OppLoans Review

OppLoans Review [Is OppLoans Legitimate? 2022]

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OppLoans Review

If you have poor or bad credit, you’re not alone. About 30 percent of Americans have a less than stellar credit rating right now.

Bad credit can make it difficult to gain access to the loans or credit cards that you may need to either pay for routine things or start a small business.

With millions of Americans out of work or underemployed due to COVID-19, bad credit can make life exceptionally difficult, especially if you’re in desperate need of a cash infusion fast.

Fortunately, there are some decent options to obtain loans for people who have poor credit. One option that people are increasingly turning to is an online lending platform called OppLoans.

Let’s take a closer look at OppLoans, so you can determine whether or not their lending plans would work for you.

Onto our OppLoans review!

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Review Of OppLoans

What is OppLoans?

OppLoans is an online lending platform established in 2009 that that specializes in providing personal loans to borrowers with poor or bad credit.

The platform provides loans ranging from $500 to $4000, with APRs ranging from 99 to 199 percent. OppLoans currently provides loans to borrowers residing in 13 states.

OppLoans, or Opportunity loans, make personal loans accessible to borrowers who have been rejected by other lenders.

OppLoans has partnered with FinWise bank and First Electronic Bank as their lending partners, both of which are FDIC insured banks.

They have very low eligibility requirements and although they market their loans as personal loans, there is nothing stopping borrowers from using these personal loans as start-up loans, or for other purposes.

RELATED: LendingTree Review.

Bad Credit Loans

Services offered

  • Personal loans

Although the main service offered by OppLoans is personal loans, the online lender has divided its product line into three different personal loan variations:

  • No credit check loans
  • Bad credit loans
  • Installment loans

They have given different names to the same product to make the service more understandable to borrowers.

The three different variations all have the same terms and rates, these are all effectively installment-based personal loans.

OppLoans differentiate their loans from Payday loans, so applicants should know that the loans offered by OppLoans are not payday loans.

RELATED: “The Payoff Loan” Helps You Get Out of Debt.

OppLoans Eligibility Requirements

In order to be eligible for a loan from OppLoans, you must be at least 18 years of age (19 years in Alabama and Nebraska) and must have a regular source of income.

You must also have a checking account in your name and must receive your income payments through direct deposit (although New Mexico residents are exempt from this requirement).

It is also important to note that, unlike many lenders, your credit score is not a factor affecting eligibility for loans on the OppLoans platform.

Finally, in order to be eligible for a loan from OppLoans, you must be a resident of one of the following states: 

  • Alabama
  • Delaware
  • Georgia
  • Idaho
  • Illinois
  • Mississippi
  • Missouri
  • Nevada
  • New Mexico
  • South Carolina
  • Texas
  • Utah
  • Wisconsin

PppLoans requirements recap:

  • 18 years old (or 19 in Alabama and Nebraska)
  • Have a regular source of income
  • Have a checking account that receives your income via direct deposit
  • Reside in one of the required states

OppLoans Eligibility Criteria

 Age: At least 18 years

Source of income: At least preceding two months

Bank account: At least 3 months of history

Credit score: No minimum requirement

Since OppLoans is a personal loan provider, it does not require business data while checking borrower eligibility. Furthermore, it is focused on borrowers with low or bad credit scores, therefore applicants with low scores are encouraged to apply as the service is designed to cater to their needs.

To assess the creditworthiness of the borrower, OppLoans will check the following details of the borrower before approving the loan: 

  • Employment status
  • Income details
  • Bank account
  • Financial history

OppLoans Rates and Terms

The rates offered by OppLoans vary by each state. Applicants can check the rates applicable in their state by visiting the official site of OppLoans.

Some of the other terms and rates applicable to the products offered by OppLoans are as follows.

  • Borrowing Limit. $1000 – $4000.
  • APR. 99% – 199%, for specific rates, click here to check the applicable rates in your state.
  • Term Limit. Up to 24 months, depends on the state.
  • Collateral. Not Applicable.
  • Administrative Fee. Varies by state.
  • Late Payment Fee. Varies by state.
  • Bounced Check Fee. Varies by state.
  • Early Payment Penalty. Not Applicable.

The amount applicants can borrow depends on their financial strength. Some will be eligible for the full limit of $4000, and some may be eligible for a lesser amount. 

OppLoans also provides a service to refinance current loans for current customers only, not for customers who have loans with other lenders.

In addition to this, if borrowers have difficulty paying off their loans they can call OppLoans, state their difficulty, and get in touch with a customer advocate to go over their options for repayment.

OppLoans Logo

How it Works

Applying for a loan on OppLoans is easy, fast, and does not affect your credit score. To apply, you must fill out some basic information about yourself, and then provide an email address and password to create an OppLoans account.

Once you have an account, you complete a straightforward online application form which includes additional personal info and the amount you wish to borrow.

If OppLoans determines you are eligible for your loan, it will inform you of your tentative approval as well as the APR you’re eligible for.

