OppLoans Personal Loan Review

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Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.

Editorial Note: This content is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by the financial institution.

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What is OppLoans?

This Chicago-based online lender seeks to improve the market for fast online loans by offering lower rates than payday lenders and more personalized customer service. Founded by Todd Schwartz of the Schwartz Capital Group, it’s served over 100,000 customers and has an A+ rating with the Better Business Bureau.

Opploans loans are intended to help consumers with a variety of financial hurdles, including unexpected car repairs, family bills, rent, medical bills and repaying other loans. In some states, loans are originated by FinWise Bank but serviced by OppLoans, while in others, loans are both originated and serviced by OppLoans. FinWise Bank is an FDIC-insured bank based in Sandy, Utah.

Our OppLoans loans review will walk you through the pros and cons of its personal loans and important terms and eligibility requirements. We’ll also compare its personal loans to offerings from some personal loan lenders.

OppLoans personal loan highlights

  • High interest rates: While its interest rates are lower than many payday lenders, the APR on OppLoans products ranges from 99.00% to 199.00%. We’ll talk about some more affordable alternatives below.
  • Quick loan payouts: In most cases, applicants approved before 9 p.m. CST from Monday to Thursday should have the loan funds deposited in their bank account the next day. Otherwise, you should receive your funds on the following Monday or Tuesday.
  • Applying won’t affect your FICO score: OppLoans doesn’t run a credit check with any of the three major credit bureaus (Experian, Equifax and TransUnion). Instead, it checks applicant credit scores through Clarity Services, Inc., so you shouldn’t see any change in your FICO score due to your loan application. However, it does report to all three credit bureaus, so your loan payment history will impact your credit score.
  • No prepayment fees: Some lenders charge you a fee, also known as a prepayment penalty, for repaying your loan ahead of schedule. OppLoans doesn’t charge prepayment fees if you pay off your loan early.
  • Minimum credit requirement: Varies
  • Terms: 6 to 36 months
  • Fees: Varies by state
OppLoans Personal Loan Details
Fees and Penalties
  • Term lengths: 6 to 36 months
  • APR range: 99.00% – 199.00%
  • Loan amounts: $1,000 to $4,000
  • Time to funding: Typically 1 to 2 business days upon approval
  • Credit check: Soft Pull
  • Origination fee: Varies by state
  • Prepayment fee: None
  • Late payment fee: Varies by state
  • Other fees: Some states may charge a fee for dishonored checks

OppLoans product details

OppLoans offers both installment loans and lines of credit. Its installment loans range from $1,000 to $4,000 and are paid off in installments over the course of 6 to 36 months. Lines of credit, on the other hand, provide consumers with access to funds on a revolving basis, or as needed. The OppLoans lines of credit range from $500 to $4,000, otherwise known as a credit limit. This means you don’t have to spend anything, but if needed, you can access up to that amount. Keep in mind that product availability and terms vary by state.

OppLoans offers you the option pay off your loan early without having to worry about incurring fees, which is recommended when possible because it reduces the amount of interest paid. Because OppLoans doesn’t charge any prepayment fees, you can make additional payments without incurring any penalty. Remember that if you do make an early payment, you’re still responsible for your regular scheduled payment as well.

Finally, this lender offers free credit and personal finance education through its OppU platform. There, you’ll find a series of courses on budgeting, saving, tracking your spending, debt and credit scores, all of which are aligned with national standards for financial literacy. It also offers an educators’ guide for teachers who want to implement the OppU curriculum in their classrooms.

Eligibility requirements

  • Minimum credit score: Varies
  • Minimum credit history: Because OppLoans considers other factors in addition to your credit to gauge your ability to repay, such as your income, people with less-than-perfect credit scores might have better luck with them than a traditional lender.
  • Maximum debt-to-income ratio: Varies

The primary eligibility requirements for loan applicants at OppLoans involve age, residency and income. You must be at least 18 or 19 years of age, depending on the state, in order to apply.

In terms of residency, certain products are only available in certain states, and OppLoans doesn’t yet operate in all 50 states. Lines of credit are only available to residents of Kansas, Tennessee and Virginia. Installment loans are available to residents in select states. Although OppLoans services all loans, your loan may be originated by another bank depending on which state you reside in. You can learn more here.

You must also have a regular source of income in order to qualify for a loan from OppLoans. This income can be from employment or government benefits such as Social Security or disability insurance. Unless you reside in New Mexico, your paychecks must be received through a direct deposit. Lastly, you must have a bank account — either checking or savings — in order to receive your OppLoans loan.

