OppLoans Installment Loans Review

Overall, it’s a viable option for borrowers with bad credit who need funds immediately in order to cover a time-sensitive expense. However, borrowers with good credit or whose need is less immediate may be able to find lower rates elsewhere.

Max. Loan
Variable APR
Up to 3 years
2.8 / 5.0
SimpleScore OppLoans 2.8
Rates 2
Loan Size 1
Terms 3
Support 5
Fees 3

Opploans offers short-term installment loans to borrowers, often those with poor credit who have an immediate financial need. The company describes itself as a safer, cheaper alternative to payday loans, and can help borrowers cover unexpected expenses like car repairs and medical emergencies. While OppLoans’ rates are generally lower than that of payday loans and other predatory lenders, it still poses a significant burden for borrowers already in a difficult financial situation. OppLoans also offers loans with no hard credit checks, which can be a boon for borrowers with bad credit.

In this article

    OppLoans at a glance

     Min. LoanMax. LoanAPR RangeTermsKey Benefit
    OppLoans$500$4,00099% – 199%Up to 3 yearsFunds available next business day

    What we like about it

    If you’re considering a short-term personal loan, Opploans is a safer, more affordable option than a payday loan. OppLoans also issues loans without a hard credit pull, which can be a good thing for borrowers with bad credit having trouble securing a loan elsewhere. While OppLoans does have relatively high rates, it issues funds quickly, has a hassle-free online application, and provides personalized customer service. It also reports on-time payments to Equifax, Experian, and TransUnion, which can help borrowers to build good credit.

    Check Your Personal Loan Rates

    Answer a few questions to see which personal loans you pre-qualify for. It’s quick and easy, and it will not impact your credit score.

    Get Started

    with our trusted partners at Bankrate.com

    With funds issued quickly, easily and without a hard pull, OppLoans can help borrowers in a tight financial situation get back on their feet. Overall, OppLoans is a decent alternative for borrowers with low credit scores who need to borrow funds during a financial emergency, such as a medical expense, car repair, the loss of a job, or another unexpected financial burden.

    Things to consider

    While OppLoans does have lower rates than some predatory lenders, you’ll still probably be able to find better rates elsewhere, especially if you have decent credit. OppLoans’ APR can reach 199%, putting an added financial burden on borrowers already struggling to make ends meet. And although OppLoans does make the claim that it can help you to build good credit, there are less expensive ways to raise your credit score than a personal loan. Because OppLoans only offers loans of up to $4,000, it also might not be the best choice if you need a higher loan amount.

    While it’s hard to beat OppLoan’s speed and convenience, there are better, cheaper options if you don’t need the money right away. Even in an emergency, you should do your best to exhaust all other options before taking out a personal loan with a high-interest rate. Despite OppLoans’ APR being lower than payday loans, it should be viewed as a last resort.

    What you need to know about OppLoans

    OppLoans offers short-term loans between $500 and $4,000, with an APR of 99% to 199% and a term length of up to 3 years. The application process is all online, and OppLoans offers customer support to answer any questions or concerns that might come up during the application process. Depending on your situation, your application may be approved and funds deposited in your bank account in as little as one or two business days.

    OppLoans fees and penalties

    The rates and terms offered by OppLoans vary from state to state, and there may be a late fee for overdue payments depending on where you live. In addition to location, your income and credit score may also influence your rate. OppLoans doesn’t charge any prepayment penalties, so you have the option of paying your loan off early in order to avoid accumulating additional interest. If you’re having trouble paying back your loan, OppLoan encourages borrowers to contact its customer service team in order to find a payment plan that works for them.

    OppLoans collateral and criteria

    OppLoans offers personal loans in 37 states and the District of Columbia. Borrowers must be at least 18 years old, have a regular source of income, a traditional bank account with at least 90 days of history and receive their paychecks through direct deposit (except for the state of New Mexico, which is exempt from the direct deposit requirement). Borrowers must apply online and provide accurate information about their financial situation. OppLoans issues unsecured loans and does not offer secured loans at a lower interest rate.

    Check Your Personal Loan Rates

    Answer a few questions to see which personal loans you pre-qualify for. It’s quick and easy, and it will not impact your credit score.

    Get Started

    with our trusted partners at Bankrate.com



    The SimpleScore is a proprietary scoring metric we use to objectively compare products and services at The Simple Dollar.

    For every review, our editorial team:

    • Identifies five measurable aspects to compare across each brand
    • Determines the rating criteria for each aspect score
    • Averages the five aspect scores to produce a single SimpleScore

    Here’s a breakdown of the five aspect scores and their rating criteria for our review of the best personal loans of 2020.

    Why do some brands have different SimpleScores on different pages?

    To ensure the SimpleScore is as helpful and accurate as possible, we developed unique criteria for every category we compare at The Simple Dollar. Since most brands offer a variety of financial solutions, their products and services will score differently depending on what we’re scoring on a given page.

    However, it’s also possible for the same product from the same brand to have multiple SimpleScores. For instance, if we compare NetCredit’s personal loans according to our criteria for the best personal loans, it scores a 2.3 out of 5. But when we compare NetCredit according to the criteria for the best bad credit personal loans, it scores considerably higher, since the criteria for the latter review are more lenient (lenders who serve borrowers with bad credit will always offer higher rates, so we needed to adjust our category methodology to account for different industry standards).

    Questions about our methodology?

    Email Hayley Armstrong at hayley@thesimpledollar.com.


    We looked at the maximum APR for each lender — the lower their maximum rate, the higher their score.

    Loan Size

    We awarded higher scores to lenders with more generous loan sizes.

    Customer Satisfaction

    We leveraged the J.D. Power 2019 Personal Loan Satisfaction Study℠ to see how customers rated their experience with each lender. (If a lender wasn’t included in J.D. Power’s study, we skipped this aspect and averaged the four remaining aspect scores.)


    We awarded higher scores to lenders with the most channels for customer support.


    We looked at the three most common fees — origination, late payment, and pre-payment — and penalized lenders for each fee charged.

    Margaret Wack

    Contributing Writer

    Margaret Wack writes about personal finance, health, wellness, arts and culture, among other topics.

    Reviewed by

    • Courtney Mihocik
      Courtney Mihocik

      Courtney Mihocik is an editor at The Simple Dollar who specializes in insurance, personal finance, and loans. Previously, she wrote and edited for Interest.com, PersonalLoans.org, Ballantyne Magazine, Thread Magazine, The Post, ACRN, The New Political, Columbus Alive and the Institute for International Journalism.