How OppLoans Makes Borrowing Possible (Even When You Have Bad Credit)

opploans review

Building good credit is hard, especially because it’s difficult to raise your credit score without gaining access to some type of credit. If you have poor credit, you’re not alone. Thirty-eight percent of people under 30 and 41 percent of people ages 30 to 39 have credit scores of 620 or below, reported ValuePenguin.

If your score falls below 620, you’re defined as a subprime borrower, according to the Consumer Financial Protection Bureau. That can make it hard to borrow money. The good news is it’s not impossible to find personal loans for people with bad credit.

OppLoans might be a good option for you. This OppLoans review can help you decide if personal loans from the lender are worth the investment.

OppLoans review: Affordable personal loans for people with bad credit

OppLoans offers personal loans that you can use for any reason. These loans are an alternative to predatory payday loans for people whose credit scores disqualify them from more traditional sources of credit, such as a credit card or personal loan from a major bank or credit union.

Interest rates on loans from OppLoans are much higher than those on a credit card or traditional personal loan. However, they’re more affordable personal loans for bad credit when compared to most other alternatives. OppLoans can be less expensive than lenders offering payday or car title loans because its interest rates are lower and, in some states, have no administrative or origination fees.

OppLoans also allows you to borrow more money and for longer repayment periods than typical payday loans. That means you can access more money while keeping monthly payments down. You can also build credit as you pay back the loan over time.

Who qualifies for OppLoans?

Because OppLoans offers personal loans for people with bad credit, you can qualify even if your credit score is below 620. However, you do need to meet certain criteria to qualify:

  • You must live in a state where OppLoans operates. This includes Alabama, Alaska, Arizona, California, Delaware, Florida, Georgia, Idaho, Illinois, Indiana, Kansas, Kentucky, Michigan, Mississippi, Missouri, Nevada, New Mexico, Ohio, Oklahoma, South Carolina, Tennessee, Texas, Utah, Virginia, and Wisconsin.
  • OppLoans does not operate in Arkansas, Colorado, Connecticut, District of Columbia, Hawaii, Iowa, Louisiana, Maine, Maryland, Massachusetts, Minnesota, Montana, Nebraska, New Hampshire, New Jersey, New York, North Carolina, North Dakota, Oregon, Pennsylvania, Rhode Island, South Dakota, Vermont, Washington, West Virginia, Wyoming, American Samoa, Guam, Northern Mariana Islands, Puerto Rico, Virgin Islands, and U.S. Minor Outlying Islands.
  • You must meet minimum monthly income requirements. The table below shows the minimum income requirements, depending on the state where you live.
  • If your income is from a job, you must have been employed for at least three months.
  • You must be at least 18 years old (19 if you live in Alabama).
  • You must not be an active-duty service member.
  • You must have a traditional bank account in your name that has been open for at least 90 days.
  • You must get your paychecks through direct deposit.
State Minimum Monthly Income
Alabama $3200
Alaska $1500
Arizona $1500
California $3600
Delaware $1500
Florida $1500
Georgia $3000
Idaho $2500
Illinois $1300
Indiana $1500
Kansas $2000
Kentucky $1500
Michigan $1500
Mississippi $1500
Missouri $1500
Nevada $1500
New Mexico $1500
Ohio $1500
Oklahoma $1500
South Carolina $1500
Tennessee $2000
Texas $1500
Utah $1500
Virginia $2000
Wisconsin $1500

How much do loans from OppLoans cost?

OppLoans offers interest rates between 59.00% and 199.00%, according to their website as of January 2018. These rates are much higher than traditional personal loan rates. In December 2017, the average rate for a 36-month unsecured fixed-rate personal loan was 9.16% from a credit union and 10.06% from a bank, according to data from the National Credit Union Administration.

However, to get these lower loan rates from banks or credit unions, you must meet stricter credit score requirements. OppLoans interest rates are higher because the lender offers personal loans for bad credit, which are a riskier type of loan.

While the interest rates are higher than you would pay on a conventional personal loan, they’re much lower compared to other lending alternatives available to people with bad credit. For example, OppLoans claimed on its website that payday loans and title loans come with 328.00% and 234.00% interest rates, respectively.

OppLoans also doesn’t charge an administration fee, except in California. It also doesn’t charge origination fees in most states, although you’ll pay a 2 percent origination fee in Kansas. There’s also no prepayment penalty. If you can pay off your loan quickly, you can keep interest costs down.

Pros and cons of OppLoans

OppLoans is an attractive option because it offers loan features not typically available to people with poor credit. Some of the benefits of OppLoans include:

  • Large loan amounts: Minimum and maximum loan limits vary by location, but you can borrow anywhere from $500 to $5,000, depending on the state where you live.
  • Longer repayment terms: Your loan term can be as long as 24 months, depending on where you live. Payday loans typically have shorter repayment terms, putting borrowers at risk of falling into a debt cycle.
  • The opportunity to build credit: When you have an online installment loan, OppLoans will report your payments to the three major credit bureaus so you can build up a history of on-time payments. Over time, your payments can improve your credit score, allowing you to qualify for other types of loans and lower rates. Most payday loans don’t help you build credit.
  • Easy qualification process: If you meet the minimum criteria, you can apply for a loan even with a low credit score.
  • No collateral is required: Unlike a title loan, you don’t have to use your property as collateral to get a loan.

There are also downsides:

  • Interest rates are still high: OppLoans interest rates are much higher compared to those offered by traditional banks and credit unions. A higher interest rate means you’ll pay more for borrowing.
  • You might not be able to qualify depending on where you live: If you live in a state not serviced by OppLoans, you don’t have the option of securing a personal loan from this lender.
  • You might owe administrative or origination fees: In California, there is a $75 administrative fee, while in Kansas there is an origination fee equal to 2 percent of the loan value.