Applying for a personal loan from OppLoans

Fill out an application online. The application process at OppLoans is fully online and can be completed on a desktop, mobile or tablet device. It does not currently offer the option to apply by phone. The form is easy to complete and asks for basic personal information, such as your Social Security number and street address, as well as employment and income information, such as your monthly income, how you’re paid and the frequency of your pay. You’ll also need to provide account details for a checking or savings account where your loan funds can be deposited.

Submit additional documents if required. You may be asked to provide documents showing proof of income, particularly if your income source is alimony, disability benefits or Social Security. Residents of Illinois and Nevada are required to show paystubs.

Review your loan decision. You’ll receive an email shortly after submitting your application to let you know if you’ve been approved for a loan. Review the terms and conditions carefully.

Receive your funds. If you accept, your funds should be deposited in your bank account in around one to two business days in most cases.

Pros and Cons of an OppLoans Personal Loan
  • Fast loans: The entire application process can be completed online, and decisions are made quickly. On top of that, funds can be deposited in your bank account as early as the following business day.
  • Soft credit pull: OppLoans does a Soft Pull on your credit report, so you don’t have to worry about the loan application impacting your credit score. On top of that, it’s possible to qualify for a loan even with bad credit.
  • Flexible terms: Depending on your state of residence, you can access loan terms 6 to 36 months, giving you some flexibility in repayment.
  • No prepayment fees: If you end up with extra funds to pay off your loan early, you can do so without incurring any penalties. This will save you money on interest.
  • Expensive loans: APRs on these loans are incredibly high, ranging from 99.00% to 199.00%. While it’s true that some predatory lenders charge even higher rates, OppLoans loans are still expensive. Loans with rates this high should only be considered as a last resort in case of emergency. First, you should consider some of the best personal loan rates, which will save you a significant amount of money when compared to OppLoans.
  • Residency requirements: OppLoans doesn’t operate in all 50 states, so you might not be eligible to apply for its products. Furthermore, certain states have restrictions that make some loan terms and products unavailable to residents.
  • Watch out for lines of credit: The lines of credit offered by OppLoans are considered revolving credit. Keep in mind that if you use a line of credit, that leaves you with revolving debt, which has more potential to negatively impact your FICO score than installment debt.

Who’s the best fit for an OppLoans personal loan?

Because of its extremely high interest rates, OppLoans loans should only be considered if you find yourself in an urgent financial emergency and cannot qualify for a loan with lower rates. Before applying, you can use LendingTree’s personal loan tool to weigh your options. On LendingTree you can fill out a form online to get matched with potential personal loan lenders, based on your creditworthiness. Disclaimer: LendingTree owns Student Loan Hero.

You are more likely to qualify for a loan with OppLoans than with a traditional lender, so it might be worth considering as a last resort if you have a lower credit score. It might be a good option if you need a fast, short-term solution, as the application and funding process is fairly quick and it offers short loan term options with no prepayment fees.

OppLoans is also a decent option for people with a less-than-perfect credit history because your application won’t further drag down your score. OppLoans doesn’t do a hard pull on your credit report when you apply. Instead, it’ll do a soft pull. This means that the act of the lender checking your credit will not be visible to future lenders. Credit checks aren’t run through any of the three major credit bureaus, so you won’t see an impact on your FICO® score.

However, once you’re approved for and accept a loan, it will impact your credit score. This can be helpful for folks with bad credit, as it may help you rebuild your credit. However, it can also tank your credit score if you miss payments. In all states except Ohio and Texas, OppLoans reports your payment history to the three major credit bureaus.

Alternative personal loan options


  • APR range: 3.99% – 16.99%
  • Credit requirements: 660 minimum credit score
  • Terms: 24 to 144 months
  • Origination fee: No origination fee

LightStream offers very low interest rates to the most creditworthy applicants, making its loans a more affordable alternative. You won’t have to worry about paying origination fees or prepayment penalties, and the entire application process can be completed online. You do have to have good credit in order to qualify with LightStream, as its approval process is more strict. It’s also worth noting that LightStream loans cannot be used to pay for college expenses or refinance student loans.


  • APR range: 5.99% – 16.99%
  • Credit requirements: 680 minimum credit score
  • Terms: 24 to 84 months
  • Origination fee: No origination fee

SoFi offers the opportunity to submit an initial application for a personal loan online without a credit inquiry showing up on your credit report. Keep in mind that if you select a loan offer and continue with the application process, this will result in a hard inquiry. SoFi loans offer low interest rates, no upfront fees and no prepayment penalties, as well as unemployment protection. It can be difficult to receive approval for a loan from SoFi.

