OppLoans Review

ByBestmoney StaffNov. 15, 2020

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In a Nutshell

OppLoans is a direct lender that provides personal loans to borrowers who have less than perfect credit, giving them an opportunity to improve their credit score in the process.

pros

  • Highly rated customer service*
  • Quick and efficient approval process

cons

  • Only available in 36 states
  • Maximum APR can be as high as 199%

Opploans Opploans Visit OppLoans

OppLoans at a Glance

Loan types Multi purpose personal loans
Loan amount $500 to $4,000
Repayment terms   Differs per state>>**
APR 59% - 199%
Best for Emergency funding

Overview

OppLoans, also known as Opportunity Financial, LLC, is an online lending platform that provides a range of consumer credit products. It is a direct lender that, depending on your state, provides loan products to people who have less than perfect credit, giving them an opportunity to improve their credit score in the process. 

Best For?

You can borrow up to $4,000, and the interest rate that you will be charged will vary from 1 state to another. Best of all, OppLoans makes loans available to borrowers with less than perfect credit, giving them an opportunity to improve their credit score by taking the loan. The application and approval process with OppLoans takes just minutes, and you can receive the funds as soon as the next business day. That means that a consumer credit product from OppLoans can be equivalent to a payday loan in speed, but at a much lower APR*** than what a payday lender would charge.

Loan Features

OppLoans currently offers personal installment loans.

OppLoans currently offers or arranges installment loans in Alabama, Alaska, Arizona, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Kansas, Kentucky, Louisiana, Maine, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Mexico, North Dakota, Ohio, Oklahoma, Oregon, Rhode Island, South Carolina, South Dakota, Texas, Tennessee, Utah, Virginia, Washington, Wisconsin, and Wyoming. 

Loan Application Information

With OppLoans the entire application process takes place online - there is no need for a face-to-face meeting. But at the same time, OppLoans provides a team of loan advisors and customer service representatives to help guide you through the process. 

OppLoans requirements:

  • Applicants must be at least 18 years old
  • Have a stable income
  • Take home at least $1,500 per month
  • Have a direct deposit capability with your bank account
  • Live in one of the 36 states where OppLoans lends:

Documentation requirements can include (but are not limited to) a copy of your driver's license, and information to document your employment and income. There are no application fees required in order to apply with OppLoans, but an initial fee may be charged in some states in addition to loan interest.

Repayment Terms

Specific repayment terms can vary from 1 state to another, ranging between 6 to 24 months.**  OppLoans also offers an opportunity to set up your payment plan based on bi-weekly payments. There's no need to write a check and have to mail it to a remote address for payment. You can always repay early, and there is never a prepayment penalty fee.

Help & Support

You can contact OppLoans by direct mail or by email through the website. Customer support is also available by toll-free phone. You can reach them Monday through Friday, from 7am to 7pm, CT, on Saturday from 9am to 4pm, and Sunday from noon to 5pm. There is also an FAQ page on the site that will provide answers to many of your questions. OppLoans is also active on social media through Facebook, Google+, YouTube and Twitter.

Summary

OppLoans is an excellent funding source if you have less than perfect credit and normally borrow through payday loan sources. Loans can be up to $4,000, are unsecured, and offer you an opportunity to improve your credit score when you make your payments on time. It is a perfect product to help you reestablish your credit after having experienced a period of financial difficulty.

Physical Address

One Prudential Plaza, 130 E Randolph St Suite 3400, Chicago, IL 60601

Opploans Opploans Visit OppLoans

Disclaimers

Only available inAlabama, Alaska, Arizona, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Kansas, Kentucky, Louisiana, Maine, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Mexico, North Dakota, Ohio, Oklahoma, Oregon, Rhode Island, South Carolina, South Dakota, Texas, Tennessee, Utah, Virginia, Washington, Wisconsin, Wyoming

*As of July 27, 2020. Ratings on third-party websites may periodically change. Please check third-party websites for up- to-date reviews and ratings. Google Rating: 4.9 out of 5 based on 7,824 reviews.

**Subject to credit approval. Actual approved loan amount is dependent on standard underwriting guidelines and credit policies. Go to www.opploans.com/ to check the loan amount and term that you may qualify for. Loan amounts range from $500 to $4,000 with an annual percentage rate (APR) range of 59% to 199%.
Loan lengths range from 6 to 24 months. Example: A $1,000 loan repayable in 6 monthly installments with an APR of 160% would have monthly payments of $252.48.

***According to the Consumer Federation America, a non-profit consumer advocacy group, payday loans range in size from $100 to $1,000, depending on state legal maximums, and carry an average annual percentage rate (APR) of 400%. The maximum APR for a loan offered through and serviced by OppLoans is 199% and loan sizes range from $500 to $5,000.

Opploans customer testimonials

ExcellentReviews 1,533
TrustPilot is the world’s most powerful review platform, free and open to all.
Excellent
86%
Great
9%
Average
2%
Poor
1%
Bad
2%
  • author
    Sbannerman
    10 hours ago
    I literally applied and got my money…

    I literally applied and got my money the very next day. I have horrible credit and I needed the money to pay my bills. I definitely recommend them. The payments are not too high and the customer service is great.

    ...

  • author
    Becky
    12 hours ago
    Great People

    Quick and reasonable. Thank you!

    ...

  • author
    Brittney Starling
    12 hours ago
    This was a great experience

    This was a great experience. I used this loan for my eye surgery and then they let me refinance in a few months and I used it to pay some debts. The money was in my account that night and I only had to give them my paystub and bank information. It was not a lot of hassle and I would definitely recommend this place!

    ...

  • author
    DALE CHARTIER
    12 hours ago
    My experience was a positive one I just…

    My experience was a positive one I just wish that the payment was lower or could be extend it out a little farther.

    ...

  • author
    TX Customer Joan Kovach
    12 hours ago
    Very nice people

    Very nice people. Easy to deal with. Very happy.

    ...

Opploans