OppLoans Review: Payday Loan Alternative for Borrowers With Bad Credit

4.0 _/5

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• No credit check
• Fast funding
• Provides financial education

• High APR (Over 100%)
• Low loan amounts compared to other lenders
• Not available in all 50 states

Rates (APR)	Over 100%
Loan amounts	$500 – $4,000
Repayment terms	9 – 18 months
Funding time	Same day

OppLoans is a legitimate lender with thousands of positive reviews on reputable websites. The company fills a market gap, offering loans to consumers with low credit scores or thin credit histories who don’t want to fall into the payday loan trap.

OppLoans charges high interest rates on its loans (over 100% APR) but no prepayment or origination fees. OppLoans also offers financial education, something many competitors don’t. This OppLoans review explains how its personal loans work and compares it to several alternatives, including cash advance apps.

How do OppLoans personal loans work?

OppLoans works similarly to other personal loans: You apply to borrow money, and if approved, you repay your loan in installments over a set term.

Unlike many personal loan lenders, OppLoans does not require a minimum credit score, so it can be a viable option for consumers with a low score or little to no (aka a thin) credit history. The drawback is that OppLoans has interest rates over 100% APR. 

Once you apply, OppLoans offers fast funding, allowing you to get your loan as soon as the same day. This can be helpful for consumers who aren’t eligible for traditional personal loans but don’t want to take out a payday loan.

Rates, borrowing limits, and fees

If you want to apply for a personal loan from OppLoans, here’s important information you need to know first, including typical rates, repayment periods, and a few unique features.

Term	Details
Rates (APR)	Over 100%
Rate discounts	None
Loan amounts	$500 – $4,000
Repayment periods	9 – 18 months
Unsecured or secured?	Unsecured
Allows joint loans?	No
Time to funding after approval	Same day
Fees	None

OppLoans personal loans offer several unique features, including payments reported to all three credit bureaus to help borrowers build their credit. If a better rate is available, OppLoans connects borrowers with other lenders. Payments are scheduled to align with the borrower’s pay dates, and the service also provides financial education resources to support informed borrowing decisions.

Who’s eligible for a personal loan from OppLoans?

OppLoans has more lenient eligibility requirements than other lenders. While most lenders require borrowers to have excellent credit and an employment history, OppLoans does not have a minimum credit score requirement. However, it requires borrowers to have a regular source of income, which can be from Social Security or disability. 

To qualify for an OppLoans loan, you must live in one of the 40 states the company serves. As of October 2024, residents of Colorado, Connecticut, Georgia, Iowa, Maryland, Massachusetts, New York, South Dakota, Vermont, and West Virginia do not qualify.

As we mentioned, loans from OppLoans have an annual percentage rate (APR) above 100%. As such, these loans are best for consumers who want to borrow between $400 and $4,000 but do not qualify for personal loans with other lenders. OppLoans offers consumers an alternative to payday loans, but be sure to research several options before applying.

Requirement	Details
Citizenship	Citizenship requirements are not listed, but you must have a bank account to be eligible
Employment status	Must have a regular source of income (income from Social Security or disability counts)
State of residence	Must live in one of the 40 states OppLoans serves*
Minimum age	18+
Minimum credit score	None
Minimum income	None listed, but you must receive some type of income through direct deposit

How do you repay an OppLoans personal loan?

Repaying your personal loan from OppLoans is straightforward. In your customer portal, you can set up debit card payments or recurring ACH payments.

If you want to pay via check, mail your check to this address:

OppLoans
130 E Randolph St, Suite 3400
Chicago, IL 60601

OppLoans does not charge origination fees or prepayment fees. You will get a fixed interest rate and a set term. Because OppLoans charges over 100% APR, the total interest you pay can be substantial.

Below are two loan examples with typical OppLoans APRs. In both cases, note that the total interest paid exceeds the original loan amount.

	$500 loan	$3,000 loan
Rate (APR)	160%	170%
Term	9 months	12 months
Monthly payment	$122.22	$675.00
Total interest paid	$600	$5,100
Total cost to repay	$1,100	$8,100

OppLoans personal loans vs. payday loans

If you compare OppLoans with payday loans, OppLoans has more favorable terms and interest rates. According to the Consumer Financial Protection Bureau, the average interest rate for payday loans is approximately 400%. Below is a chart showing the differences between these two lending products.

	OppLoans	Payday loans
Max borrowing amount	$4,000	$500 – $1,000 depending on the state
Rate (APR)	Over 100%	Around 400%
Offers financial education?	Yes	No
Loan terms	9 – 18 months	Typically the next payday

OppLoans has better interest rates than payday loans, but consumers might choose payday loans instead due to proximity. They might not know a better option exists, and payday lenders typically have brick-and-mortar offices in communities.

OppLoans isn’t available in every state, but neither are payday loans. According to the Pew Research Center, 18 states either prohibit payday loans or set strict interest rate limits. Depending on availability, consumers might need to choose one option over the other or seek alternatives, such as cash advance apps or other personal loans.

