OppLoans installment loans review



OppLoans is a fintech platform servicing loans originated from many lenders in a network. The company is specialized to grant financing options to people with middle income and bad credit. The elective product of OppLoans is installment loans: in contrast to traditional payday loans, APRs are quite lower and the amounts you can borrow are higher.

Installment loans given from OppLoans are a short-term financing solution that can be used for any purpose.

OppLoans serves in 37 States plus the District of Columbia. Since each State has its own regulation, the rate you will receive, along with the loan amount and its term, is going to differ.

The edge of OppLoans is presenting you with multiple installment loans offers, which are a relatively fast solution to obtain money for urgent expenses, but without the stellar APRs you get with payday loans.

Installment loans are efficient alternative to payday loans, allowing more time to repay what you borrow, and with lower interest. They can be used for things such as car repairs, bills, home improvement, or even debt consolidation. It is a whole different product from personal loans in a strict sense, with the essential difference they have shorter terms at the price of higher interest rates.

OppLoans is highly praised for its installment loans, and the customer service seems to be a strong point of the company.

The company is committed to providing the most individualized offer to meet a borrower’s needs, understanding that not all situations are equal. OppLoans works by matching the best possible loan rates and terms for applicants, serving offers both directly and from its lending partners.

Some of the OppLoans partners are: Opportunity Financial LLC, FinWise Bank, First Electronic Bank.


How does OppLoans work?

Borrowable amounts$500- $4,000
Terms9 to 24 months, 18 for some states
APR59% to 160%, varies by state)
Type of loanUnsecured
Disbursement time1 business day
RequirementsLegal age in your state, having a bank account, steady income (employment, or funding from disability, alimony, etc.), receiving direct deposit for paychecks, not resident in one of the following states: CO, CT, IL, IA, MD, MA, NH, NJ, NY, NC, PA, VT, WV
Minimum credit scoreNone

While there isn’t a minimum income requirement, what you’ll get will depend strictly on your personal and financial status: the APR, eligible amount, and the term of your loan will be based on your income, credit history, and state of residence. For instance, Alabama, Georgia, and Idaho have the highest minimum borrowable, while in all other States you can draw $500. Georgia and Illinois have respectively APRs capped at 59% and 99%, while the remainder max at 160%. Nevada residents are those who get the highest rates.

You can borrow between $500 and $4,000, with limits capped by the State where you live in. The APRs you can get are in the range of 59%-160%, which are way lower than what charged on payday loans, still significantly higher than personal loans. The terms are 9 to 24 months, giving you more time to allow for repayments than a typical payday loan.

OppLoans come with no origination fee or prepayment penalty, but as with nearly every loan, there will be a moderate late payment fee.

Having a bank account is a basic requirement since OppLoans can’t grant you hard cash. This is also the norm for personal loans companies in general.

OppLoans doesn’t look at your credit score, but it will rather look at other parameters, such as your income (both the source and its amounts), employment status, debt-to-income ratio among financial indexes, length of credit history and bank account. This means bad credit is accepted, however, you will get higher chances to qualify as your score is greater, and your assigned rate will be more affordable.

In some states, OppLoans offers also loan refinancing of existing personal loans, either from other lenders or an OppLoan itself once the term ends, to eligible current customers.

The company will only conduct a soft credit check (doesn’t affect your score) to inquiry on your debt history, and understand how well you are currently managing your finances: this will serve to determine your eligible rates and terms.

Approval is quite fast and may occur within 24 hours, with funding on the next business day.

OppLoans has a reliable customer support service: you can call them even on the weekend days, and you have several contact mails for reference.

Repayments can be made in different ways:

-conventionally from your bank account via EFT (electronic fund transfer)

-paper checks

-remotely created checks

-from a debit card for single payments.

There is some degree of flexibility with OppLoans: it may be possible to postpone a due date with a certain advance, and it can be done either by phone or directly from your online account.

Instead of payday loans, these installment loans allow you to improve your credit score, if you make the commitment to make the repayments on time and in full, many consecutive times, better if always. This is because the activity with OppLoans is reported to all the three major credit bureaus.


Is OppLoans legit?


Opportunity Financial LLC is a licensed lender in some states, and all OppLoans lending partners banks are FDIC members: the company actually provides the online technology to serve loans originated from those banks. OppLoans received multiple awards and recognitions, among which: the “Fintech Breakthrough Award 2020”, and a “Inc. 500 honoree” for well four times. It’s also highly rated on google reviews for its outstanding customer service.

