Features

OppLoans is a trade name of Opportunity Financial, an online lender based in Chicago, Illinois. It offers fast personal loans to people with poor to fair credit. Its interest rates are high when compared to prime lenders. However, they 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 it applying for a loan will not hurt your credit score.

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

As of December 2016, OppLoans operate in Alabama, California, Delaware, Georgia, Idaho, Illinois, Kansas, Maryland, Mississippi, Missouri, New Mexico, Ohio, South Carolina, Tennessee, Texas, Utah, Virginia, and Wisconsin.

In certain states, such as Kansas, Maryland, Tennessee, and Virginia, OppLoans offers a line of credit product. Interest rates for the line of credit range from 36% to 160% and have an origination fee of $50. The line of credit works like a credit card and minimum payments are 4% of the outstanding balance.

What Are OppLoans’ Terms and Interest Rates?

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

For example, in California, APR rates range from 36% to 160% and terms go from 9 to 36 months.  In Utah, rates range from 125% to 199% APR, and loan terms go from 6 to 24 months.

There is also an administrative fee to consider that is not included in the APR. The administrative costs vary by state. In California it is $75; in Virginia, it is $50, and in Kansas, it is a $2 of the credit limit.

A typical loan with OppLoans is for $1,00 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 $1,000 to $10,000.

Monthly payments vary depending on the loan amount, term and interest rate. To illustrate, a loan of $1,000 with an interest rate of 99% and a 17 bi-weekly installment plan will have monthly payments of approximately $144.

What Is OppLoans’ Application Process Like?

OppLoans has a fast and short application process. We love how borrowers 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.
  • - You receive a credit to your account if you complete one of their credit education courses.
  • - Borrowers with poor credit can qualify.
  • - OppLoans reports payments to TransUnion. If payments are made on time and regularly, this can improve the credit score of - borrowers.
  • - There are no prepayment penalty fees.
  • - OppLoans is cheaper than payday loans.
  • - You can check your rate without it hurting your credit score.

You should consider this:

  • - OppLoans is not available in all states.
  • - Interest rates are high.

 

  • Credit bureau reporting
  • Interest APR
    36% - 199%
  • Joint loans available
  • Loan Amount
    $1000 - $10000
  • No late fees
  • Payment options
  • Max Loan Term (Months)
    36
  • Target Credit Score
    Deficient (559 or below) Poor (560 - 639) Fair (640-699)
  • Checking account required?
  • Credit Score Range
    640 - 850
  • Immigration Status Requirements
    Must be U.S. Citizen or U.S. Permanent Resident
  • Lend to military?
  • Minimum Age
    18
  • Unemployed applicants considered?
  • Verification documents required?
  • Customize payment dates
  • Deferred Payments
  • No Origination Fee
  • No Prepayment Penalty
  • Pre-Approved Soft Credit Inquiry
  • Origination Fee
    2% - %
  • Institution Type
    Direct Lender
  • Approval Speed (Hours)
    24
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Reviews

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0 votes

I was having an okay experience until they lied to me. I made the mistake of forgetting to change my payment date. The payment date is 1/15, and NOTHING showed until 1/17. I called to explain and I was told that the payment POSTED and could not be refunded to help get my banking fees off. They said I could go a head and refinance because the payment posted. So, I went through the process of that and now 3 days later they are saying the payment was returned, they ... will not supply any financial assistance on the fees I have in my bank and they refuse to refinance my loan even though now I cannot pay my rent because of this payment. I understand it my fault over the payment but you all lied, and on top of that I was told 3 times on 1/18, I would get a call back, but I never did. I will pay this loan off and never revisit again. More Less

0 votes

Always a great experience with opploans! Peter helped me a lot and I am glad I chose them for my loan.

0 votes

Opp loans representative "Shelly" was very helpful and courteous when I called to refinance my loan. OppLoans is the best source to seek when your in a financial crisis!


0 votes

i called for info and received awesome customer service victor i do consider Opploans!!!


0 votes

Very patient and polite easy to talk to and professional.


0 votes

I WORKED WITH THE LOAN OFFICER AND SHE WAS A GREAT HELP TO ME AND ASSISTED ME THROUGH THE REPAYMENT OF MY LOAN AS I WAS GOING THROUGH A VERY DIFFICULT PERIOD AND HAVING SOME TROUBLE WITH MAKING MY SCHEDULED PAYMENTS BUT BECAUSE HER HELP I WAS ABLE TO PUSH THROUGH AND COMPLETE. THIS IS A DIRECT SHOUT OUT AND THANKS TO DIONNE VEGA WHO IS MY SUPERSTAR OVER AT OPP LOANS!!!!!!!


