Review of OppLoans

People who need immediate cash and are in challenging financial situations are the target market for OppLoans’ installment loans. OppLoans, a division of Opportunity Financial, offers itself as a low-interest alternative to payday loans with high APRs by charging lower rates.

You should be aware that your annual percentage rate will still be high. With loan periods up to 18 months and amounts ranging from $500 to $4,000, OppLoans provides loans in a select few states. Well, in this article, I will be making a review of OppLoans which will make you decide if they are good for you or not.

Review of OppLoans

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Things you need to know about OppLoans

The followings are the things you need to know before using OppLoans:

Applying won’t affect your credit scores

The three major credit bureaus, Equifax, Experian, and TransUnion, are not consulted by the lender when you apply for a personal loan through OppLoans.

OppLoans also considers other elements to decide whether to approve you for a loan, such as:

  • Employment and income information
  • Financial background and account information


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Online applications only

Phone or in-person applications are not accepted by OppLoans. The application process must be finished online. If you don’t enjoy providing sensitive information online, this can be a downside.

Direct deposit requirements

Your paychecks must be deposited directly into your account in order for you to be eligible for an installment loan with OppLoans. You are not subject to this rule if you reside in New Mexico. You’ll need to explore elsewhere for a personal loan if you only receive cash payments or if your employer doesn’t provide direct deposit.

Potentially fast funding

OppLoans claims that loans approved and disbursed before 8 p.m. Central time on Monday through Thursday are typically funded the following business day. Therefore, an OppLoans installment loan might be able to help if you require a cash emergency loan as soon as feasible.

Other considerations

To assist in educating people about their finances, OppLoans provides a range of services, including free interactive classes through its learning platform, OppU. Here are some additional details you might find interesting.

  • No prepayment fees
  • Eligibility requirements
  • Some military are not eligible


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No prepayment fees

OppLoans does not impose prepayment penalties, so you won’t be penalized if you choose to pay off your loan early or make additional payments at any time. If you want to lower the total amount of interest you have to pay over the course of your loan, this is an advantage.

Eligibility requirements

Unless you reside in Alabama or Nebraska, where the minimum age is 19, you must be at least 18 years old to apply for a loan.

Some military are not eligible

If you fall under the definition of a covered borrower under the Military Lending Act, you will not be eligible for a loan.

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Who can benefit from an OppLoans installment loan?

OppLoans may be a good choice for you if you have bad credit (or no credit) and need emergency cash but can’t wait until your next paycheck. This is especially true if you intend to pay off your loan early since there is no prepayment penalty.

OppLoan’s interest rates are still rather high, however, so it’s vital to keep that in mind. Given that the average credit card interest rate is lower than OppLoan’s interest rates, you might be better off using a credit card provided you can make on-time monthly payments.

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Because the interest on these loans is capped at a considerably lower rate, you might also want to think about getting a payday alternative loan through a federal credit union.

How to apply for a loan in OppLoans

You must go to OppLoans’ website to start the online application procedure if you wish to apply for a loan with them. You’ll need to register, so do so carefully and read the terms and conditions. You’ll need the following fundamental details in order to apply.

  • Full name and address
  • Phone number
  • Date of birth
  • Social Security number
  • Proof of employment and income

Pros and cons of OppLoans

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  • Potentially fast funding if you qualify
  • Applying won’t affect your credit scores
  • No prepayment fees


  • High APR
  • Must get paycheck via direct deposit (unless you live in New Mexico)
  • Must apply online

In conclusion

OppLoans is one of the available loan agencies for you out there. I hope you can now finally if they are suitable for you and if you can bear their terms and conditions.

I hope this post was informative, where the review of OppLoans is being discussed, if so, kindly share with others. Thanks for reading, see you around!