Affinity Federal Credit Union

  • APR: As low as 9.75%
  • Credit requirements: 525 minimum credit score
  • Terms: Up to 60 months
  • Origination fee: No origination fee

While Affinity Federal Credit Union doesn’t offer the lowest rates on personal loans, its rates are still very generous for loans that don’t require perfect credit. This lender doesn’t charge any origination fees, and you’ll get a 0.25% reduction on your interest rate for setting up automatic payments.

Interested in a personal loan?

Here are the top personal loan lenders of 2019!
LenderAPR RangeLoan Amount 
1 Includes AutoPay discount. Important Disclosures for SoFi.

SoFi Disclosures

  1. Fixed rates from 5.990% APR to 16.990% APR (with AutoPay). Variable rates from 5.74% APR to 14.70% APR (with AutoPay). SoFi rate ranges are current as of March 18, 2019 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. See APR examples and terms. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 5.72% APR assumes current 1-month LIBOR rate of 2.49% plus 4.28% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.
  2. To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.
    See Consumer Licenses.
  3. Minimum Credit Score: Not all applicants who meet SoFi’s minimum credit score requirements are approved for a personal loan. In addition to meeting SoFi’s minimum eligibility criteria, applicants must also meet other credit and underwriting requirements to qualify.
  4. SoFi Personal Loans are not available to residents of MS. Maximum interest rate on loans for residents of AK and WY is 9.99% APR, for residents of IL with loans over $40,000 is 8.99% APR, for residents of TX is 9.99% APR on terms greater than 5 years, for residents of CO, CT, HI, VA, SC is 11.99% APR, and for residents of ME is 12.24% APR. Personal loans not available to residents of MI who already have a student loan with SoFi. Personal Loans minimum loan amount is $5,000. Residents of AZ, MA, and NH have a minimum loan amount of $10,001. Residents of KY have a minimum loan amount of $15,001. Residents of PA have a minimum loan amount of $25,001. Variable rates not available to residents of AK, TX, VA, WY, or for residents of IL for loans greater than $40,000.
  5. Terms and Conditions Apply: SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)

2 Includes AutoPay discount. Important Disclosures for Payoff.

Payoff Disclosures

  1. All loans are subject to credit review and approval. Your actual rate depends upon credit score, loan amount, loan term, credit usage and history. Currently loans are not offered in: MA, MS, NE, NV, OH, and WV.

3 Important Disclosures for FreedomPlus.

FreedomPlus Disclosures

  1. All loans available through FreedomPlus.com are made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. All loan and rate terms are subject to eligibility restrictions, application review, credit score, loan amount, loan term, lender approval, and credit usage and history. Eligibility for a loan is not guaranteed. Loans are not available to residents of all states – please call a FreedomPlus representative for further details. The following limitations, in addition to others, shall apply: FreedomPlus does not arrange loans in: (i) Arizona under $10,500; (ii) Massachusetts under $6,500, (iii) Ohio under $5,500, and (iv) Georgia under $3,500. Repayment periods range from 24 to 60 months. The range of APRs on loans made available through FreedomPlus is 5.99% to a maximum of 29.99%. APR. The APR calculation includes all applicable fees, including the loan origination fee. For Example, a four year $20,000 loan with an interest rate of 15.49% and corresponding APR of 18.34% would have an estimated monthly payment of $561.60 and a total cost payable of $7,948.13. To qualify for a 5.99% APR loan, a borrower will need excellent credit on a loan for an amount less than $12,000.00, and with a term equal to 24 months. Adding a co-borrower with sufficient income; using at least eighty-five percent (85%) of the loan proceeds to directly pay off qualifying existing debt; or showing proof of sufficient retirement savings, could help you also qualify for the lowest rate available.

4 Important Disclosures for Citizens Bank.

Citizens Bank Disclosures

  1. Personal Loan Rate DisclosureFixed interest rates from 6.79% – 20.89% (6.79% – 20.89% APR) based on applicable terms. Lowest rates range from 5.99%-18.99% (5.99%-18.99% APR), are for eligible applicants, require a 3-year repayment term, and include our Loyalty and Automatic Payment Discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.
  2. Loyalty Discount: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower has a qualifying account in existence with us at the time the borrower has submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, student loans or other personal loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI and VT. This discount will be reflected in the interest rate and Annual Percentage Rate (APR) disclosed in the Truth-In-Lending Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan, and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.
  3. Automatic Payment Discount: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their Citizens Bank Personal Loan during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account two or more times within any 12-month period, the borrower will no longer be eligible for this discount.