OppLoans personal loans vs. other personal loans

If you need to take out a personal loan, it’s important to consider all your options. Because OppLoans provides loans to consumers with low credit scores or a thin credit history, it might be the best option if you’re only eligible for an OppLoans loan or a payday loan.

However, if you have good credit and a stable income, you might be eligible for a personal loan from one of the alternatives below. These options offer much more competitive APRs, which can save you significant money on interest costs.

Best OppLoans alternatives

The lenders below offer loans with competitive rates. Two require a minimum credit score of 580, but Upstart doesn’t require a minimum credit score at all. The companies below allow you to borrow up to $50,000, whereas the maximum amount you can borrow from OppLoans is $4,000.

Lender	Rate (APR)	Loan amounts	Min. credit score
Upgrade	7.96% – 35.97%	$1,000 – $50,000	580
LendingPoint	7.99% – 35.99%	$2,000 – $36,500	580
Upstart	6.50% – 35.99%	$1,000 – $50,000	None

OppLoans personal loans vs. cash advance apps

Another alternative to consider when you need to borrow money is a cash advance app. Cash advance apps offer small advances, such as $100 – $500, or even up to $750 per pay period in the case of EarnIn.

Alternatives

If you need to borrow a small amount, some cash advance apps have more favorable terms than an OppLoans loan. These apps typically charge instant funding fees instead of interest costs. 

Depending on the fee amount, instant funding fees can translate to APRs from 50% to more than 300%. By comparing your lending options, you might be able to get a lower APR with a cash advance app than with OppLoans. However, this depends on the fee amount, the amount you want to borrow, and the rate OppLoans offers.

App	Instant funding fee	Advance amount	Other fees
EarnIn	$1.99 – $4.99	Up to $100/day; Up to $750/ pay period	None
Empower	$1 – $8	$10 – $300	$8 monthly subscription
MoneyLion	$1.99 – $8.99	Up to $500*	None

What do customers say about OppLoans personal loans?

OppLoans has thousands of reviews online on Trustpilot, Google, the Better Business Bureau, and several other sites. The vast majority of the reviews are positive, citing fast approval, easy biweekly payments, and excellent customer service.

Here is a summary of OppLoans’ customer ratings:

Source	Customer rating	Number of reviews
Trustpilot	4.5/5	4,670
Google	4.8/5	11,971
Better Business Bureau	4.28/5	425

The small percentage of negative reviews mentioned a disorganized application process where they had to verify information several times. Other borrowers mentioned the high interest rate or getting declined for a loan after submitting their paperwork and personal information.

How to apply for a personal loan with OppLoans

OppLoans will ask for proof of income and proof of identity to qualify for a personal loan, so have documents on hand to upload before you begin the application process. To verify your identity, you will need to show a state ID, driver’s license, U.S. passport, or Permanent Resident Card (aka Green Card). 

OppLoans will request a Social Security card to verify your Social Security number, or you can use a W-2 or other IRS tax document from the last 12 months. Your document should have your name, Social Security number, and address on it.

If you live at a different address from the one shown on your documents, provide proof of your current address. You’ll also need to provide income verification, whether it’s a recent pay stub or your most recent benefit or award letter.

Steps to apply for a loan with OppLoans

Step 1: Go to the OppLoans website

Visit the OppLoans website, and click the button that says “Apply Now.”

Step 2: Start a new application

Once you click “Apply Now,” you’ll see a new screen that lists the eligibility requirements to apply for an OppLoans loan. If you meet those requirements, click “Start New Application.” 

Step 3: Fill out the application

Next, OppLoans will guide you through a straightforward application process. You will see a lock symbol above the application, indicating that your application is a secure form and your personal information will be safe.

Once you fill out the application, submit it. OppLoans will contact you with a decision or to verify your information.

FAQ

What credit score is needed for OppLoans?

OppLoans does not require a minimum credit score. It often works with borrowers who have poor or no credit, but it still assesses your ability to repay the loan based on income and other criteria.

Is OppLoans legit or fake?

OppLoans is a legitimate lender. It is licensed and operates under state regulations, and it has a solid reputation for offering loans to borrowers with bad credit. OppLoans is also recognized for its customer service, though its interest rates are higher than many traditional lenders.

How long does it take for OppLoans to approve your loan?

OppLoans may approve loans and funds within one to two business days, depending on when you submit your application and whether you meet their criteria.

How much does OppLoans approve?

OppLoans typically offers loan amounts ranging from $500 to $4,000, but the exact amount approved depends on the borrower’s qualifications and state regulations.

How we rated OppLoans

We designed LendEDU’s editorial rating system to help readers find companies that offer the best personal loans. Our system awards higher ratings to companies with affordable solutions, positive customer reviews, and online transparency of benefits and terms.

We compared OppLoans to several personal loan lenders and marketplaces, using hundreds of data points from company websites, public disclosures, customer reviews, and direct communication with company representatives. We weighted, scored, and combined each factor to produce a final editorial rating. This rating is expressed on a scale from 1 to 5, with 5 being the highest possible score. Our take is represented in our rating and best-for designation, recapped below.

Product	Our rating
OppLoans personal loan	4.0/5