0 votes

These people act like they wanted to give me a loan asked me to submit the same info over and over again I gave them everrthing they asked for kept sending same email verify your bank acct....then tells me my application had expired..what a joke this was day 9.I verified bank info 3x. Dont waste your time.They also lied about their maximum interest rate...phony positive reviews


0 votes

Diana Ruiz was great to work with fast and stress free. Thanks


1 votes

I think they are scam artists. First of all, why advertise that people with bad credit can apply only to be denied? Second, Their automated phone number claims that it takes up to 24 hours to get a decision for an application, but yet, when I applied, I get denied right after submitting the form. And third, I believe these positive reviews are phony and the company are paying people to post phony reviews.


0 votes

Applied and approved in minutes. Kinda sucks I can only get approved for these types of loans but these guys are cheaper than the others.

1 votes

This site doesn't tell you all you need to know to get funds. It can be a waste of your time.


0 votes

much easier than all the other ones i tried. and got the money quick. thank you.


0 votes

Ran into an issue and worked with their team to get me right.


0 votes

Had a previous loan out and changed jobs. I set up a payment plan with the collections manager for the balance of $145.27. I have emails saying it was paid off and I could reapply for a loan. I reapplied a year later and got no response. I contacted them and was connected to Stanley who informed me that I could apply I would just be denied. Nice place to do business with.


0 votes

Was in a major trouble. Needed the cash and got it fast. Good rates next to some of them others.


0 votes

Had a very good experience with a number of the OL folks. Walked me thru the entire application, stayed patient, and got me my funds in a 911 sitch. Thank you.


0 votes

Waste of time the rates are extremely high for low loans


0 votes

Thanks you so much OppLoans. Car broke down and you came to the rescue when my bank failed me.


0 votes

Said what they would do. Did what they said. Always pick up the phone.


0 votes

Best lender I have worked with. Fair and transparent


1 votes

Yes, they gave me the money quickly and it was fairly easy, but they didn't tell me how much I was going to have to pay on it when the due date came. I emailed and emailed over and over and never got a response. I couldn't get an answer om the phone. Just bad customer service. I was worried. Then it started coming out, 97 a month. Not so bad. Then suddenly the week after next I got charged again and totally was not expecting it because again THEY ... WOULDNT REPLY TO MY EMAILS. It's been a couple months and I can't get caught back up. So I look on the website to see how much I have left to pay them and it's still about 900 out of 1000? Wth, I'm thinking as I look into it for an explanation. And then there it is. Over half of what I'm paying is interest! So I got 1000 and will end up paying over 2000 for it. Another question I sent them in a few of the emails that were never replied to. Dont trust it please. I was led to believe the interest rate would be left, I assumed the payments would be monthly, and they just did not bother to care. More Less


0 votes

I applied and everyone was very respectful and nice. I was approved for what I needed it was fast and reasonable.


1 votes

Hope this is not a scam. I got a pre approved up to 4000 I applied. I got denied. I don't mind getting denied but how you going to deny me right after I submit application??? After I put my information out there hope this isn't fake.

0 votes

The process is high and fast and also have excellent customer service. But my only problem will have to be with the interest rate. Way to high to be paying back a loan. I feel with this amount being the charge I will never pay this loan off. I have to pay this loan and close it out. I am grateful that they approved me and was able to help me. But to charge me so much interest and the amount to pay back the loan is the way to ... high. I would never recommend this please of high fees. Trust me it is a great step to help you out but be careful with the amount you have to pay back. More Less


0 votes

I appreciate the help that I received from my loan officer, Charsom. I had a couple of concerns that he quickly addressed so I was able to complete the application process with confidence.


0 votes

My loan was approved quickly, and really helped me out when I needed it. Quentin - Jenn S. and Cecily were instrumental in the process.


1 votes

I received a pre-approval letter for up to $4000 and put all my info in, yet still got a denial with no explanation.


0 votes

Lance is a great loan assistance. Thanks for all your help which is greatly appreciated.

:)


0 votes

Opportunity Loans has given me an opportunity. I have had an exceptiomal experience and the quality customer service that deserves mention by Lance Dewberry and also Holly (?). Thank you!


0 votes

Thank you, Holly for your professionalism, patience and efficiency. You helped me to walk through a couple issues and as a result I was able to complete the application process an obtain the loan. Thanks again. Glenda Hart


0 votes

OppLoans treated me like family when others treated me like dirt. THANK YOU.


0 votes

Hi, I'm Martha Reed, my review is about a superb young man by the name of Lance. He was very helping and humble. He took his time to disclose the loan and many other opportunities with OPP. I appreciate the level of professionalism and patience he displayed. Great experience !!


0 votes

Best lender online. Approved me fast with terrific customer service. And rates were very reasonable. Thank you!


0 votes

Approved for loan but repayment terms are way too high.


0 votes

Good company I got loan in a day and get money fast,service is great.


0 votes

Supposed to cater to people with poor to fair credit, but rejected me for underwriting policies.


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