OppLoans Personal Loans Review

OppLoans Personal Loans is offered by Opportunity Financial, LLC, a direct lender founded in 2009 and based in Chicago, IL. OppLoans Personal Loans is available in 37 states (and Washington, DC).

Key takeaways

• Fast access to cash. In some cases you can get your money within 1 business day.
• Poor credit accepted. Even if you have bad or poor credit, you can apply. Borrowers with a credit score as low as 350 are considered for OppLoans Personal Loans.
• Origination fees of up to 3%. This is on the low end for lenders that charge an origination fee. However, plenty of lenders don't charge an origination fee. Origination fees are deducted from the loan amount, so consider them when deciding how much you need to borrow.
• Short loan terms. OppLoans Personal Loans offers loan terms as short as 9 months. Most personal loans have a minimum term of 12 to 36 months.
• Minimum income of $18,000. You will need an annual income of at least $18,000 to apply for OppLoans Personal Loans, which is below average for the lenders in our database

OppLoans Personal Loans Pros and Cons:

What rates and terms does OppLoans Personal Loans offer?

OppLoans Personal Loans has higher interest rates than the average for lenders reviewed on SuperMoney.

What fees does OppLoans Personal Loans charge?

What do you need to qualify for OppLoans Personal Loans?

To qualify for personal loans with OppLoans Personal Loans, applicants need a minimum annual income of $18,000 or higher. OppLoans Personal Loans only considers borrowers who are employed and meet the minimum income requirement.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. APRs for the OppLoans Personal Loans product fall outside of the MLA limits and as a result the product cannot be issued to these applicants. Active duty service members and their covered dependents are considered “covered borrowers" under the Military Lending Act.

U.S. citizens are, of course, eligible for the services offered by OppLoans Personal Loans. Permanent resident / green card holders are also eligible to apply.

To qualify, applicants may need to provide the following documentation:

• Applicants must have an active and valid checking account
• Recent pay stubs
• Proof of income
• Driver's license
• Government issued photo ID
• Proof of identity
• Proof of residence

What is the estimated funding time for a personal loan via OppLoans Personal Loans?

OppLoans Personal Loans will typically approve (or deny) a loan application within 24 hours and fund personal loans within 1 business day of approval.

Does OppLoans Personal Loans report your account activity to credit bureaus?

OppLoans Personal Loans reports your account activity to the following credit reporting agencies:

• Equifax
• Experian
• Transunion

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and can help improve your credit score.