OppLoans Review: High Rates But No Hard Credit Check

Is OppLoans legit?

Yes, OppLoans is a legitimate lender. It’s been accredited by the Better Business Bureau (BBB) since 2016 and has an A+ rating. Not only does OppLoans report your payments to all three credit bureaus — which can help improve your score by building a positive payment history — but it also has a standard privacy policy and safety features to help protect your identity.

However, OppLoans has been involved in a number of class-action lawsuits. Plaintiffs allege that OppLoans is really a direct lender but hides behind partner banks when lending in certain states that have caps on interest rates. The reason for this — plaintiffs say — is to get around those restrictions to charge triple-digit APRs.

Some of those actions were dismissed due to arbitration clauses in the loan contracts, although one in California ruled for the plaintiff but is being appealed. OppLoans also agreed to a more than $2 million settlement in 2021 with the attorney general of the District of Columbia, who brought a lawsuit against the company for essentially the same reasons as the other suits.

What makes OppLoans shine?

Despite its high rates and rocky legal history, there are several upsides to choosing OppLoans as your lender.

Helps to build credit

Unlike some high-rate lenders similar to OppLoans, it reports your payments to the three major credit bureaus. If you make on-time payments — which makes up the largest portion of your credit history — you can improve your score, making it easier to qualify for credit in the future.

No prepayment penalties

When a loan comes with rates in the triple digits, the option to pay it off early without penalty is critical, and OppLoans offers this feature. You can either pay it off in a lump sum or just add more to your regular payment any time you have extra cash. Repaying your loan early could save you hundreds in interest charges.

Option to refinance

Another plus with OppLoans — if you can afford it — is the possibility of refinancing your debt to borrow more if you need to. Basically, you can only borrow the difference between your existing loan balance and what you’ve already paid toward the principal, although some borrowers may qualify for a larger loan amount.

Not everyone is eligible, though — you’ll need to be in good standing with your loan and have already paid at least 15% or $400, whichever comes first. If you’re eligible to apply, you’ll see an option to “Refinance Now” in your customer portal. However, you should carefully consider if borrowing more is a good idea, and you may not get a better rate by refinancing.

Where OppLoans falls short

The main drawback to loans offered by OppLoans is the high APRs. While rates are lower than some payday loans, they’re much higher than the majority of online personal loans, which typically run from 5.99% to 35.99%.

It’s definitely worth repaying your loan as quickly as possible to avoid paying too much interest. Or, you might qualify for less expensive online personal loans that may also offer loans to people with bad credit if you can meet the other criteria.

OppLoans loan details

Minimum credit score/credit range	No minimum
APR	160% to 179%
Loan amount	$500 to $4,000
Terms	9 to 18 months
Approval turnaround	As soon as the same business day
Availability	Not available in: Colorado, Connecticut, Georgia, Iowa, Maryland, Massachusetts, New York, South Dakota, Vermont, Washington, West Virginia
Fees	Late or NSF penalties (undisclosed)
Other fees	Undisclosed

OppLoans product details

Phone number	800-990-9130
Customer service hours	Weekdays: 7 a.m. to 11 p.m. CT Weekends: 9 a.m. to 5 p.m.
Email	info@opploans.com
X, formerly Twitter	@OppLoansBlog
Facebook	OppLoans by OppFi

Calculate your monthly loan payment

Use our loan repayment calculator to compare monthly loan payments based on different rates and loan terms.

How to qualify for OppLoans

OppLoans lists the following requirements to qualify for a loan.

• Be at least 18 years old
• Have a bank account
• Have a regular source of income (can be from employment or another source)
• Get paid by direct deposit
• Live in a state that OppLoans services

Why did OppLoans prequalify me for a loan?

OppLoans frequently sends letters or emails offering prequalification to potential applicants who may meet its eligibility criteria. While this won’t guarantee approval, it does mean you meet certain qualification criteria for a loan based on a soft pull of your credit.

Some people have left negative reviews online about their experience of receiving a prequalification notice in the mail from OppLoans and then getting rejected after applying. This experience is normal, though, as prequalifying doesn’t guarantee approval. You’ll need to meet other eligibility criteria, such as a regular source of income, to qualify.

If you want to pursue a loan with OppLoans after getting a prequalification notice, you can visit OppLoans and type in your offer code.

How to apply

Follow these steps to apply for a loan.

1. Fill out the online application.
2. Connect your bank account for income verification.
3. Wait for a decision, usually within minutes.
4. Receive funding if approved. Funds can arrive as soon as the same day.

How OppLoans compares to other lenders

OppLoans reviews and complaints

BBB accredited	Yes
BBB rating	A+
BBB customer reviews	4.27 out of 5 stars, based on 419 customer reviews
Trustpilot Score	4.5 out of 5 stars, based on 4,670 customer reviews
Customer reviews verified as of	29 October 2024

OppLoans receives high marks from both the BBB and Trustpilot. It has plenty of positive reviews about its good customer service, simple application and quick loan process and funding.

However, some borrowers complain about incorrectly processed payments, negative credit reporting and being denied loans even after repaying previous loans. And, of course, there are numerous complaints noting the high rates OppLoans charges.

What do people on Reddit say?

Some posters on Reddit say a loan from OppLoans can be a viable option but really should only be used in an emergency because of the high rates — and you need to pay it back as soon as possible.

Others say the rates should be illegal, you could get a better deal with the mob and the lender preys on desperate people.

Frequently asked questions

Does OppLoans approve everyone?

No. Despite its more lenient credit requirements to qualify, OppLoans doesn’t approve every loan. You’ll need to meet its other criteria, such as having a steady source of income, a valid bank account and getting paid by direct deposit.

Is OppLoans a monthly payment?

OppLoan states that payments are usually made either monthly or bi-weekly, depending on your loan agreement. However, most customer reviews state that payments are made every two weeks, so you’ll want to confirm your repayment plan before signing an agreement.

How do I make my loan payments?

OppLoans says it accepts automatic ACH payments (preferred method), debit cards or paper checks sent by mail.

Will a late or missed payment affect my credit?

It can. Because OppLoans reports your repayments, late or missing payments could negatively impact your credit score.