Then, if you accept the terms, OppLoans will deposit your cash in the checking account you provided, normally within a day or two.

Application Process

The application form will require basic data such as name, address, social security number, and tax details. In addition to this, the following details will also be required. 

  • Employment status
  • Income details
  • Bank account
  • Financial history

At no point will OppLoans carry out a hard credit check. Instead, they will carry out a soft check which means credit scores will not be affected giving borrowers a chance to build up their credit score.

OppLoans Contact – Customer Service

Customers can contact OppLoans using the following methods:

  • Phone. Customers can call the OppLoans phone number at (800) 990-9130 Monday-Friday, 7 a.m. to 11:30 p.m. CT, Monday–Friday and 9 a.m. to 5:00 p.m. CT, Saturday–Sunday.
  • Email. Customers can email OppLoans at [email protected]
  • Mail. You can send written correspondence to OppLoans at the following address: 130 E Randolph St, Suite 3400 Chicago, IL 60601

Based on state laws and unique requirements by location, you may have different ways and means to contact OppLoans as well, so check out their state-by-state eligibility info page to find out the best way to reach the platform’s customer service representatives.

Additionally, if you’ve applied for or received a loan from OppLoans, you can also check the status of that loan in the portal when you log in to your account.

OppLoans Reviews

OppLoans has a rating of 4.7 stars on Trustpilot, based on over 600 reviews, which is considered excellent.

Of those reviews, 86 percent of users gave Upstart an excellent rating, while less than 3 percent issued a poor or bad rating.

The platform is also accredited with and carries an “A+” rating with the Better Business Bureau as well.

Customer Complaints

User reviews for OppLoans are mostly positive, with some negative reviews about high rates and issues with pre-approval emails.

Most users complain that they received emails by OppLoans saying they had been pre-approved for a loan, but when they applied they were rejected.

It must be understood that pre-qualification does not mean the loan will be granted, it means OppLoans thinks the recipient may be eligible for a loan.

OppLoans Pros and Cons

As you consider where and how to obtain a personal loan, here are some key pros and cons for choosing OppLoans as your lender. 

OppLoans Pros 

  • Supports Credit-Challenged Borrowers. If you have poor or bad credit, you do not have many options for obtaining loans. OppLoans caters specifically to those people whose credit problems are a major obstacle to obtaining access to loans. 
  • Easy to Use and Fast. OppLoans’ web portal is intuitively simple, so even the tech-challenged will find it easy to apply for a loan there. Additionally, their approval and cash delivery process are incredibly streamlined as well; many borrowers are approved and receive their cash within one to two days on OppLoans
  • Solid Alternative to Most Local Options. The OppLoans online lending platform is almost always a better option than many of the lending services available locally to consumers, such as payday loans. 
  • Soft Credit Check Only. OppLoans does not carry out a hard credit check at any stage which helps strengthen credit scores.

OppLoans Cons

  • High Interest Rates. With APRs averaging between 99 and 199 percent, an OppLoans loan can be expensive. If you’re a consumer with sufficient credit to obtain a loan from a more traditional lender, you’ll likely pay considerably less for it elsewhere. 
  • Low Loan Amounts. Borrowers can only obtain loans ranging from $500 to $4,000 on OppLoans, which may not be adequate for their pressing financial needs. 
  • Limited Availability. OppLoans’ lending services are only available to consumers in a handful of states; depending on where you live, OppLoans may not even be an option for you.
  • Pre-approval Emails. Pre-approval doesn’t correspond to confirmation of final approval. 

OppLoans Alternatives

If you are credit-challenged you have a few other reasonable options to consider.

Loans similar to OppLoans: 

Each one of these lending platforms has its own eligibility requirements  and loan features. If your credit is bad, it is worth researching each one of these lenders and determining whether you’re eligible for one of their loans, and if that loan would suit your needs.

Frequently Asked Questions (Faq)

Is OppLoans legit?

Is OppLoans a legit company? Yes, OppLoans is a legitimate lending platform for people with bad credit.

What credit score do you need for OppLoans?

OppLoans doesn’t look at your credit score to determine your eligibility. Instead, they take into account your bank data as well as information from the alternate credit bureaus.

OppLoans Review: A Good Option for the Credit-Challenged

If you have poor or bad credit and are having difficulty obtaining a loan, you should definitely consider using OppLoans.

This lending platform is easy to use and provides good services to its customers. However, keep in mind that the APRs you’re going to be charged on OppLoans are much higher than what you’d be charged from traditional lenders, and ensure that you live in a state where OppLoans operates as well.

OppLoans funding limits are low and the rates are high, but if you have no other loan options, OppLoans is still a much better idea than getting a Payday loan.

Furthermore, OppLoans doesn’t ask if the loan will be used for personal or business use, which means startups can also utilize the service for start-up funding. 

Low And Bad Credit Loans

Apply for Online Installment Loans Through OppLoans


Thanks for reading our OppLoans review.

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