OppLoans Installment Loans Review

OppLoans is like the benchwarmer at a basketball game — it’s a decent backup if you can’t qualify for other loans.

APR Range
99%–160%
Loan Amount
$500–$4k
Term
Up to 3 years
SimpleScore
2.8 / 5.0
close
SimpleScore OppLoans 2.8
Rates 2
Loan Size 1
Terms 3
Support 5
Fees 3
  • Fast funding
  • Flexible approval requirements
  • No prepayment penalty
  • High APR
  • Short repayment terms

OppLoans was founded in 2009 with a mission of helping borrowers with bad or limited credit access loans. It’s headquartered in Chicago, Illinois, and has more than 500 employees. So far, the lender has helped over 500,000 customers and was recently named one of the fastest-growing companies in America by The Financial Times.

OppLoans found its niche in the market offering installment loans with flexible approval requirements and has fast funding times as short as one day, but is it the right choice for you? To help you decide, we used the SimpleScore methodology to see how OppLoans stacks up to the competition, comparing its rates, loan amounts, customer satisfaction, support and fees.

In this article

    OppLoans at a glance

    Minimum credit score None
    Repayment term9 to 24 months
    Availability37 states
    Best forBorrowers with bad credit and need money quickly.
    Not for Borrowers with good or average credit

    What we like about it

    Flexible requirements

    If you have bad credit or limited credit history, this won’t stop you from getting a loan. OppLoans installment loans don’t require a minimum credit score, and the company looks at the bigger picture including other factors like your income and financial history.

    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

    No prepayment penalty 

    Some lenders charge a prepayment penalty that’s a percentage of your remaining loan balance, but not OppLoans. If you want to pay off your loan early, you won’t get hit with a fee.

    Fast funding 

    If you need money fast, good news — your loan could be approved and funded as soon as the next business day.

    Glowing reviews

    If you browse through OppLoans’ reviews, you will find hundreds of happy customers. Their reviews earned the company an A+ from the BBB. OppLoans rates and terms are quite transparent, and customers appreciate it.

    Things to consider

    High APR

    OppLoans’ rates are high, especially compared to other short-term financing options. The average 24-month personal loan has an interest rate of just 9.50%, while OppLoans installment loans start at 59% APR and go up to 199%.

    Short repayment terms

    OppLoans only offers repayment terms up to 24 months, while other lenders like Personify Financial give you 48 months to pay back your loan.

    [ Read: Best Same-Day Loans of 2020 ]

    OppLoans vs. the competition 

    RISE Credit 

    SimpleScore: 2.5/5

    Just like OppLoans, RISE Credit offers installment loans to borrowers with bad credit and limited credit history. Its loan amounts range from $300 to $5,000, and its repayment periods last up to 26 months. RISE doesn’t have any prepayment penalties, late fees or origination fees. However, it charges higher rates than OppLoans — between 60% and 299% — so it’s not the best choice if you’re trying to save on interest. Read our full RISE Credit review to learn more.

    LoanNow

    SimpleScore: 2.5/5

    LoanNow offers installment loans between $1,000 and $5,000. Its terms range from 12 to 48 months, and its rates start at 29%, which is lower than OppLoans’ minimum APR. But LoanNow only operates in a few states, so you may not be able to get a loan. And if you have bad credit, you could get charged an APR as high as 229%.

    Personify Financial

    SimpleScore: 2/5

    Personify Financial is another lender that considers borrowers with bad credit. It offers loans up to $15,000, so it’s a good option if you need to borrow a bigger amount. Its rates are lower than OppsLoans and range from 35% to 179.99%. But Personify does charge an origination fee in some states, which adds to the cost of borrowing. Read our full Personify FInancial review.

    How much will a OppLoans installment loan cost?

    Even though OppLoans doesn’t charge any origination fees or prepayment penalties, it’s still an expensive financing option. If you take out a $2,100 loan with a nine-month term and 159.32% APR, you’ll end up paying about $1,648 in interest for a total repayment of about $3,750. If you don’t qualify for the best rates or take longer to pay off your loan, your total costs will be higher.

    OppLoans also may charge a returned payment fee and a late fee, depending on where you live. So make sure you pay your bills on time to avoid incurring these extra fees.

    [ Read: 30 Legitimate Ways to Get Money Fast ]

    Cheaper alternatives to OppLoans installment loans

    Before you take out an OppLoans installment loan, it’s worth considering cheaper alternatives like credit cards. Even if you have bad credit or a thin credit profile, you may be able to get approved for a card with a more affordable rate. The Credit One Bank Visa, for example, is designed for people who are rebuilding their credit

    Another option is to get a payday alternative loan from your local credit union. These are small-dollar loans that have lower interest rates and longer repayment periods than payday loans.

    You can also ask your family and friends for a loan or see if your employer would be willing to give you an advance on your paycheck.

    [ Read: Three Ways to Raise Your Credit Score Fast ]

    OppLoans in the news

    • In April 2020, The Financial Times ranked OppLoans as one of the top 100 fastest-growing companies in the country. It earned the 69th spot on the list with annual revenue of nearly $135 million.
    • OppLoans was also named the best consumer lending platform in 2020 by FinTech Breakthrough. Its easy-to-use mobile platform receives nearly five stars from customers on Google, so it’s no surprise that it won an award.
    • However, the press that OppLoans received this year wasn’t all positive. In March 2020, The Wall Street Journal criticized OppLoans for skirting a California law that limits APRs on loans to 37%. The lender sidestepped the cap by partnering with a bank in Utah, a state where APRs aren’t limited.

    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

    Methodology

    SimpleScore

    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.

    Rates

    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.)

    Support

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

    Fees

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

    Jessica Walrack

    Contributing Writer

    Jessica Walrack is a personal finance writer at SuperMoney, Interest.com, The Simple Dollar, and PersonalLoans.org. She specializes in taking personal finance topics like loans, credit cards, and budgeting, and making them accessible and somewhat fun.

    Reviewed by

    • Courtney Mihocik
      Courtney Mihocik
      Loans Editor

      Courtney Mihocik is an editor at The Simple Dollar who specializes in personal loans, student loans, auto loans, and debt consolidation loans. She is a former writer and contributing editor to Interest.com, PersonalLoans.org, and elsewhere.