OppLoans is a trade name of Opportunity Financial, an online lender based in Chicago, Illinois. The company offers fast personal loans to people with poor to fair credit. The rates are high when compared to prime lenders. However, the rates are competitive when compared to payday lenders and other lenders that target borrowers with poor credit.

The business was launched in 2009 and has provided loans to more than 25,000 borrowers. OppLoans' edge on other lenders is its friendly customer service and that it doesn't pull your credit with any of the major credit bureaus, ever. Other lenders will perform a soft pull on your credit when you check your rate but perform a hard pull on your credit if you accept the loan agreement. OppLoans, on the other hand, never pulls your credit score with Experian, Equifax, or TransUnion, so applying for a loan will not hurt your credit score.

OppLoans has an A+ rating with the BBB, a 4.8 customer rating with Google, and 4.9 rating with Facebook. 

How Does OppLoans Work?

OppLoans only accepts online applications. Applying for a loan does not affect your credit score. And it only takes only a few minutes to know if you qualify for a loan. Eligible applicants receive an instant loan agreement that details the rates and terms of the loan. If a borrower agrees to the terms and submits the loan agreement, funds are deposited within the next business day. 

OppLoans operates in Alabama, California, Delaware, Georgia, Idaho, Illinois, Kansas, Mississippi, Missouri, New Mexico, Ohio, South Carolina, Tennessee, Texas, Utah, Virginia, and Wisconsin.

In certain states, such as Kansas, Tennessee, and Virginia, OppLoans offers a line of credit product. 

What Are OppLoans’ Terms and Rates?

Rates vary widely from state to state and depend on each borrower’s credit profile, loan amount, how long it takes to repay it. Rates range from 59% APR to 199% APR, and loan terms go from 6 to 36 months.

As an illustration, in California, an example rate is 160% APR with an 18-month term. In Georgia, an example rate is 59% APR with a 24-month term.

There is also an administrative fee to consider that is not included in the APR. The administrative costs vary by state. In California, this fee is $75; in Kansas, the origination fee is 2% of the credit limit.

An example loan with OppLoans is one that is $1,000 and has 17 bi-weekly payments of $81. That is the equivalent of a 99% APR.

How Much Can I Borrow From OppLoans?

OppLoans offers loan amounts ranging from $500 to $5,000.

What Is OppLoans’ Application Process Like?

OppLoans has a fast and short application process. Borrowers can know immediately whether they are eligible and what their rates and term are. The entire process from application to funding can take as little as one business day.

How Is OppLoans Better Than Other Lenders?

OppLoans offers the following benefits:

  • Fast loans and an easy application process.
  • Borrowers with poor credit can qualify.
  • OppLoans reports payments to Equifax, Experian and TransUnion. If payments are made on time and regularly, this can improve the credit score of borrowers.
  • There are no prepayment penalty fees.
  • OppLoans can be cheaper than some payday loans.
  • You can check your rate without it hurting your credit score.

You should consider this:

  • OppLoans is not available in all states.
  • Rates are high.


  • Payment Options
    • Automatic Payments
    • Check by mail
    • Credit/Debit Card
  • Max Loan Term (Months)
  • Checking Account Required?
  • Credit Score Range
    500 - 600
  • Immigration Status Considered
    • U.S. Citizen
    • U.S. Permanent Resident
  • Joint Loan Applications Accepted
    Only Individual Applications
  • Military Status
    • Non-Military
    • Veterans
  • Minimum Age
  • Supported Income Types
    • 1099 Misc. Income
    • Direct Deposit (W2, SSA, SSDI)
    • Payroll Check or Prepaid Card
  • Verification Documents Required?
    • Recent bank statements
    • Recent pay stubs
  • Late Fee Amount
  • No Prepayment Fee
  • Origination Fee
    Up to 3%
  • Institution Type
    Direct Lender
  • APR
    59% - 199%
  • Approval Speed (Hours)
  • Funding Time Range (in days)
    1 - 3
  • Pre-Approved Soft Credit Inquiry
  • Credit Bureau Reporting
    • Equifax
    • Experian
    • TransUnion
  • Loan Amount
    $500 - $5000
Rates and terms vary by state. Applications processed and approved before 7:30 p.m. ET are typically funded the next business day.
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