OppLoans is an online lender offering personal loans from $500 to $4,000 to borrowers with poor credit. It only does a soft credit check that won’t affect your FICO credit score. Its APRs range from 160% to 179%, though rates vary by state and depend on your income, credit profile and other factors. While rates are high compared to other lenders, they’re typically cheaper than payday loans — which often have APRs exceeding 300%.
But if you’d rather not pay interest at all, you may want to consider a cash advance app. Cash advance apps let you borrow against your future paychecks with no interest, although advance amounts are typically lower than you could get from OppLoans.
Consider our list of alternative borrowing options, including cash advance apps and other personal loan lenders, that can help you save on interest.
EarnIn is a cash advance app that lets you borrow up to $750 of your earned wages before payday with its Cash Out feature. This borrowing limit is significantly higher than most cash advance apps, and unlike OppLoans, there are no interest or financing charges when you get advances.
To qualify for EarnIn, you must be employed, have regular direct deposits and earn a minimum of $320 each pay period. You may be able to transfer up to $150 a day to a linked bank account or possibly more with an EarnIn card. Regular transfers are available in one to three business days or in minutes for a fee.
EarnIn is not a bank. Access limits are based on your earnings and risk factors. Available in select states. Terms and restrictions apply. Visit EarnIn.com for full details. Expedited transfers available for a fee. Visit Earnin.com for full details.
Pros
No credit check required
No interest or mandatory tipping
Free credit score tracking included
Larger advances per day possible with an EarnIn card
Cons
Verification of employment earnings required
Same-day (Lightning) transfers attract a fee
Can only qualify with employment income
Not ideal for gig workers
Loan amount
Up to $150/day, with a max of $750 between paydays
Loan Term
1 to 4 weeks
Turnaround time
1 to 3 business days or within minutes for a fee starting at $2.99 per transfer
Loan amount
Up to $750
Turnaround time
1 to 3 business days or within minutes for a fee starting at $2.99 per transfer
With its 24-hour cooling-off period between loans, Cleo allows you a new advance only one day after paying off your previous one. This time frame is much sooner than other cash advance apps, which may make you wait three to five days between advances. Cleo also lets you reschedule your payment due date once if your finances change.
On the downside, you can only request a cash advance through the app if you have a monthly subscription, which starts at $5.99 per month. But you can also request an advance by email through Cleo customer service.
Available in all states
Pros
New advance available 24 hours after payoff
One-time due date extension
Budgeting and saving tools through app
Build credit with Credit Builder subscription
Cons
$5.99 to $14.99 monthly subscription fee
Non-subscribers must contact customer service to apply for cash advances
Albert is a banking app that also offers overdraft protection up to $250. But what makes Albert different from other cash apps is its Genius service. Genius is an AI-driven, human-supported money advice service that can help you with loans, budgeting and investing.
Just by entering a few details, Genius can build a custom investment portfolio based on your goals. But the service costs $16.99 a month, and it's required to qualify for cash advances.
Available in all states
Pros
Offers investment help
Overdraft protection up to $250
Cons
Genius subscription required for advances
Advances amounts typically start small
Some users have had a hard time canceling their Genius subscription
Loan amount
$25 to $250
Loan Term
Within 6 days of overdraft, with possible 7-day extension
Brigit is a cash advance app offering loans up to $250 per pay cycle. It never charges interest or late fees, but repayment is due by your next paycheck. However, if you need extra time paying, you can extend your due date as long as you've had at least two consecutive on-time payments.
Brigit charges a monthly membership fee of $8.99 to $14.99 to use its cash advance service. While this is pricier than some apps, it includes a credit builder program and up to $1 million in identity theft protection. But if you need funds same-day, Brigit charges a fee for instant transfers.
Available in all states
Pros
Can accrue up to three payment extensions
Automatic overdraft protection available
Credit builder program included in monthly fee
Cons
High $8.99 to $14.99 monthly membership fee
Instant transfers cost extra
Small advance amounts
Loan amount
$50 to $250
Loan Term
Until your next payday, but can extend
Turnaround time
2 to 3 business days or instant with a Premium subscription or for a fee.
Loan amount
$50 - $250
Turnaround time
2 to 3 business days or instant with a Premium subscription or for a fee.
OneMain Financial is a personal loan lender catering to fair credit borrowers. It offers loans up to $20,000 — much higher than the limits of OppLoans or a cash advance app. Loan terms range from two to five years, but rates start relatively high for a personal loan lender, at 18% APR, but are still far better than OppLoans lowest rate of 160%.
And, while this is more expensive than using a cash advance app, OneMain offers more borrowing options and longer repayment terms. Unlike cash advance apps and installment lenders, OneMain verifies your credit score before extending a loan, although it doesn't specify a minimum score.
Not available in: Alaska, Arkansas, Connecticut, Massachusetts, Rhode Island, Vermont
Not all applicants will be approved. Loan approval and actual loan terms depend on your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). If approved, not all applicants will qualify for larger loan amounts or most favorable loan terms. Larger loan amounts require a first lien on a motor vehicle no more than ten years old, that meets our value requirements, titled in your name with valid insurance. Loan approval and actual loan terms depend on your state of residence and your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). APRs are generally higher on loans not secured by a vehicle. Highly-qualified applicants may be offered higher loan amounts and/or lower APRs than those shown above. OneMain charges origination fees where allowed by law. Depending on the state where you open your loan, the origination fee may be either a flat amount or a percentage of your loan amount. Flat fee amounts vary by state, ranging from $25 to $500. Percentage-based fees vary by state ranging from 1% to 10% of your loan amount subject to certain state limits on the fee amount. Visit omf.com/loanfees for more information. Loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z such as college, university or vocational expense; for any business or commercial purpose; to purchase cryptocurrency assets, securities, derivatives or other speculative investments; or for gambling or illegal purposes.
