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OppLoans Review: Everything You Should Know Before Applying

If you’re caught in a financial emergency and need fast access to cash, you may have come across OppLoans while searching for lending options. OppLoans, operated by Opportunity Financial LLC, is an online lender that offers personal installment loans as an alternative to payday loans. Unlike payday loans that demand lump-sum repayment, OppLoans allows borrowers to repay in fixed monthly installments, making repayment easier to manage.

OppLoans partners with community banks to provide unsecured loans for middle-income borrowers, including individuals with poor or limited credit history. Loan amounts typically range from $500 to $5,000, depending on your state, and can be used for common needs like:

Car repairs
Medical bills
Home repairs
Debt consolidation

These loans are designed for borrowers who often struggle to get approval from traditional banks. But before applying, it’s important to understand the costs, terms, and better alternatives available.

What is OppLoans?

OppLoans provides unsecured installment loans that range from $500 up to $5,000, depending on your state of residence. These loans are meant to cover urgent expenses such as rent, repairs, or medical emergencies.

Loan terms: 9 to 18 months
APR: 160% to 195%
No minimum credit score required

While approval is relatively easy and funds are disbursed quickly, the loans are among the most expensive options on the market. Traditional banks or credit unions often offer APRs under 36%, but OppLoans rates are far higher, placing them in the high-cost lending category.

Loan Products and Borrower Profile

OppLoans only offers one type of loan—personal installment loans. These loans are unsecured, meaning you don’t need collateral. Repayment is made in fixed monthly installments over the agreed term.

Borrowers who typically use OppLoans are middle-income individuals with low or no credit scores. In states like California, the maximum loan amount is $5,000.

How Expensive Are OppLoans?

OppLoans loans come with APRs ranging from 160% to 195%, which makes them extremely costly compared to traditional personal loans. For example, some credit unions and online lenders offer personal loans with APRs below 36%.

This means OppLoans should only be considered as a last resort for short-term needs, and repayment should be made as quickly as possible to minimize interest.

Credit Checks: How OppLoans Reviews Applicants

When you apply for a loan, OppLoans performs a soft credit check, which doesn’t affect your credit score. If you accept the loan, a hard inquiry will appear on your credit report.

The lender uses data from Experian and Clarity Services, which focuses on non-prime borrowers, to evaluate applications.

Fees and Funding Timeline

OppLoans does not charge origination or late fees. However, interest continues to build on missed payments, making the loan more expensive over time.

If your loan is approved and finalized before noon Central Time, you may receive the funds on the same day; otherwise, funds are usually deposited by the next business day.

The TurnUp Program

OppLoans offers a unique feature called TurnUp, which checks if you qualify for a loan with an APR under 36% from another lender. If you do, OppLoans will direct you to that lender instead.

Although fewer than 10% of applicants qualify for TurnUp, it’s still a positive feature that adds transparency to the lending process.

OppLoans Customer Reviews

OppLoans has earned strong reviews from many borrowers for its ease of use and customer service. On Trustpilot, it holds a rating of 4.5 out of 5 stars, based on thousands of reviews. Many users highlight the speed of funding, with some receiving money the same day.

It is also accredited by the Better Business Bureau (BBB) with an A+ rating, showing its commitment to fair customer support.

Pros and Cons of OppLoans

Pros:

No minimum credit score required
Soft credit check during application
Fast funding (often within 24 hours)
No origination or late fees
TurnUp feature for better loan options

Cons:

Very high APR (160% to 195%)
Can become a debt trap if repayment is delayed
Limited loan amounts
TurnUp rarely benefits more than 10% of applicants

Better Alternatives to OppLoans

If your credit score is 640 or higher, you may qualify for cheaper loans from banks or credit unions. Even with lower credit, you can compare multiple lenders through online platforms that use soft credit checks to match you with affordable options.

Some alternatives may include: