Highlights
Community Rating	Strongly recommended
APR (Fixed APR)	59% - 160%
Loan Amount	$500 - $4,000
Loan Term (Months)	9 - 24 months
Number of Reviews	309

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 across the USA.

Key Takeaways

APRs starting at 59%. Personal loan interest rates typically range between 5% and 36%. The starting rates for OppLoans Personal Loans are on the higher end of the spectrum.
Fast access to funds. In some cases you can get your money within 1 business day.
Prequalified rate. You can check your prequalified rate at Opportunity Financial, LLC with a soft pull that will not affect your credit score.
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.
No late fees. Missing a payment can seriously damage your credit, but OppLoans Personal Loans will not charge additional fees if you miss the due date on a payment.
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 & Cons

Pros	Cons
$0 prepayment fee. Considers applicants with fair credit. Funding available within 1 business day.	APRs as high as 160%. Charges an origination fee of up to 3% of the loan amount.

OppLoans Personal Loans FAQ

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 APR rate does OppLoans Personal Loans offer?

OppLoans Personal Loans offers a fixed APR personal loan product that ranges from 59% APR up to 160% APR.

How much can you borrow via OppLoans Personal Loans?

Loan amounts start at $500 and go up to $4,000

What is the maximum loan term you can get with OppLoans Personal Loans?

OppLoans Personal Loans offers personal loans with terms ranging from 9 to 24 months.

OppLoans Personal Loans Rates & Terms
Loan Amount	$500 - $4000
Loan Term	9 - 24 months
APR	59% - 160%

What fees does OppLoans Personal Loans charge?

Does OppLoans Personal Loans charge an origination fee?

OppLoans Personal Loans may charge a loan origination fee of 0% to 3% of the loan amount of $0 to $75 OppLoans Personal Loans deducts the fee directly from your loan amount before depositing your money, so make sure you take this fee into account when deciding how much you need to borrow.

Does OppLoans Personal Loans charge a late fee?

No, OppLoans Personal Loans will not charge you a late fee.

Does OppLoans Personal Loans charge prepayment fees?

No, OppLoans Personal Loans does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the loan off early.

OppLoans Personal Loans Fees
Origination Fee	0% - 3%
Prepayment Fee?	No
Late Payment Fee	$0

What do you need to qualify for OppLoans Personal Loans?

Applicants with a credit score of at least 400 and up to 610 may be eligible for OppLoans Personal Loans. The minimum age to be eligible is 18 or the state minimum, whichever is higher.

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 personal checking account
Recent pay stubs
Proof of income
Driver's license
Government issued photo ID
Proof of identity
Proof of residence

OppLoans Personal Loans Eligibility Criteria
Minimum Age	18
Bank Account Required?	Yes
Application Types Accepted	Individual Applications
Credit Score	400 - 610

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?

Yes, 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 may help improve your credit.

OppLoans Personal Loans Disclosure: *OppLoans does not offer products in all states. Not all applications are approved. Approval and loan terms vary based on applicant qualifications and by state law. Applications processed and approved before 7:30 p.m. ET Monday-Friday are typically funded the next business day. See the OppLoans Rates & Terms for details. ** As of June 5, 2018. Ratings on third-party websites may periodically change. Please check third-party websites for up-to-date reviews and ratings. Google Rating: 4.9 out of 5 based on 3,611 reviews. *** OppLoans performs no credit checks through the three major credit bureaus Experian, Equifax, or TransUnion. Applicants’ credit scores are provided by Clarity Services, Inc., a credit reporting agency. OppLoans only charges an origination fee in California. † TX Residents: Neither OppLoans nor the third-party lender reports payment history to the major credit bureaus: TransUnion, Experian, and Equifax.

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Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

Contact

Headquarters
130 E Randolph St
Suite 3400
Chicago, IL 60601
Visit Site

Hours of Operation

Sunday 9:00am - 5:00pm
Monday 7:00am - 11:30pm
Tuesday 7:00am - 11:30pm
Wednesday 7:00am - 11:30pm
Thursday 7:00am - 11:30pm
Friday 7:00am - 11:30pm
Saturday 9:00am - 5:00pm

About OppLoans Personal Loans

View Opportunity Financial, LLC Profile

Message From Opportunity Financial, LLC

Message From Our Editor

What We Love About OppLoans Personal Loans

OppLoans offers unsecured loans rather than secured loans. This means that you don’t need a source of collateral to back the loan. This helps borrowers who don’t own any property and don’t have cash or a cash equivalent to use as collateral.

OppLoans lends to borrowers with fair to poor credit. The only other options for such borrowers are predatory loans charging high interest. There is no minimum credit score required.

OppLoans also offers excellent customer service. Their phone number is easily found on the website. When you call, you’ll get a real person on the phone rather than an automated system.

What Could OppLoans Do Better?

Though OppLoans’ interest rates are lower than many payday lenders, they are still high. These loans are a good choice for borrowers with fair to poor credit. If you have good to excellent credit, you may be better off with a different option.

OppLoans doesn’t operate in all 50 states. This is due to different interest rate requirements across the United States. These laws are in place to protect consumers, but they also severely limit the number of people who are eligible to receive a loan from OppLoans.

OppLoans Backstory

Opportunity Financial, LLC, was founded by Todd Schwartz in 2012. The company offers unsecured installment loans to customers with poor to fair credit. These loans can help pay for any kind of debt, including car repairs and unforeseen medical expenses. “Our intent is to provide non-prime borrowers a safe and reliable alternative to payday lending,” says the company’s CEO, Jared Kaplan.

"Half of Americans have non-prime credit scores, 57 percent have less than $1,000 in their savings account and nearly eight out of 10 live paycheck-to-paycheck. This is the reality in America today," explains Kaplan.

The Verdict

In the end, OppLoans offers flexible requirements and terms on unsecured personal loans that don’t require collateral. They have a fast and easy online application process and offer great customer services.

OppLoans can help you avoid higher interest rates because they offer lower rates than predatory payday loan companies. They can also teach personal finance skills and help you improve your credit score over time.

Availability

Available in 37 states

Alaska
Alabama
Arizona
California
Delaware
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Kansas
Kentucky
Louisiana
Maine
Michigan
Minnesota
Missouri
Mississippi
Montana
North Dakota
Nebraska
New Mexico
Nevada
Ohio
Oklahoma
Oregon
Rhode Island
South Carolina
South Dakota
Tennessee
Texas
Utah
Virginia
Washington
Wisconsin
Wyoming

Feature Breakdown

Late Fee Amount	$0
No Prepayment Fee
No Late Fees
Origination Fee ($)	$0 - $75
Origination Fee (%)	0% - 3%