Borrowers in these states are subject to these minimum loan sizes: Alabama: $2,100. California: $3,000. Georgia: Unless you are a present customer, $3,100 minimum loan amount. North Dakota: $2,000. Ohio: $2,000. Virginia: $2,600.
Borrowers (other than present customers) in these states are subject to these maximum unsecured loan sizes: North Carolina: $7,500. An unsecured loan is a loan which does not require you to provide collateral (such as a motor vehicle) to the lender.
Example Loan: A $6,000 loan with a 24.99% APR that is repayable in 60 monthly installments would have monthly payments of $176.07.
Time to Fund Loans: Funding within one hour after closing through SpeedFunds must be disbursed to a bank-issued debit card. Disbursement by check or ACH may take up to 1-2 business days after loan closing.
Pros
Accepts poor credit borrowers
Secured and unsecured loans
Positive customer reviews online
Cons
High 18% APR starting rate
Origination fee as high as FEES.FEE_ORIGINATION_MAX
Like OppLoans, Upstart also offers loans to borrowers with poor credit, but rates are much more reasonable, ranging from 7.4% to 35.99%. It also has longer loan terms of three or five years and larger loan amounts of up to $50,000. But if you're looking for a loan under $1,000, you'll need to look elsewhere. Plus, it charges origination fees as high as 12%.
Not available in: Connecticut, Iowa, Maine, Maryland, Nevada, New York, Oklahoma, Oregon, West Virginia
It can be harder to get a loan when you're self-employed, especially if the lender requires direct deposit, like OppLoans. But Avant welcomes self-employed borrowers and offers larger loan amounts from $2,000 to $35,000. You can also prequalify to check your rates — which are far lower than OppLoans — with no impact on your credit. However, a hard credit check is required to formally apply. Avant also charges an administrative fee of up to 9.99%, although a portion of that may be refunded if you repay your loan early.
Not available in: Iowa, Kentucky, Massachusetts, Michigan, Montana, Virginia, West Virginia
Personal loans from $2,000–$35,000. If approved, the actual loan amount, term, and APR that a customer qualifies for may vary based on credit determination and other factors. Avant branded credit products are issued by WebBank, member FDIC.
If you want to compare multiple lenders with one application, a network like Smart Advances is a good option. Like OppLoans, lenders on the Smart Advances marketplace accept borrowers with bad credit, but it offers a much wider range of loan options, from $100 to $20,000. Plus, rates are better, ranging from 5.99% to 35.99%. But only borrowers with good credit can typically qualify for the largest loans and the lowest rates, and searching a marketplace can leave you open to unwanted calls, texts and emails from lenders looking for your business.
Pros
A network of lenders to compare
Better rates than OppLoans
Wider range of loan amounts and loan terms
Cons
Borrowers with bad credit may not qualify for larger loans
MoneyLion is a banking app that offers free advances on your paycheck up to $500. In addition to its cash advance feature, MoneyLion offers a banking account called RoarMoney, an investment account, a credit builder program and a crypto trading feature.
If you open a RoarMoney account, you can potentially increase the amount of your advances to $1,000. MoneyLion is free to use, but like most cash apps, you'll pay extra for instant transfers. And while many customers like the app, some recent reviews on Google Play are negative.
Available in: Alabama, Arizona, California, Delaware, Florida, Georgia, Idaho, Illinois, Kansas, Louisiana, Maryland, Michigan, Missouri, New Mexico, North Dakota, Oklahoma, South Carolina, South Dakota, Texas, Utah, Washington, Wisconsin, Wyoming
Pros
Paycheck advances up to $1,000
No fees and no tipping required
Round Up investing feature
Cons
Regular funding takes 24 to 48 hours
Instant transfers cost between $0.49 and $8.99
A pattern of customer complaints
Loan amount
Up to $500 or $1,000 with RoarMoney account
Loan Term
Due by your next pay date
Turnaround time
Up to 5 days or instant for a fee of $0.49 to $8.99
Loan amount
$50 - $500
Turnaround time
Up to 5 days or instant for a fee of $0.49 to $8.99
If you’re having a hard time qualifying for a personal loan due to bad credit, OppLoans may be worth considering. But with APRs as high as 179%, OppLoans is typically a more expensive option than what you may get with another lender or a cash advance app. Cash advance apps typically don’t charge finance fees or interest on what you borrow, and some apps are even free to use.
But if you have bad credit and need a larger loan amount than what’s available with a cash app, OppLoans is still generally a cheaper option than a payday loan.
Opploans only requires a soft credit check to qualify, so it won’t affect your FICO credit score. Customers give the company mostly positive reviews online. However, some customers report being unhappy with high interest rates and inexplicably high repayments — with one claiming their interest costs exceeded the loan’s original amount.
Lacey Stark is a freelance personal finance writer for Finder, specializing
in banking, loans, investing, estate planning, and more. She has 20
years of experience writing and editing for magazines, newspapers, and
online publications. A word nerd from childhood, Lacey officially got her
start reporting on live sporting events and moved on to cover topics
such as construction, technology, and travel before finding her niche in
personal finance. Originally from New England, she received her
bachelor’s degree from the University of Denver and completed a
postgraduate journalism program at Metropolitan State University also
in Denver. She currently lives in Chicagoland with her dog Chunk and
likes to read and play golf. See full bio
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