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
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.
- 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
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!
|Lender||APR Range||Loan Amount|
|1 Includes AutoPay discount. Important Disclosures for SoFi.
2 Includes AutoPay discount. Important Disclosures for Payoff.
3 Important Disclosures for FreedomPlus.
4 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
5 Important Disclosures for LendingPoint.
6 Important Disclosures for LendingClub.
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.
8 Important Disclosures for Avant.
* 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
** 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|
|7.54% – 35.99%||$1,000 - $50,000|
|7.99% – 35.89%*||$1,000 - $50,000|
|5.99% – 24.99%2||$5,000 - $35,000|
|5.99% – 29.99%3||$7,500 - $40,000|
|6.79% – 20.89%4||$5,000 - $50,000|
|9.99% – 35.99%5||$2,000 - $25,000|
|6.95% – 35.89%6||$1,000 - $40,000|
|6.99% – 18.24%7||$5,000 - $75,000|
|9.95% – 35.99%8||$2,000 - $35,000|