OppLoans 2021 Personal Loan Review


Benefits explained

  • No prepayment penalty – OppLoans will not charge you any prepayment fees if you want to make additional payments or pay off your loan sooner.
  • Low minimum loan amount – You may be able to borrow as little as $ 500.
  • No strict credit check required – OppLoans will perform a smooth credit check, so that it doesn’t hurt your credit score. It will also use other factors, such as your income, in addition to your score, so those with low credit are more likely to qualify.

Disadvantages Explained

  • Extremely high prices compared to other competitors – The starting APR of 59% is much higher than that of many other reputable unsecured personal loan lenders.
  • Not available nationally – OppLoans is available in only 37 states.
  • Short repayment terms – Many states cap terms at 18 months.

Types of personal loans offered by OppLoans

OppLoans lets you use your personal loan for a wide variety of reasons, including medical bills, debt consolidation, car repairs, vacation expenses, home improvement projects, and major life events.

Deadline for receipt of funds

Borrowers can receive their loan proceeds as early as the next business day.

Features of OppLoans personal loan

Financing available the same day

OppLoans pays out the loan proceeds the same day you apply, provided your loan application is approved by 8:00 p.m. EST Monday through Friday.

OppLoans TurnUp Program

The OppLoans TurnUp program helps applicants find more affordable loan options, even if not with the lender themselves. When you verify your rate through the initial OppLoans application form, you can sign up for this program. What happens is that the lender will check the rates with about 15 other similar lenders to help you compare options.

No credit check

OppLoans does not conduct serious credit investigations. Instead, it relies on other factors, such as income, employment, and banking history. This means that even with a poor or limited credit history, you may be able to qualify for an OppLoans personal loan.

No early repayment penalty

OppLoans will not charge additional fees if you pay off your remaining loan balance or make additional payments.

Low loan amounts

At $ 500, this minimum loan amount is ideal for those who don’t need a lot of money for their borrowing needs.

Apply for an OppLoans personal loan

You can only apply for an OppLoans personal loan online. Here’s what the application process looks like:

  1. Click on the “Apply Now” button on the OppLoans website.
  2. Enter personal data, such as your name, address, social security number and telephone number.
  3. Create login information by entering your e-mail address and choosing a password.
  4. Submit income and employment details, such as monthly income, pay frequency, and last pay date.
  5. Enter the desired loan amount and bank details.
  6. View loan details and submit additional documents if necessary, such as proof of income.
  7. Consent to terms and conditions and submit your application.

Once approved, you can receive funds as early as the next business day.

Can you refinance a personal loan with OppLoans?

You may be able to refinance an OppLoans personal loan.


OppLoans is a much cheaper alternative to a payday loan because its rates are capped at 199%, while a typical APR for a payday loan is around 400%. If you have bad, limited, or no credit history, you may be a good candidate for OppLoans because it doesn’t just use your credit history as an approval factor. Fast financing times mean you can get your money back as early as the next business day.
However, you can find lower APRs elsewhere. Even with a less than perfect credit score, you may see competitors offering APRs capped at 30%, which could save you a lot of money. For example, if you take out a $ 500 loan with OppLoans for 12 months at an APR of 59%, you will pay a total of $ 173.77 in interest, while an APR of 30% can cost you 84.92. $.

If you don’t have any other alternatives then OppLoans might work, especially since it is more desirable than a conventional payday loan. However, we recommend that you shop around with other lenders to see what you might be eligible for first.


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  1. Consumer Financial Protection Bureau. “What is a payday loan?“Accessed April 4, 2021.


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