5 Important Disclosures for LendingPoint.

LendingPoint Disclosures

  • Loan approval is not guaranteed. Actual loan offers and loan amounts, terms and annual percentage rates (“APR”) may vary based upon LendingPoint’s proprietary scoring and underwriting system’s review of your credit, financial condition, other factors, and supporting documents or information you provide. Origination or other fees from 0% to 6% may apply depending upon your state of residence. Upon LendingPoint’s final underwriting approval to fund a loan, said funds are often sent via ACH the next non-holiday business day. LendingPoint makes loan offers from $2,000 to $25,000, at rates ranging from a low of 9.99% APR to a high of 35.99% APR, with terms from 24 to 48 months. The loan offer(s) shown reflect a 28 day payment cycle which is being offered as a courtesy as many of our customers are paid on a biweekly schedule and thus this may better align the loan payment dates with your actual income receipt schedule.

6 Important Disclosures for LendingClub.

LendingClub Disclosures

All loans made by WebBank, Member FDIC. Your actual rate depends upon credit score, loan amount, loan term, and credit usage & history. The APR ranges from 6.95% to 35.89%*. The origination fee ranges from 1% to 6% of the original principal balance and is deducted from your loan proceeds. For example, you could receive a loan of $6,000 with an interest rate of 7.99% and a 5.00% origination fee of $300 for an APR of 11.51%. In this example, you will receive $5,700 and will make 36 monthly payments of $187.99. The total amount repayable will be $6,767.64. Your APR will be determined based on your credit at the time of application. The average origination fee is 5.49% as of Q1 2017. In Georgia, the minimum loan amount is $3,025. In Massachusetts, the minimum loan amount is $6,025 if your APR is greater than 12%. There is no down payment and there is never a prepayment penalty. Closing of your loan is contingent upon your agreement of all the required agreements and disclosures on the www.lendingclub.com website. All loans via LendingClub have a minimum repayment term of 36 months. Borrower must be a U.S. citizen, permanent resident or be in the United States on a valid long term visa and at least 18 years old. Valid bank account and Social Security number are required. Equal Housing Lender. All loans are subject to credit approval. LendingClub’s physical address is: LendingClub, 71 Stevenson Street, Suite 1000, San Francisco, CA 94105.

†Per reviews collected and authenticated by Bazaarvoice in compliance with the Bazaarvoice Authentication Requirements, supported by anti-fraud technology and human analysis. All reviews can be reviewed at reviews.lendingclub.com

**Based on approximately 60% of borrowers who received offers through LendingClub’s marketing partners between January 1, 2018 to July 20,2018. The time it will take to fund your loan may vary.

7 Important Disclosures for Earnest.

Earnest Disclosures

  1. Earnest does not lend in Alabama, Delaware, Kentucky, Nevada, or Rhode Island.

8 Important Disclosures for Avant.

Avant Disclosures

* The actual rate and loan amount that a customer qualifies for may vary based on credit determination and other factors. Funds are generally deposited via ACH for delivery next business day if approved by 4:30pm CT Monday-Friday. Avant branded credit products are issued by WebBank, member FDIC.

** Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33

* Important Disclosures for Upgrade Bank.

Upgrade Bank Disclosures

* Your loan terms are not guaranteed and are subject to our verification and review process. You may be asked to provide additional documents to enable us to verify your income and your identity. This rate includes an Autopay APR reduction of 0.5%. By enrolling in Autopay your payments will be automatically deducted from you bank account. Selecting Autopay is optional. Annual Percentage Rate is inclusive of a loan origination fee, which is deducted from the loan proceeds. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. All loans made by WebBank, member FDIC. Please refer to Upgrade’s Terms of Use and Borrower Agreement for all terms, conditions and requirements.

** Accept your loan offer and your funds will be sent to your bank via ACH within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes this transaction. From the time of approval, funds should be available within four (4) business days.

5.74% – 16.99%1$5,000 - $100,000

Visit SoFi

7.54% – 35.99%$1,000 - $50,000

Visit Upstart

7.99% – 35.89%*$1,000 - $50,000

Visit Upgrade

5.99% – 24.99%2$5,000 - $35,000

Visit Payoff

5.99% – 29.99%3$7,500 - $40,000

Visit FreedomPlus

6.79% – 20.89%4$5,000 - $50,000

Visit Citizens

9.99% – 35.99%5$2,000 - $25,000

Visit LendingPoint

6.95% – 35.89%6$1,000 - $40,000

Visit LendingClub

6.99% – 18.24%7$5,000 - $75,000

Visit Earnest

9.95% – 35.99%8$2,000 - $35,000

Visit Avant

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.

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