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Personal Loans

OppLoans Review: Payday Loan Alternative for Borrowers With Bad Credit

on OppLoan’s secure website
Editorial Rating

Editorial Rating

What we like:

Interactive finance courses

Rates (APR)160%
Loan Terms9 to 18 months
Loan Amounts$500$5,000
FeesOrigination fee: None

Prepayment penalty: None

Late fee: Varies by state
See how this loan stacks up against our top-rated personal loans

If your car needs repairs to help you get to work, or if you have an essential appliance conk out on you at home, a short-term loan can save the day.

However, in these circumstances, many people who don’t have any savings in place turn to payday loans, which come with staggeringly high interest rates and predatory practices.

OppLoans exists as an alternative to those loans, but rates are still very high. Before taking out a loan, be sure to know what the total costs will be after interest and fees are accounted for, and have a plan for repayment.

In this review:

OppLoans: At a Glance

Opploans Personal Loans
Loan amounts$500 – $4,000
Term lengths9 to 18 months
Prepayment fee$0

OppLoans is an online lender for people who need short-term personal loans.

Although Opploans’ interest rates are considerably higher than most personal loan lenders’, it does claim to be more affordable than payday loans, which many bad-credit borrowers turn to when they need a small but quick infusion of cash.

Many payday loans can have annual percentage rates (APRs) of up to 400%. Compared to that, OppLoans has an APR of 160%. While that’s lower than some payday loans, it is much higher than our recommended max of 36%. Most other personal loans from banks and online lenders will have a much lower APR than OppLoans if you are eligible.

The trade-off is that even though the interest rates are still high, OppLoans doesn’t do a hard credit check and they have more lax credit requirements than some other lenders. 

Despite the ease of the application and how quickly you can receive your money, OppLoans should be generally viewed as a last resort for people who need money quickly, and borrowers with good credit should almost certainly look elsewhere.

Pros & Cons of OppLoans


  • It’s an easy way to get cash fast; you may receive the money as soon as the next day after applying.

  • No credit check required.

  • You don’t need collateral, which means you don’t run the risk of having your car repossessed if you fall behind on loan payments.

  • If you pay back the loan quickly, the high interest rate isn’t as much of a problem versus paying it off over a longer term.

  • It can help you rebuild or establish your credit score if you make timely monthly payments.

  • No cosigner is necessary, which is good for people who don’t have someone willing or able to help them out.

  • There are no hidden fees, which is a nice change from many payday loans that have hard-to-decipher billing that can hide a lot of fees.


  • Even though it isn’t as expensive as some payday loans, it’s still a pricey way to borrow money. Interest rates reaching into the triple digits can make repayment expensive. There are bad credit loans with lower rates available.

  • Most people will have some sort of better option for borrowing money including secured credit cards or secured personal loans.

  • The loans aren’t available in every state.

  • High-interest loans like this can create a cycle of debt for people that can be difficult to escape.

  • This loan won’t be ideal for debt consolidation or paying off credit cards because the interest rate is so high.

OppLoans Eligibility Requirements & Application Process

Here’s what you’ll need to get a loan from Opploans.

Eligibility requirements

Credit Score

OppLoans will not perform a credit check through the three major credit bureaus: Experian, Equifax, or TransUnion. However, it will obtain an applicant’s credit score from Clarity Services, Inc., which is a credit reporting agency.

OppLoans says this will provide only a high-level look at your credit standing and will be considered a “soft pull” on your credit, and therefore will not affect your credit score.

Even if you have poor credit, OppLoans evaluates applicants by their ability to repay.

Proof of Employment

To qualify for an OppLoans loan, you will need proof of employment for the past two months and a bank account in your name that’s at least 90 days old.


You’ll also need to live in one of the states serviced by OppLoans.

OppLoans offers installment loans in all states except for Colorado, Connecticut, Iowa, Georgia, Mayland, Massachusetts, New Hampshire, Nevada, New York, Pennsylvania, South Dakota, Vermont, West Virginia, and D.C.

How to Apply

The application process can be completed quickly on You can submit your application after answering just a few basic pieces of information about yourself, where you live, your employment, and the amount of money you need.

OppLoans will review your application and you may receive funding as soon as the next business day. However, it might take longer if they request additional documentation—which will depend on your personal situation.

Where to Find OppLoan Alternatives

If you have bad credit and you need a personal loan, OppLoans might be a good option for you. However, you should first compare the rates and loan terms you’re offered with some of our other bad credit loans with max rates lower than 36%.

If you have good or even fair credit, you should consider other options to find a lower rate. Our guide to the best personal loans can help you get started.