppLoans doesn't publish a minimum credit score, and it's built for borrowers with low, thin or damaged credit who don't qualify through traditional lenders. You'll generally need to:

• Be at least 18 years old.

• Have an open checking or savings account.

• Live in a state where OppLoans currently operates.

• Have a regular, verifiable source of income.

• Receive income through direct deposit.

Because approval leans on income and repayment ability rather than a credit score cutoff, OppLoans can work for borrowers many mainstream lenders would automatically decline. If you're not sure where your credit stands, checking your credit score before applying anywhere can help you figure out which lenders are realistically in reach.

Which States Offer OppLoans?

Availability is genuinely inconsistent across sources, ranging from 37 to 40 states depending on when the list was checked and which bank partner is being used in a given state. One of the more specific, actionable versions comes from Forbes Advisor, which lists OppLoans as unavailable in Colorado, Connecticut, Georgia, Iowa, Maryland, Massachusetts, New York, South Dakota, Vermont, West Virginia and Washington, D.C. Other sources show a similar but not identical exclusion list, sometimes swapping Oregon in for South Dakota or Washington, D.C.

Because state rate caps and bank partnerships can shift, always confirm your specific state directly with OppLoans before applying rather than relying on any single list, including this one.

Is OppLoans Legit and Trustworthy?

Yes, OppLoans is a real, licensed lending platform, not a scam. Its trust signals are generally solid, though not spotless:

• Better Business Bureau: An A+ rating, and OppLoans has been BBB-accredited since 2016.

• Consumer Financial Protection Bureau: The CFPB's public complaint database shows just over 15 complaints filed against Opportunity Financial, LLC, a relatively small number for a lender of its size, with recurring themes around how payments are applied to the balance and automatic payments not processing correctly.

• Trustpilot: Ratings in the high 4s out of 5, with reviewers frequently citing fast funding and helpful customer service alongside recurring complaints about the high APRs.

OppLoans also emphasizes transparency in ways that go beyond publishing its rates: it offers dedicated Loan Advocates for account support and maintains educational content aimed at helping borrowers understand the true cost of a loan before they sign.

Common Mistakes to Avoid With OppLoans

• Assuming the lowest advertised APR applies to you. Your state's legal rate ceiling and your personal risk profile determine where you land within the 99% to 195% range, not the lowest number in the ad.

• Not planning for biweekly payments. If your loan agreement calls for biweekly rather than monthly payments, budget for that cadence specifically, since it changes how often money leaves your account.

• Skipping the state availability check. Because sources disagree on exact state counts, don't assume you're eligible. Confirm directly before applying.

• Treating OppLoans as a long-term borrowing solution. Given the APR range, it works best as a short-term bridge you plan to pay off or refinance as soon as possible.

• Overlooking the credit-building upside. Since OppLoans reports to all three major bureaus, consistent on-time payments can genuinely help your credit over time, an advantage worth weighing against a payday loan that likely won't report at all.

Pros and Cons of OppLoans

How Does OppLoans Compare to Other Lenders?

We compared OppLoans against two lenders that also work with lower-credit borrowers: Upstart and OneMain Financial.

If your credit qualifies you for Upstart's much lower rate ceiling, that's worth checking first, especially if you need more than $5,000. OneMain Financial sits between the two on cost and offers in-person branch support if you'd rather not manage the loan entirely online.

If your credit is too thin for either of those lenders, comparing credit union and fintech personal loan options more broadly can also help you find a middle ground before settling on a triple-digit APR lender.

Who Should Consider OppLoans?

OppLoans may make sense if you:

• Have low or thin credit and have been turned down by traditional lenders.

• Are choosing between OppLoans and a payday loan specifically.

• Need fast funding for an emergency expense.

• Want your on-time payments to help build credit history through bureau reporting.

Look elsewhere if you:

• Could qualify for a lower-APR loan through a personal loan marketplace or a credit union.

• Need to borrow more than $5,000.

• Live in a state OppLoans doesn't currently serve.

• Would struggle to keep up with payments at the high end of its APR range.

Bottom Line

OppLoans fills a real niche for borrowers with low or thin credit who need fast, relatively transparent access to a small installment loan without the single-payment shock of a payday loan.

It backs that up with no origination fees, no late fees, no prepayment penalty, and credit bureau reporting that can genuinely help you build credit over time.

But APRs of 99% to 195% are still extremely high by any mainstream standard, so treat OppLoans as a last resort after ruling out lower-cost alternatives like Upstart, OneMain Financial or a credit union loan.

Key Terms

• Annual percentage rate (APR): The yearly cost of borrowing, including interest and fees, expressed as a percentage. OppLoans' range, 99% to 195%, sits far above typical personal loan rates.

• Installment loan: A loan repaid through fixed payments over a set term, as opposed to a payday loan's single lump-sum repayment.

• Alternative credit bureau: A credit reporting agency, like Clarity Services, that specializes in subprime lending data rather than the traditional bureaus used to calculate your FICO score.

• Origination fee: A one-time charge some lenders deduct from 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

• Better Business Bureau: Opportunity Financial, LLC Business Profile

• Consumer Financial Protection Bureau: Consumer Complaint Database

• National Consumer Law Center: High-Cost Rent-a-Bank Loan Watch List

• OppFi Investor Relations: Board of Directors

• OppLoans: Rates and Terms

Summary generated by AI, verified by MoneyLion editors

FAQ

Here are quick answers to common questions about OppLoans personal loans:

What credit score do you need for an OppLoans loan?

OppLoans doesn't publish a minimum credit score and is designed for borrowers with low or thin credit. Approval depends more on your income, bank account history and ability to repay than on a specific score.

Does applying for an OppLoans loan hurt your credit?

Applying results in a soft pull on your Experian report, which doesn't affect your FICO score. A hard inquiry does occur on your Clarity Services report, an alternative credit bureau, but since Clarity isn't one of the three bureaus used to calculate your FICO score, it has no effect on your standard credit score.

How much does an OppLoans loan cost?

APRs range from 99% to 195% in most states, with some states seeing a narrower band based on local rate caps. There's no origination fee, late fee or prepayment penalty, so the interest rate makes up nearly the entire cost.

How fast can you get money from OppLoans?

Funding can arrive as soon as the same business day you're approved in many cases, though exact timing depends on when you apply and how quickly your bank processes the deposit.

Is OppLoans available in every state?

No. Sources cite OppLoans as available in roughly 37 to 40 states, with commonly excluded states including Colorado, Connecticut, Georgia, Iowa, Maryland, Massachusetts, New York, Vermont and West Virginia. Confirm your state's availability directly with OppLoans before applying.