If you must borrow money with bad credit, you should shop around to determine whether OppLoans provides you with the lowest interest rates and total costs. Be careful to check ratings and reviews, as there are some dishonest lenders who target people with bad credit.

If you take out a loan through OppLoans, the fact that there are no prepayment penalties allows you to pay the loan off faster. By paying extra on your loan, you can reduce the total interest you pay.

How can you apply for OppLoans?

To apply for OppLoans, start by visiting the OppLoans website. On the main page, click on “Apply now!”

personal loans for bad credit

Image credit: OppLoans

You’ll begin the application process by entering some basic personal information, including your first and last name, an email address, and a password. Next, you’ll input your street address and phone number.

You’ll also supply employment information, including your employer’s name, the date you were hired, your monthly pretax income, and whether your income comes from an employer, Social Security, or another source. The date of your last paycheck, the frequency at which you get paid, and the method of payment must also be provided.

personal loans for people with bad credit

Image credit: OppLoans

Finally, you’ll provide the amount you wish to borrow, your date of birth, your Social Security number, and your bank account information.

online installment loans

Image credit: OppLoans

You’ll be shown disclosures about the loan terms before submitting your application. Your application might even be approved immediately.

From Monday through Friday, loans approved before 7:30 p.m. EST are typically funded the following business day. However, if additional verification of documents is necessary, the approval process can take longer.

Customer experiences with OppLoans

Customers generally report good experiences with OppLoans. OppLoans has an A-plus rating with the Better Business Bureau (BBB). Eighty-nine percent of the 688 reviews on the BBB website are positive.

“The online application process was a breeze,” one reviewer wrote. “The representative (Ivan) was very helpful and professional. Had issues with uploading paperwork and Ivan endured on the phone with me the whole time to make sure it was done correctly. I would definitely recommend this business to other people. Great job! Great service!”

Some reviewers, however, did have complaints. One reviewer was frustrated to find that their application had been denied, even though they’d already been told the loan was approved: “Why in the world would you say I was approved, get my banking info, build a repayment schedule, and get an e-signature … just to reject the application?”

However, the lender indicated that the loan was denied because the applicant’s bank history did not go back far enough.

While being denied for a loan can be frustrating, applying with OppLoans won’t adversely affect your credit score. That means you have nothing to lose by trying to secure online installment loans from the lender if you’re looking for personal loans for bad credit.

Contact OppLoans

If this OppLoans review has convinced you to apply for a loan, you can visit the OppLoans website to get your application started.

You can also contact OppLoans by phone at 800-990-9130, or follow them on Facebook or Twitter.

Interested in a personal loan?

Here is the top personal loan lender for 550 credit scores or lower.
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Opploans does not currently operate in these states: AK, AZ, AR, CO, CT, DC, HI, IN, IA, KY, LA, ME, MD, MA, MI, MN, MT, NE, NV, NH, NJ, NY, NC, ND, OK, OR, PA, RI, SD, VT, WA, WV, WY, AS, GU, MP, PR, VI, UM.

1 Important Disclosures for Opploans.

OppLoans Disclosures

  1. To qualify, a borrower must (i) be a U.S. citizen or permanent resident; (ii) reside in a state where OppLoans operates; (iii) have direct deposit; (iv) meet income requirements; (v) be 18 years of age (19 in Alabama); and, (vi) meet verification standards.
  2. This information is current as of October 10, 2017 and is subject to change. Opportunity Financial, LLC lends or arranges loans in the following states: Alabama, California, Delaware, Florida, Idaho, Illinois, Kansas, Maryland, Missouri, Nevada, New Mexico, Ohio, South Carolina, Tennessee, Texas, Utah, Virginia, and Wisconsin. We do not lend or arrange loans in all states. Opportunity Financial offers line of credit products in: Kansas, Tennessee and Virginia. Please note: This is an expensive form of credit. This service is not intended to provide a solution for longer-term credit or other financial needs. Loans made or arranged by Opportunity Financial are designed to help you meet your short-term borrowing needs. Loan amounts may vary and are dependent upon qualification criteria and state law. Refer to Loan Cost & Terms at for additional details. Complete disclosures of APR, fees and payment terms are provided within the transaction documents, such as the Loan Agreement. First-time Opportunity Financial customers typically qualify for an installment loan of $1,000 to $5,000 with an APR from 59% to 199%. For example, a $1,000 loan made or arranged by Opportunity Financial with 12 bi-weekly payments of $130 has a 199% APR. After the 12th successful payment, the loan would be paid in full.
  3. Applications processed and approved before 7:30 p.m. ET Monday-Friday are typically funded the next business day. In some cases, we may not be able to verify your application information and may ask you to provide certain documents. Some customers applying for a loan may be required to submit additional documentation due to state law and qualification criteria.
  4. Lower APRs and longer terms when compared to a typical payday lending product. According to the Consumer Federation of America, a non-profit consumer advocacy group, payday loans range in size from $100 to $1,000, depending on state legal maximums and carry an average APR of 400% and an average loan term of two weeks. The maximum APR for a loan offered by OppLoans is 199% and loan sizes range from $1,000-$5,000 with a typical term of six months dependent on the state law.
  5. As of October 17, 2017. Ratings on third-party websites may periodically change; please check the third-party websites for up-to-date reviews and ratings. Google+ Rating: 4.8 out of 5 based on 1,824 reviews. Facebook Rating: 4.7 out of 5 based on 270 reviews.
56% - 199%1$500 - $5,000Visit OppLoans
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