When it comes to the company’s trustability, OppLoans is accredited by the Better Business Bureau with an A+ rating, which tells you about its ethicity, commitment to good practices, and ability to deal with customer issues. In all these, the lenders seem therefore to excel. It’s also worth mentioning that there hadn’t been controversies against OppLoans: its rates are relatively high, but they are definitely in accordance with the law, and transparency is top.


Is OppLoans the right choice for you?


Before hopping on the OppLoans wagon, it’s worth taking some minutes to consider why this lending service can be a good (or bad) decision for you.



  • Lower APRs than payday loans
  • No origination fee, prepayment penalty, or hidden fees
  • Transparent rates
  • Fast funding and flexible repayments
  • No hard credit check for pre-approval
  • 24/7 top- notch customer service
  • Widely rated and recognized company

On top of all these perks, the OppLoans website shows a set of resources aimed at personal finance, among which partnering with Springfour: this is a tool allowing you to decrease your monthly expenses by finding local dedicated programs.

You’ll also have the chance to check and instantly raising your credit score for free through the Experian Boost feature.

The portal has a comprehensive FAQ section covering barely all the questions you may have regarding your experience before approaching the loan, during the application, and afterward, and the support can be reached through the dedicated 1-800 phone number.

Your operations with OppLoans are reported to Equifax, Experian, and Trans Union (with the exception of Texas borrowers). This means that you have even the chance to improve your credit score, so that you will get more favorable conditions from mortgage, car loans etc. and will be in a better position to qualify.



  • Higher APRs than personal loans
  • No cosigners allowed

APRs are relatively high when you look at what personal loans have to offer, thus not the ideal solution if you are looking to save on interest: personal loans are a long way more viable, with APRs not exceeding 36%. Even if you don’t qualify for a traditional personal loan, lenders catering to bad credit borrowers will still be much cheaper. Another option could be credit cards tailored for bad credit, but you will have access to more limited amounts.

Unlike most personal loans, with OppLoans you can’t use a cosigner. This means you’ll be solely responsible for making the repayments.


What is needed to apply to OppLoans?


The information required to obtain a loan from OppLoans is quite basic, and bad credit won’t be an obstacle. The application is exclusively made online.

First, there is a pre-approval step, which gives you chance to see what combinations of rates and terms you have based on your financial standing. You will know your options in minutes and if successful, a representative will get in touch so that you eventually proceed with the actual qualification process. This step won’t affect your credit score, as clearly stated on the OppLoans website.

You can only apply online, and the process is streamlined, with completion requiring just a few minutes. You are asked to provide the following information:

-Personal details including SSN

-Income amount, type, frequency, and method of payments

-Banking details including account type, routing number, age of the account where most of your income is deposited.

OppLoans will then decide your approved rates and terms based on that information. At this point, the only thing left will be to sign your agreement and waiting to receive the funds.

Of course, despite the lax requirements of OppLoans, there is no guarantee of approval (as with any lender): debt to income ratio (DTI) is a crucial parameter in the credit history they will consider: if it’s high, it means you are using too much of your available money to pay outstanding debts, so make sure you are in your best financial shape possible. Anyway, they will certainly provide a reason in the case of denial.

Disbursement times will vary, especially based on the day your loan is submitted and approved: you have to consider bank holidays for the processing of the funds, so it’s likely that loans approved on Friday will be funded on Monday; the hour will be also crucial, in fact, final approval must have occurred before 8 PM CT.

You will get login credentials to access your loan account, from which to see and manage payments and terms.


How is OppLoans rated?


One key reason you may want to consider OppLoans is its very good reputation among lots of past and current customers: it’s a rare fact that it gets a positive score on the BBB portal, over a higher than a usual number of reviews, which it’s hard to find even for companies getting an A+ from the bureau.

OppLoans has similar overall feedback on the Trustpilot platform: the overall consensus is about an easy and fast application, the short turnaround times,  a professional and easily reachable customer service. The few complaints are mostly about high rates, but this is something you’ll be aware of before signing your loan: you are assured there will be no surprises.


Bottom line

OppLoans are a reliable lender and a convenient choice if you seek cash for emergencies while having bad credit, or no credit history at all. Its rates are cheaper than a payday loan, with a more comfortable timeline to repay. If you couldn’t qualify for a personal loan, OppLoans is also a valuable landing, that you will appreciate for the ease and speed of obtaining the loan.

If instead, your priority is to save, and you can tolerate longer loan terms, a traditional personal loan is definitely the way to go. Take a look at our reviewed companies to find the best fit for your needs.