OppLoans - Reviewed & Compared

OppLoans Review

Opploans is a Godsend for those with bad / new / low credit scores. They loan smaller amounts ($500 - $4,000)1 at a rate much lower than typical PayDay loans2. Let’s see how they stack up.

Company Overview

In business since 2009 and based in Chicago, Opploans is a company that helps those with lower credit scores. They have an excellent website that has a ton of information, and an easy application process that doesn’t affect your credit score3.

MORE: Is Getting a Personal Loan Right for You?

What Personal OppLoans Does Best

They provide personal loans in small amounts ($500 - $4,000)1 to those with less than stellar credit. Their application process is simple, and their restrictions are surprisingly few (e.g., no collateral, etc.). They also have a much lower rate than typical Payday and predatory loan companies2. So they have a niche market, and they serve it well.

MORE: Is Getting a Personal Loan Right for You?

Any Negatives?

I can’t find any. Maybe if you need a loan larger than $4,000, but that’s about it.

What Others Are Saying

Lots of good here. A+ BBB Rating, a 3.8 out of 5 stars on GlassDoor, and they rank #539 on the Inc. 50005. They have a lot of good reviews from customers on their website as well.

Our Final Verdict: 9.7/10

Opploans helps those who need it the most. They work with people with lower credit scores, and get them the funds they need fast.

1 Subject to credit approval and verification. Actual approved loan amount and terms are dependent on standard underwriting guidelines and credit policies. Funds are typically deposited via ACH for delivery for next business day if verification is completed and final approval occurs before 8:00 PM CT, Monday-Friday. Availability of the funds is dependent on how quickly your bank processes the transaction.

2 According to the Consumer Federation America, a non-profit consumer advocacy group, payday loans range in size from $100 to $1,000, depending on state legal maximums, and carry an average annual percentage rate (APR) of 400%. The maximum APR for a loan offered through and serviced by OppLoans is 160% and loan sizes range from $500 to $4,000. https://paydayloaninfo.org/facts

3OppLoans may use credit report information provided by Clarity Services and Experian as part of the application process to determine your creditworthiness. Neither credit inquiry will appear as a hard credit inquiry on your Experian credit report and therefore they will not affect your FICO score.

4 Installment loan amounts typically range from $500 to $4,000. APR ranges from 59% to 199%. Installment loan lengths range from 6 to 18 months. Example: A $2,000 installment loan repayable in 9 monthly payments would have an APR of 160% and monthly payments of $395.58 Rates and terms vary by state. This is an expensive form of credit and you should determine whether our product(s) meets your financial needs.

5Testimonials reflect the individual’s opinion and may not be illustrative of all individual experiences with OppLoans. Ratings on third-party websites may periodically change; please check the third-party websites for up-to-date reviews and ratings. As of June 28, 2021: BBB.org Rating: 4.55 out of 5 based on 864 reviews, 3.8 out of 5 stars on GlassDoor and #539 on the Inc. 5000 .

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